Public Crypto BLOG: CryptoBnB - Vacation Rentals Platform Based on Blockchain

Current short-term rental platforms have caused a significant portion of the population to change their outlook toward a hospitality-sharing economy. A decade ago, the idea of renting a room in a stranger’s house was not well received. That way of renting and traveling has become much more common, especially for Millennial travelers. It has resulted in gains of 10 percent or higher per year for these platforms.

The Problems

One of the greatest weaknesses of the short-term rental platform is centralization, which has created significant overhead costs since hiring people in every country to manage platforms and be on call is expensive. Centralization has also forced these companies to take on the role of an escrow agent, negotiating the deal between the buyer and the seller. Centralized marketplaces such as Airbnb have also been blamed for bringing a bad influence into the neighborhood by attracting travelers who are not similar to their hosts.

Solutions

CryptoBnB is a vacation rentals marketplace built to improve short-term rental experiences for hosts, guests and service providers worldwide. CryptoBnB is building a next-generation marketplace of online, short-term rentals and tenant smart-matches that powered by blockchain, artificial intelligence and big data.

CryptoBnB was created to overcome the shortcomings of the existing short-term rental platforms. Today’s platforms suffer from centralization, which has caused inefficiencies CryptoBnB will be built on the already functioning short-term rental model but with the introduction of advanced technology based on blockchain technology, AI, and big data.

CryptoBnB will be hosted on the Web and on mobile devices through native applications. The platform will use P2P smart contracts to conduct transactions on the backend. The platform will be powered by blockchain and will use CKey tokens for exchange of services. Although the platform will have a similar look and feel to existing short-term home rental platforms, the backend will be powered by the CryptoDNA™ protocol.

CryptoBnB platform will be powered by CryptoDNA™, a patent-pending technology that aims to solve the following:

User identity to solve fraudulent claims
Trust-based voting and rating system to allow users to know their peers’ ratings
Self-learning smart wallet that captures the preference of a user
0 percent commission
P2P smart contracts and no middlemen
P2P marketing using AI logic
Address network limitations of micro transactions on the blockchain and use IPFS (InterPlanetary File System) to handle that

CryptoBnB will build a smart platform that serves a growing market segment. The platform will develop tools that will make the market grow in a more transparent, user-friendly manner. CryptoBnB will attempt to resolve the technological gaps in the current short-term rental platforms.

CryptoBnB Features

Intelligent search engine

The first search engine linked to blockchain that harnesses AI and big data to ensure optimum & bespoke search results. Combining user preferences, transaction history and data from searches, travellers are matched with ideal listings.

P2P Marketing

The first P2P marketing mechanism uses AI data stored in the blockchain to provided enhanced ROI and better targeted campaigns for hosts.

CryptoDnA Smart Wallet

The heart of the platform is the technological force behind intelligent search engines and smart contracts.

CryptoBnB Objective

CryptoBnB’s main objective is to balance the two-sided market between users so all can benefit. CryptoBnB will solve fraudulent transactions by a robust process and technology.

CryptoBnB will use the CryptoDNA™ protocol, which will be the first to combine the “power of three”: blockchain and smart contracts, artificial intelligence, and big data. That will generate an intelligent hospitality service marketplace that benefits property owners and travelers by providing more accurate matches between travelers and properties.

CryptoBnB will build on existing proved technology to create a new technology that will make real changes with the power of blockchain. With secure wallets used to store digital identities and trust ratings on a global scale, users will benefit from a P2P connection, which minimizes trust issues through smart contracts and reduced usage fees.

CryptoBnB Benefits for Travelers:

Reduces Traveler Discrimination

The property host initiates a smart contract based on the traveller`s guarantee of payment through the CryptoDNA wallet.

Blockchain Technology Ensure Real Reviews

Property reviews can only be created on the decentralized blockchain that have a supporting smartcontract which verifes the tenant truly rented the property and require geotagging check-in verification to guarantee the traveller actually stayed in the property.

Direct Dispute Settlement

Smartcontracts with fixed terms reduce costly disputes that have to be platform mediated.