The last decade has seen no small amount of innovation in the rental sector.
All the current data suggests that the rental sector is going to grow as more people are renting as opposed to buying. Online web companies have been disrupting the rental system in various ways. The rise of companies such as Airbnb, Booking.com, Expedia, Hotel.com and more have been increasing in popularity, most notably since around 2013 onwards. There is a slight difference between housing rental systems and hotel rental systems, but for statistical purposes they generally all come under the term “short term rental” companies. And there is always going to be significant overlap.
The Previous Property System
Booking platforms provide extremely well design websites that enables homeowners and property managers to place their listings, perform arbitration, etc. for a fee. Third party payment processing systems such as Skrill, PayPal and BluePay handle the transaction side, for a fee, exclusive of currency conversion fees. Additionally, a channel management system such as Lodgify or myRent are needed….for a fee. Eventually, all these fees add up.
Owners are usually charged for multiple booking site management, nevertheless, they often suffer from double-booking problems, though this seems to be more prevalent on hotel rental sites as opposed to home rental sites. Some blockchain based rental companies are aiming to consolidate all services on one platform, eliminate the double-booking problem and provide cheaper, faster and more secure services.
Improvements in Short-term rental industry
The short-term rental industry consists of a segregated business for payment, booking management, and access control, all at additional costs for customers worked into the overall fee. There is yet to be a player in the market with a system that streamlines payment, booking management, and access control into one seamlessly integrated solution. OkeyDokey is that player. By providing blockchain based smart lock system that connects digital payment transactions to opening of physical doors, they will bring values by providing secure, hassle-free, and cost effective solution to our customers.
Like Stellar, a blockchain based company that is trying to improve the way banks transfer money overseas, OkeyDokey is using blockchain integrated IoT smart locks to create a more efficient and automated booking, payment, and door opening solution for the users of booking platforms. OkeyDokey is here to improve upon the obsolete and fragmented processes by turning it into one streamlined solution.
The management system will automatically sync bookings and payments from multiple booking sites (Airbnb, Homeaway and many others) via Blockchain. Customers can feel secure about their money and they will never be double booked thanks to the technology behind the system.
Customers will pay their fees in KEY, OkeyDokey’s cryptocurrency. Once the transaction is completed and the guest’s identity (public address) and transaction has been verified via Blockchain, they will be granted access to the property via a smart lock.
Once notified, a smart lock will subsequently manage the bookings, payments and access to the property. Home owners will be able to easily and securely give access to the right people, at the right time, for the right amount of time.
All of these features will make the entire process more efficient for all parties. It allows the homeowners to be more in control and to utilise their assets more smartly than before, for a greater profit margin. Renters will also financially benefit and have a more streamlined way of paying and accessing properties.
By utilizing the latest technologies to improve upon the current system and with a lot of room for further innovation too, it is no surprise that OkeyDokey is attracting attention.
The upcoming OkeyDokey ICO takes place on the 25th of May with 60% of the tokens available for the public.
Visit OkeyDokey.network to find out more.