Blockchain Technology: Transforming Vacation Rental Industry

We believe that blockchain technology could positively influence the travel industry and offer immense opportunity the travel industry players. The technology holds precise, long-term record of user’s transaction activity, as well as other data such as user’s credentials and reputation. Consequently, blockchain brings huge benefits for vacation rental user’s and for landlords who are engaged in offering properties.

First of all, vacation rentals on a blockchain would allow a guest to easily check the credibility of a host, and the other way around. Verification issue becomes more problematic, as users at both ends can create fraudulent accounts or delete the profile in case it receives lots of negative reviews. Therefore, blockchain technology creates a constant transcript of user’s actions that would help to establish trustworthiness.

To continue, the fact that the system is decentralized, means that information within the system is more secure, transparent and traceable. After all, the blockchain technology is having a tremendous benefit over ordinary vacation portals, as they often share or even sell user data to third parties. The personal data safety is crucial aspect of blockchain, therefore, it would be fair if only the user is to decide which information they are ready to share and with whom. Blockchain can make collecting and storing important data easier and more reliable, because responsibility for storing is shared across the whole network.

Finally, the payment process for vacation rentals could be efficiently simplified due to the decentralized nature of the blockchain, so both parties can make and accept payments using cryptocurrencies. Serving as a global ledger, blockchain eliminates the difficulties in billing and linking the transactions with bank cards. Additionally, the system can also assist with loyalty programs, allowing users to receive more profitable offers and to save up.

Emphy will make it possible to solve and simplify the problems that most of the guests and landlords face. The ecosystem will provide smart rental contracts that would help to establish a higher level of trust between users, improve security, and protect the data. Moreover, Emphy will simplify the payment processes and offer a system of bonuses that guests and hosts will receive for making certain actions in the system: an identification process, a detailed description on of the home, adding photos and writing reviews. We expect that our ecosystem will be able to significantly expand the short-term lodging market and promote the development of tourism both within countries and on the international level.