Cozystay is making headlines for introducing a new blockchain booking protocol that will help provide instant booking to vacationers. The platform is used to provide Chinese travelers with vacation property rental around the globe, and its goals will now be achieved via secure blockchain technology.
Why Is Booking Vacation Rental a Pain?
Cozystay CEO Galen Cheng says that the vacation rental industry experiences many issues that could be solved using blockchain technology. He commented:
“The vacation rental industry is plagued by a number of issues, from the pressure on hosts to provide instant booking before verifying guests, to double-booking rentals, security concerns, uncertainty around the legitimacy of reviews and delays or large fees on payment.”
The platform currently has 200,000 listings on a global scale with over 60,000 users. It has offices in Beijing, China, as well as in Vancouver, Canada. It is planning to expand its business by having one million listings by the end of 2018. It has also partnered with Share Everything Lab, a Singapore-based company that will help in introducing blockchain to its booking platform.
Booking Protocol Solves the Pain
Cheng added that the new booking protocol being developed by Share Everything Lab (SEL) would ensure that the transparency and security of both the guests and the hosts are maintained. In this new booking platform, each of the users will be verified by trusted members of the Cozystay community. This will also help in improving trust in the ecosystem at a time when Pew and Ipsos have reported that the public trust in institutions is at an all-time low because of lack of transparency and highly centralized system of governance.
The problem with other similar service providers like Airbnb is worsening as their institutional matching systems are facing severe criticism for being highly centralized. SEL will be following a “Know-Your-Member” verification process that will validate the people who are using their network. New users will have to provide one or more ID documents issued by the government, which will then be verified via phone call, video call or other such means.
According to Cheng:
“Sometimes, the best thing a company can do is get out of the way of its customers. Providing a mechanism of trust allows the community to develop in a positive way.”