As these projects grow, blockchain will inevitably have an impact on the way we book, market and manage vacation rentals.<\/p>\n\n\n\n
To find out more, we asked Vipin Mahasayan<\/a>, CIO at EzyStayz and Luca De Giglio<\/a>, Founder at Trips Community.<\/p>\n\n\n\n In this blog post, we\u2019ll sum up what we learned from them about the future of blockchain in the short-term rental industry and the role that their respective projects will play in it.<\/p>\n\n\n\n But first, let\u2019s take a moment to discuss what blockchain is in the first place.<\/p>\n\n\n\n Blockchain is a technology that allows digital information to be distributed in a secure and transparent way. It\u2019s often described as an \u201cincorruptible digital ledger of economic transactions\u201d (Blockchain Revolution, 2016<\/a>).<\/p>\n\n\n\n Blockchain enables the existence of cryptocurrencies like Bitcoin and Ethereum, but it has many other use cases.<\/p>\n\n\n\n Because of the way that blockchain is built, it\u2019s inherently decentralised. Instead of relying on a single server, it\u2019s made up of a global network of computers that store copies of the same database in blocks. This ensures that the blockchain cannot be controlled by a single entity.<\/p>\n\n\n\n Much of the conversation around blockchain focuses on how this new technology could fix our broken systems.<\/p>\n\n\n\n The main issue that the proponents of blockchain point to is that on today\u2019s internet, all data is centrally stored. Thus, it\u2019s not controlled by individual users, but by those who manage the servers that the data is stored on.<\/p>\n\n\n\n Not only is our data out of our control, but it\u2019s also vulnerable to cyberattacks. This is what blockchain is trying to reinvent.<\/p>\n\n\n\n Blockchain has the potential to trigger a paradigm shift because it allows us to build completely decentralised organisations and applications that are open, transparent, secure, fast and cheap to use.<\/p>\n\n\n\n \u201cBlockchain is disrupting the travel ecosystem with emerging Next Generation Online Travel Agencies helping to streamline processes and solve major pain points in the travel industry.\u201d<\/p>\n\n\n\n Vipin Mahasayan, CIO at EzyStayz<\/cite><\/p>\n<\/blockquote>\n\n\n\n The role of blockchain in vacation rentals is manifold. It can disrupt the industry by empowering users and creating a new, decentralised ecosystem.<\/p>\n\n\n\n Let\u2019s take a closer look at what this means.<\/p>\n\n\n\n As we\u2019ve mentioned above, all the digital information on today\u2019s internet (Web2) is stored on servers. These servers are controlled by large corporations \u2013 in the vacation rental industry, OTAs like Airbnb and Booking.com.<\/p>\n\n\n\n But, with the help of blockchain technology, data no longer needs to be stored on servers. It can be stored online in a decentralised manner. That\u2019s how Web3 works.<\/p>\n\n\n\n Companies like Trips Community have a vision to create a \u201cdecentralised OTA\u201d on the blockchain, made up of a set of open protocols that power bookings, messaging, payments, reviews and everything else that OTAs do today.<\/p>\n\n\n\n According to Trips Community founder Luca De Giglio, this means \u201can Airbnb (the platform), without Airbnb (the company).\u201d<\/em><\/p>\n\n\n\n So what would this look like for property managers? \u201cYour listings, reviews and bookings won\u2019t sit in the OTA\u2019s servers anymore. They will be on the blockchain and IPFS (The InterPlanetary File System) and you have control over them, not the OTAs,\u201d <\/em>says Luca.<\/p>\n\n\n\n The most obvious benefit of this is that it\u2019s cheaper. A decentralised, peer-to-peer rental platform isn\u2019t governed by OTA commissions.<\/p>\n\n\n\n But according to Luca, the real benefit is that \u201ccompanies will own their digital assets.\u201d<\/em><\/p>\n\n\n\n This is especially important when it comes to reviews. Luca argues that after years of working with an OTA, you could wake up one day to your account being suspended \u2013 and you could lose all your hard-earned reviews.<\/p>\n\n\n\n \u201cOTAs should not be the custodians of your reputation,\u201d<\/em> Luca says. With Trips Community and other similar projects built on blockchain, your reviews belong to you \u2013 no one else has control over them.<\/p>\n\n\n\n Of course, traditional OTAs have their own advantages. They reach millions of travellers every day and can provide property managers with lots of visibility.<\/p>\n\n\n\n The growth of Web3 projects does not mean that Web2 will suddenly disappear. The two can coexist.<\/p>\n\n\n\n \u201cEvery single company in the space will choose whether to run their business on the old internet or the new one,\u201d<\/em> Luca explains.<\/p>\n\n\n\n Another way that blockchain is transforming vacation rentals is the introduction of cryptocurrencies as a form of payment.<\/p>\n\n\n\n Cryptocurrencies are now widely accepted digital assets across the globe. They have lower processing fees than traditional currencies and make fast, secure and traceable payments possible.<\/p>\n\n\n\n According to Vipin Mahasayan, CIO at EzyStayz, cryptocurrencies represent the core principles of blockchain \u2013 power to people, trust and transparency \u2013 by rewarding various peers in the blockchain ecosystem.<\/p>\n\n\n\n \u201cThe global crypto market cap is $373.34B and this can factor to a huge market share for utility and purchase of travel services where crypto can be accepted as a form of payment,\u201d<\/em> Vipin says.<\/p>\n\n\n\n In fact, blockchain-powered listing sites like EzyStayz have their own cryptocurrencies that travellers can use in a variety of ways. The native cryptocurrency of the EzyStayz platform is called EZY coin (ERC-20 token).<\/p>\n\n\n\n \u201cThis token is the key to unlocking all of the great potential benefits that blockchain can provide travellers with, including member\u2019s benefits and staking rewards. It can be used for travel, staking, gaming, and can be exchanged on top crypto exchanges for a value. There are growing redemption market places where you can use digital assets to shop online for groceries, paying bills, and more,\u201d<\/em> he says.<\/p>\n\n\n\n Travellers can acquire and exchange EZY tokens through bookings on EzyStayz.com and its growing network of affiliates. \u201cUsers can also buy, sell and trade them directly through leading exchanges like ProBit (USDT and BTC pairs) or directly from EZY wallet and exchange platform,\u201d<\/em> Vipin adds.<\/p>\n\n\n\n Trips Community also has its own cryptocurrency called Trips tokens. Luca and his team used these tokens to pay the people who helped them build the Trips Community platform. The tokens were worthless at the time, but they have since started gaining value and are now on the market for about $0,13 each.<\/p>\n\n\n\n Used this way, cryptocurrencies incentivise collaboration and reward early adopters. \u201cThis is a new field of collaborative strategies called tokenomics, which strives to find better ways to synchronize human activity, beyond the tried and tested corporation model,\u201d<\/em> Luca says.<\/p>\n\n\n\n Trips tokens will also serve as a form payment for bookings and can be given to property managers and guests as rewards. You can buy them on platforms like Uniswap.<\/p>\n\n\n\n As we\u2019ve seen from the above examples, tokens have other important uses besides serving as a form of payment. They can also transform loyalty and reward programmes.<\/p>\n\n\n\n \u201cBy tokenising reward programmes and transforming them into a decentralised network of value, loyalty programs could become what customers really want them to be,\u201d<\/em> Vipin says. \u201cFirstly, they could expose a range of products and services from different providers. Secondly, rewards could be easily exchanged if points are tokenised into digital assets.\u201d<\/em><\/p>\n\n\n\n As a result, customers would be able to compare the relative value of schemes and the rewards they offer.<\/p>\n\n\n\n For example, customers who join the EzyStayz rewards club can get up to 40% discount on bookings and instant cashback in EZY token.<\/p>\n\n\n\n \u201cEzyStayz has bonus games to help you to earn more EZY token so that you can use them to book travel services. EzyStayz is also listed on top crypto exchanges for liquidity on tokens,\u201d<\/em> Vipin says.<\/p>\n\n\n\n Last but not least, blockchain technology allows for a level of privacy and security that isn\u2019t possible on traditional platforms.<\/p>\n\n\n\n \u201cBlockchain technology provides the ability to protect data from malicious attackers, preventing potential fraud and reducing the chance of data being stolen or compromised,\u201d<\/em> says Vipin.<\/p>\n\n\n\n No to mention secure payments. By accepting cryptocurrencies such as Bitcoin or Ethereum, booking sites built on blockchain can provide safe and transparent payment options.<\/p>\n\n\n\n For example, the EzyStayz blockchain system uses a highly secure multi-signature digital wallet capable of storing a variety of cryptocurrencies. This means that EzyStayz users can make secure crypto payments without the need for debit cards or bank accounts.<\/p>\n\n\n\n And now, let\u2019s take a look at the vacation rental booking sites that use blockchain technology to provide an alternative way of booking and paying for travel accommodation.<\/p>\n\n\n\n EzyStayz<\/a> is a next-generation online travel agency committed to harnessing the power of blockchain. Its marketplace offers a fast and secure architecture for storing data and information along with high security and transparency.<\/p>\n\n\n\n The innovations that EzyStayz has implemented so far include:<\/p>\n\n\n\n Did you know that EzyStayz is one of 18 new listing sites coming soon to Rentals United<\/a>? You\u2019ll soon be able to list your properties on the EzyStayz platform and automatically update your availability and pricing using the Rentals United channel manager. Stay tuned!<\/em><\/p>\n\n\n\n Trips Community<\/a> is a 100% peer-to-peer vacation rental platform. Built by owners and guests and owned by all, it\u2019s a blockchain-based community that lets guests book rentals directly, cutting out the middleman.<\/p>\n\n\n\n Founder Luca de Giglio hopes that by 2021, Trips Community will \u201cmature into a working DAO (Decentralized Autonomous Organization)<\/em> where value is created and shared automatically and governance is decentralised.\u201d<\/em><\/p>\n\n\n\n The goal is to create open protocols that allow vacation rental companies to gain independence and control over their digital assets.<\/p>\n\n\n\n Travala<\/a> is a cryptocurrency-friendly accommodation booking platform that allows guests to pay using their favourite cryptocurrencies.<\/p>\n\n\n\n The native cryptocurrency of Travala is called AVA (BEP-2 token standard). The token incentivises guests to book with Travala as it provides additional benefits, valuable rewards and enhanced user engagement.<\/p>\n\n\n\n As the Travala platform grows, AVA tokens will become an integral part of the experience and form a healthy internal token economy.<\/p>\n\n\n\n![\"\"](\"https:\/\/rentalsunited.com\/wp-content\/uploads\/2023\/03\/how-to-target-and-covert-the-3-new-traveller-personas-ebook-donwload-banner-600x334-1.jpg\")
<\/figure>\n\n\n\nWhat is blockchain?<\/h2>\n\n\n\n
How blockchain could transform the vacation rental industry<\/h2>\n\n\n\n
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1. Building decentralised booking platforms<\/h3>\n\n\n\n
2. Using cryptocurrencies as a form of payment<\/h3>\n\n\n\n
3. Improving loyalty programmes with tokenisation<\/h3>\n\n\n\n
4. Increasing data privacy and security<\/h3>\n\n\n\n
Blockchain-enabled vacation rental listing sites<\/h2>\n\n\n\n
1. EzyStayz<\/h3>\n\n\n\n
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2. Trips Community<\/h3>\n\n\n\n
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<\/figure>\n\n\n\n3. Travala<\/h3>\n\n\n\n
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<\/figure>\n\n\n\n4. StayBit<\/h3>\n\n\n\n
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