Real Estate “on the block”: putting short term rental on the Blockchain.

written by Caterina Ferrara, YOOKYE Advisor and Community Manager

The impact of the peer-to-peer economy and specifically of short-term rental services, started in the early 2000s, has largely been enabled by innovative intermediaries who were able to create electronic platforms to match consumers and overcome market imperfections such as moral hazard, specific to collaborative consumption.

As result of this transition from an ownership-based consumption to an access-based consumption, consumers’ flexibility increased, thanks to the possibility of managing the items they already own and renting them out to peers who need them.

The growth of this market is attributable to two elements: users prefer the intimate experience with the local realities of shared accommodations, in contrast to the more distant experience of the traditional accommodations (hotels); many users could not generally have used the hotels’ service because of its prices.
On-line short-term rental platforms not only disrupt the hotel market, but they have also disrupted the need for property managers and real estate brokers who, for generations, have been one of the few ways for vacationers to find a rental in a destination that is not within an established hotel use. They are providing a real connection between host and traveler, an information business better performed.

In addition, the sharing economy also created new markets. Many vacation destination property managers use peer-to-peer websites to advertise their properties, perhaps reaching a wider audience through the sites, generating more market demand, and increasing prices and profits for their rentals.

In this context, that already has a strong and disruptive nature, YOOKYE goes to be inserted as an even more disruptive innovation, bringing the short term rental real estate on the Blockchain.
Through a very simple, user-friendly web platform and with a mobile phone app, YOOKYE promotes the use of this new technology to radically open up new markets.

YOOKYE provides a trusted platform with which millions of people around the world will choose to open up their private spaces and trust them to strangers in ways previously inconceivable. All transactions are secure, transparent and traceable and users pay in cryptocurrencies.
These features are fundamental because in the framework of sharing economy renting is a particular space: it’s a real marketplace in which trust between participants can and will make a significant difference in the outcomes.

YOOKYE is between the very prime use cases of blockchain-based platforms with a community whose members are looking to perform transactions with each other but who don’t necessarily trust each other.

Thanks to YOOKYE transactions will be stored indefinitely on the Blockchain and will be audited in retrospect as well as reviews written by renters own and this mechanism definitely incentivizes both renters and owners to preserve their good reputations for future transactions.

But above all, YOOKYE differs from other existing travel-related sharing websites based on the blockchain technology, because of the adding services offered to tenants and users, among which: the remote electronic key for all the houses and the home exchanges between tenants.

Blockchain is revolutioning many industry fields, and YOOKYE is starting the Travel Revolution combining the competitive advantages of this technology together with Smart Contracts. Sooner we will launch the preICO and we will begin to book our “Safe Holidays” responding to the needs of hosts and guests to the best.

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