EzyStayz, an international vacation rental platform that claims to be the first in Australia, announced today that it plans to utilize blockchain technology to improve its home rental services at lower costs, while also letting users pay with cryptocurrencies.
According to a press release, EzyStayz, which reportedly has at least 155,000 properties in 34,000 cities and 190 countries worldwide, says it is looking forward to the future by moving its services to the blockchain.
The company, via blockchain, hopes to resolve the home rental duopoly problem, as the industry is currently dominated by two firms; Airbnb and Expedia, which account for 72% of all the bookings in the market.
For the fact that this duopoly creates a centralized system, it puts several customers in a box, according to EzyStayz, since they will most likely be offered the same services and properties with less or no space for diversity, which results in low-profit margins for hosts and poor holiday rental experience.
Using blockchain, EzyStayz hopes to provide its customers (hosts and travelers) a cheaper, and safer means of organizing travel holidays and vacations, while also providing a myriad of peer-to-peer services to customers, which isn’t available in the home rental market yet.
The blockchain system comes alongside a highly secure multi-signature digital wallet capable of storing several digital currencies. Using the integrated portfolio, EzyStayz users can make crypto payments on its platform securely, without any need for debit cards or bank accounts, and directly improve the settlement of real estate transactions on a global scale.
Speaking in the releasing, EzyStayz founder James Moses said:
We are excited to be Australia’s only global holiday rental website that is Australian owned, and we are aiming to take on the larger players like Airbnb that have existed in the market for a while. It will be good to see Australian dollars staying onshore rather than being sent across to the US.
In another development linking real estate to blockchain technology, Coinfomania reported that AssetBlock would tokenize $60m worth of real estate assets using the Algorand blockchain.