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Startup In Vietnam Offers To Pay User’s Data In Cryptocurrency

A travel startup has gone on to challenge its established rival companies by offering users the opportunity to monetize their own personal data. This startup goes by the name Triip

They made it known that they would be rewarding the users with digital currencies via Blockchain innovation. The startup has its headquarters in Singapore and carries out some of its operations in Ho Chi Minh City.

Triip will be making use of its own virtual currency known as TriipMiles to purchase data from customers concerning their impending travel plans. In turn, customers can make use of the virtual currency to offset booking cost with the startup.

Also, the data will be traded to restaurants, hotels and any other service provider that will utilize it for advertising.

Basically, Triip simply hopes to build a community of providers that will approve the Cryptocurrency for their personal services. The company is believed to be among the first in the travel industry to purchase data using digital currencies.

Why Triip?

All this comes amid increasing concerns about the misuse and rough handle of user data by the globe’s technological Giants. These Giants are Google and Facebook.

According to Hai Ho; CEO of Triip, so many businesses are paying Facebook and Google lots of money for their data just to advertise and the companies do not give anything back to the businesses.

He goes on to say that they want to change all that. So, if a business should give Triip $10, they will keep $5 and give them $5.

So, What Next?

Meanwhile, some features of Triip are still being developed and judging from the interview of the CEO; their smartphone application has been downloaded about fifty thousand times.

They are currently aiming to attain a million downloads by the year’s end. Their system will be offered to intermediary applications such as Indonesia’s picture sharing application; PicMix

The investors of Triip are Gaiax; a Japanese investment company and Gobi Partners; Chinese venture capital fund. An individual speaking for Gaiax says they believe that blockchain is a vital technology that backs the sharing economy.

However, Hai Ho; Triip’s CEO has said that the user data shared on the platform will be protected as it will be kept using blockchain.

The services that Triip is offering is coming at a time when companies are hustling for a piece of Asia’s rapidly booming online travel industry.

Klook; a Hong Kong-based startup that operates an application for the booking of travel activities raised $200 million in 2018. Some other top players are Booking Holdings and Traveloka

Although, when compared to these industries, Triip is way smaller; however, they have managed to increase by aiming at niche services. The company was established in 2014 and provides travel packages to sophisticated places such as Bhutan and Seychelles.

These are places worth about $2000 or even more. These services are majorly for the wealthy citizens of Southeast Asia.

To Sum It Up

There are so many established companies looking to merge Blockchain technology into their operations; there are some that have succeeded in commercializing them.

Lots of individuals are interested in Triip’s services because both consumers and organizations are not happy with their travel experiences.

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