Australia: Vacation rental platform EzyStayz says it is set to be the first firm of its kind in Australia to use blockchain technology to improve its home rental services at lower costs, while allowing users to pay in cryptocurrency.
In a press release, EzyStayz, which claims to operate more than 155,000 properties in 34,000 cities and 190 countries around the world, announced it would be moving its services towards blockchain technology in order to resolve the “home rental duopoly problem”, by which Airbnb and Expedia bookings account for 72 per cent of all reservations in the global market.
According to the company, this duopoly is creating a “centralised system”, which “puts several customers in a box”, as they are more likely to be offered similarly-designed and -sized properties. As a result, this would lead to lower-profit margins for hosts and less satisfactory holiday rental experiences.
The use of blockchain, it reports, will provide EzyStayz hosts and travellers with a cheaper and more reliable resource for organising trips and vacations, and unlock a range of peer-to-peer services for all of its customers.
In addition, the blockchain system comes alongside a multi-signature digital wallet that can store multiple digital currencies. Using the integrated portfolio, EzyStayz users are able to make crypto payments on its platform securely, without needing to rely on debit cards or bank accounts, and directly improve the settlement of real estate transactions on a global scale.
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 United States.”
For more information, visit the EzyStayz website here.