Airbnb is the largest hotel chain on the web, despite owning no property. The sharing economy, when it comes to leisure breaks, has been completely disrupted by the web. The problem is, when it comes to an overnight stay in an apartment rented for one night, the experience is not truly frictionless. When renting a villa, apartment, or a room for the night you need to pick up the key from the owner, or an appointed housekeeper.
A Smart Contract, cryptographically secured on blockchain and stored in a digital wallet could create a truly frictionless experience. The customer could, quite feasibly, find an appropriate location to stay on their smartphone and be in the property within minutes. Damage deposits are held in escrow until post checkout and the properties ‘key’ is actually the smartphone. Doors would be required to work using Near Field Communications (NFC) in order to sync with smartphones so there is a hardware requirement for the property owner.
Scope and opportunity
We believe Yotta can be at the vanguard of driving innovation for the sharing economy 2.0. The opportunities are truly limitless. This technology could enable hotels to diversify their revenue streams (many are already NFC enabled) and also present holiday rental companies and established sharing economy brands (like Airbnb) with a competitive advantage.
© Yotta Laboratories