Australian Blockchain startup, Chozum, has broken into the the China market as reported by The Sydney Morning Herald.
The crypto-based travel app created by Teresa Truda and Zia Word uses Blockchain technology to create individualised travel recommendations for users.
“When you are travelling, you are always looking for new and exciting things to do and we thought there was a opportunity for an app that allows you to do things when you travel based on your specific tastes,” said Truda.
Unlike other travel review sites which are based on other people’s tastes and preferences, Chozum uses search data from users to personalise travel suggestions.
“We have built our own private blockchain. All our providers are going onto the Blockchain so we can authenticate that someone went to the service and this will eradicate fake reviews. To make payments a lot more efficient, we are expanding to enable people to pay in cryptocurrency.”
After launching a basic prototype of the travel app in Australia, Truda and Word were accepted into Chinaccelerator, a Shanghai-based accelerator program to advance Chozum’s growth.
“We spent three months at the accelerator rebuilding the product and two years later we are still there,” said Truda.
The duo spent three months at the program rebuilding the product, and received $50,000 from Chinaccelerator and $250,000 from personal savings.
In 18 months, Chozum has launched in 22 cities across China, South-East Asia and Australia and has partnered with big name brands including Hugo Boss, British Airways, MetLife and the NBA.
The app has generated $1 million since its launch with revenue generated through a customer fee of 10 per cent.
Providers are listed for free on Chozun for the first 12 months and then pay a $29 fee to be listed.
“We also make money through corporates who pay us retainers to service their business travellers,” said Truda.