Benefits of using the OKEY Token
The OKEY Token has a number of benefits for property hosts, as well as guests. It allows the platform to be versatile for executing transactions in a fast, safe and low cost manner. The token has been setup for ease of use and to remove the frustrations of traditional payment systems.
The advantages of blockchain technology shine through in the OKEY Token, increasing productivity in the sharing of real estate asset, and soon other assets as well. It will completely transform the way transactions are handled to make property-sharing more approachable for both parties involved.
Can be used across multiple booking platforms
The OKEY Token can be taken advantage of across a variety of booking platforms which includes Airbnb, Booking.com, HomeAway, Expedia, Yanolja, FlipKey and many more. This is advantageous for hosts because they can list their real estate on several different platforms in a synchronized manner. Therefore, when the property is booked on one platform at specific dates it will become unavailable on the other platforms, which eliminates the problem of double bookings.
Keep in mind that contracts with these booking platforms are not yet signed, but in the future these partnerships will be secured to increase the scope of the OKEY token.
Making use of multiple booking channels increases the likelihood of bookings for the property owner as the brand names of the top booking platforms can be utilized. Also the Business Process Interoperability is promoted, because different booking platforms can share user authentication using blockchain.
For guests it’s beneficial as more properties will be available on the platform of their choice. This ensures they do not need to scan through multiple booking platforms when making a booking as a single property will be visible across the different platforms.
Improvement over regular payment processors
The accessibility of making payments using the OKEY token is much better than with traditional payment processors.
The roadblocks to get started are a lot smaller and once transactions are complete, all nodes on the network will record the transaction. This is one of the advantages of blockchain technology, which contributes to the security and transparency of the network.
Also an escrow system can be used to make payments, which makes sense in the real estate sharing marketplace. The guest could deposit the money into the escrow of the booking portal and this money would be held until the rental period is complete. If there are any issues, then the platform can investigate. However, if the transaction is problem- free then the money would be released from escrow to the host. This is beneficial for the guest because it ensures they do not get scammed by a bogus real estate listing with no reviews.
Furthermore, the customizability of the payment options is flexible enough to allow for short and long term bookings. This is the power of smart contracts developed by OkeyDokey team. Things such as security deposit holds and cleaning fees can also be easily integrated into the payment setup.
Cost effectiveness
The fees associated with online payments can be frustrating and eat into the budget of the guest who is traveling. Also the profitability for the host is reduced when a share of the takings is cut by the payment processors.
The OKEY token helps reduce the transaction fees by a significant amount that should give hosts and guests reason to strongly consider switching to this method of handling finances. The automated hassle-free setup will be a no-brainer once it gains enough popularity in the real estate rental industry.
Conclusion
The benefits of the OKEY token mentioned in this article are just a summary of what users can expect. Once the infrastructure is put into practice, a number of new attractive benefits will surface for both hosts and guests.
There is no doubt that the blockchain technology will become mainstream systems for digital transactions in the future. OKEY Token offers countless benefits, many of which are likely yet to be foreseen. It is not unreasonable to expect that the majority of financial transactions eventually will be completed via the blockchain technology. OKEY Token, with its solid foundation will become ‘the token’ to be utilized for the sharing/rental economy.
