Online travel agency has been used by most hotels to attract customers. However, hefty commissions and unverified reviews reduce hotels' cooperation intentions. Armed with unique advantages, blockchain-based platforms with higher blockchain-adoption costs can alternatively offer peer-to-peer booking service. This paper investigates the hotels' choice strategies on online travel platforms, blockchain-adoption conditions, and effects of blockchain-based platform. The results show that marginal blockchain cost, commission rate and customers' perceived distrust value of online reviews have great influence on the hotels' decisions. Although blockchain-based platforms can create win-win situations for hotel(s) and customers, they are not widely available as it is considered imperfect and costly. Alarmingly, there exists an invalidation effect of online travel platforms in a competitive market, resulting in non-equilibrium.
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