Holiday Rental Platform Seeks Blockchain Technology to Minimize Costs
Brian Njuguna Nov 01, 2019 03:00
EzyStayz, an Australian-based international vacation rental platform, is using blockchain technology to minimize costs, as well as enhance the home rental services it offers. It also seeks to revamp the duopoly witnessed in the home rental market via blockchain.
EzyStayz, an Australian-based international holiday rental platform, is using blockchain technology to minimize costs, as well as enhance the home rental services it offers.
According to a press release, EzyStayz is gearingtowards being a significant player in this sector as it has been in operation for three years, and it has been able to attain at least 155,000 properties spread across 34,000 cities in 190 nations globally.
Nevertheless, the home rental sector has been engraved in duopoly tendencies because it is dominated by two large companies, namely Expedia and Airbnb, as they account for 72% of the market bookings. This has instigated a centralized system where customers' options are limited, prompting substandard holiday rental experience and dwindling profit margins for hosts.
EzyStayz seeks to revamp this through blockchain as customers are presented with a multitude of peer-to-peer services absent in the present home rental market. The blockchain network adopted also uses a safe multi-signature digital wallet able to store various cryptocurrencies, and this makes instant payments inevitable.
EzyStayz seeks a cheaper and transparent system
EzyStayz has had the objective of incorporating technological innovations into its future operations. Part of the solutions has seen it incorporate blockchain into its services as this is deemed to optimize customer loyalty by offering them a safer, cheaper, and transparent avenue of planning vacations and travel holidays.
EzyStayz is also leveraging on blockchain to create digital identities for its user base as this will be instrumental in eradicating intermediaries as customers can finish transactions through smart contracts and communicate directly.
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