Clusters

Team info

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Nikhil Borkar

Alfresco Coin

Ideation

The challenge

Airlines and hotel chains have been offering loyalty points/miles to their customers to boost customer loyalty. Unfortunately, there are limited avenues to use these points and consumers are left with unutilized points/miles. Credit and Debit card providers have also failed to provide a uniform experience to their customers as they have found their cards not being accepted by vendors when travelling abroad. Exchange rate fluctuations and heavy commission charged by financial intermediaries also influences most traveler's spending behavior.

The solution

We propose a blockchain based cryptocurrency for travel, leisure and event industry. This cryptocurrency would enable the consumers to spend their reward points in a manner that they deem fit while traveling. Consumers no longer have to worry about their cards not being accepted when travelling abroad as we plan to onboard a large network of travel, leisure, event and ancillaries vendors where they can use this cryptocurrency. Customers also don't have to worry about exchange rate fluctuation and heavy commission charged for transactions when abroad. As only tourism related transactions would be recorded on the blockchain, it would be much faster to process and validate; thus making it a better alternative than Bitcoin.

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