travel, a new decentralized short-term rental travel ecosystem, has achieved an important milestone in the booming industry by processing what they claim to be “the world’s first hospitality booking on blockchain technology using a smart contract.
The company has implemented the technology to enable property managers and hosts to transact directly with guests without an intermediary via smart contracts, resulting in lower transaction costs. The company also removes any need for manual checks that could take up valuable time or cause errors through its innovative systems.
Property managers and hosts can now set the booking conditions for their properties within a smart contract unique to each listing, including price per night and the cancellation policy.
When a guest makes a reservation, the booking details are cryptographically signed and are included in the on-chain booking transaction, together with the reservation payment. The transaction is then transmitted to the listing for decentralized escrow and is managed according to its predefined rules. The smart contract will immediately transfer the funds to the host if the guest does not cancel within this period.
The legendary smart contract-powered travel booking milestone was reached at a property hosted by Amir in London, England. This is one of the first hosts who has listed his properties using Dtravel to make it easier for people all over the UK and Europe to travel with ease.
The property's owner Amir, stated, "I'm incredibly passionate about delivering the best encounter for my guests and love experimenting with new technologies." The opportunity to pass on savings to guests through direct stays while acquiring better control over my business without investing time and resources in establishing my own online reservation website instantly appealed to me."
The company has launched its beta pilot program, allowing hosts to easily connect with them and deploy their listings using a property management system (PMS). Once deployed on PMS, users can start accepting smart contract-enabled direct bookings in minutes.
Also, it has been focusing on reducing onboarding friction for hosts and optimizing their direct booking product by adding new customization features. In addition to building a tool that reduces the need for third-party online travel agencies (OTAs), they are also creating an easy guest-facing meta-search engine so travelers can discover available stays at your location without having any trouble finding what you offer.
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