- White label service to enable travel agencies to bring the benefits of decentralization to travel suppliers and consumers
- Agreements traded via Bitcoin-denominated Smart Contracts facilitated through Elastos’ BeL2 protocol
- Partnership highlights opportunity for Real World Asset (RWA) to eliminate friction and inefficiencies in the travel sector
Singapore: September 24, 2024 – Elastos today announced a partnership with the Real World Asset (RWA) application (dApp), BukProtocol, to extend decentralization to the travel sector, direct in native Bitcoin.
BukProtocol converts travel booking and other agreements into tokenized, fully transferable ‘Dynamic Assets’ which can subsequently be monitored, exchanged or traded, in the event of cancellation or itinerary change. Tokenization covers all aspects of the travel experience, from travel to accommodation but can potentially extend to other travel-related services such as hospitality, guides or local attractions.
Through Elastos’s BeL2 protocol, the tokenization process will be completed directly in native Bitcoin, to maximize the integrity, security and liquidity of resulting Smart Contracts. 
Travel is notoriously unpredictable, with itineraries, schedules and routes subject to change at the last minute often due to unforeseen incidents, the consequences of which can range from unused accommodation to multiple reimbursement claims.
Tokenization – and the transparency offered by decentralization – has the potential to mitigate much of the resulting friction faced by travelers and suppliers alike.
To date, over 2.2 million properties have been on-boarded onto the BukProtocol system, including rooms from brands such as The Hilton Group, Marriott and Wyndham Hotels & Resorts. BukProtocol is available as a white label service for travel suppliers and agencies to better manage their bookings and inventories, which can subsequently be traded across Web2 or Web3 marketplaces.
According to Arul Prakesh, Founder and CEO of BukProtocol, explains that the Elastos partnership is about much more than reaching new audiences for its dApp.
“While a presence within the Elastos ecosystem will certainly boost our visibility and reach, what’s really compelling is BeL2’s potential to complete the entire tokenization process directly in Bitcoin, a token that most of our audiences are familiar and comfortable with. Bitcoin denomination also maximizes the liquidity – and ‘tradability’ – of resulting assets; a crucial consideration for users,” he says.
Elastos’s BeL2 Protocol enables the tokenization of any travel-related experience – from a journey to accommodation – based on terms defined in a Bitcoin-assured Smart Contract. Thanks to the protocol, this process can be completed without bridging, wrapping or otherwise interfering with the Bitcoin layer; this both assures the integrity of the currency and avoids network congestion and additional fees that would otherwise result.
Jonathan Hargreaves, Elastos’ Global Head of Growth, describes the partnership as the perfect intersection between Bitcoin tokenization and Real World Assets (RWA).
“BeL2’s unique ZK-proof process – ensuring complete interoperability while leaving the Bitcoin layer entirely untouched – means that Bitcoin’s integrity is fully leveraged throughout the tokenization process. In practice, this means that members of the travel community can trade assets (Smart Contracts) directly with each other, completely eliminating the need for intermediaries and the inefficiencies that inevitably result. The BUK Protocol is really demonstrating the practical – and exciting – opportunities that can emerge from decentralization; within a sector that’s characterized by unpredictability and sub-optimized inventories,” says Jonathan.
About BukProtocol
Buk Protocol is a solution stack to create secondary markets for Dynamic Assets
We are enabling flexibility and liquidity for RWAs by allowing users buying event tickets, hotel room bookings, airline bookings and other industries which associate an expiration date to their assets and services
Discover more : https://bukprotocol.io/
About Elastos
Elastos is a public blockchain project that integrates blockchain technology with a suite of reimagined platform components to produce a modern Internet infrastructure that provides intrinsic protection for privacy and digital asset ownership. The mission is to build accessible, open-source services for the world, so developers can build an internet where individuals own and control their data.
The Elastos SmartWeb platform enables organizations to recalibrate how the Internet works for them to better control their own data.
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