EzyStayz, an Australian owned international vacation rental platform, is utilizing blockchain technology to bring down costs and improve its home rental services. EzyStayz is already a well-established brand that has been in business for 3 years with more than 155,000 properties in 34,000 cities and 190 countries worldwide. Now, the company is looking to the future by moving its services onto the blockchain. This move will provide its customers (hosts and travelers) a more transparent, cheaper, and safer means of organizing travel holidays and vacations.
The Home Rental Duopoly Problem
Currently, two huge companies, Airbnb and Expedia, dominate the home rental niche, both accounting for 72% of the bookings in this market. This duopoly creates a centralized system that puts many customers in a box since they will most likely be offered the same properties and services with little or no space for diversity. This results in poor holiday rental experience and low-profit margins for hosts.
EzyStayz Blockchain Solution
With the integration of blockchain into EzyStayz operations, the company will be able to offer its customers a myriad of peer-to-peer services not currently available in the home rental market. EzyStayz blockchain system uses a highly secure multi-signature digital wallet capable of storing a variety of cryptocurrencies. EzyStayz users will now be able to make secure crypto payments on its platform without the need for debit cards, or bank accounts. This feature will allow the company to unleash a new era of instant payments, facilitating settlement of real estate transactions on a global scale.
According to James Moses, Founder of EzyStayz:
“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 being sent across to the US.”
Blockchain is tremendously advantageous because its peer-to-peer architecture creates an environment that builds trust amongst its users. EzyStayz will leverage this to build blockchain-based digital identities for its users; this eliminates intermediaries and allows users to communicate directly and complete transactions via smart contracts. This approach not only promotes trust but also significantly reduces costs.
The native EZT tokens power EzyStayz blockchain eco-system. Bookings on the EzyStayz website (a platform that already has 44,000 hosts, adding about 500 unique hosts weekly) help generate the demand for these token. With each booking on the website, the payment currency is instantly converted to EZT and stored as escrow on the booking smart contract, which executes when the customer completes the booking. With this system in place, property owners only have to pay a token to the platform, and they will gain more exposure and make more profit while providing cheaper accommodation for travelers.
The EzyStayz Advisors
The EzyStayz blockchain advisors include Nikolay Shkilev PhD, Vladimir Nikitin, and Jason Hung. The team comprises of astute entrepreneurs and leaders in various fields with a combined business experience of over 25 years. They have worked with major companies in the past including firms backed by venture capital giant, Sequoia Capital.
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