Cozystay's Chinese holiday real estate platform is turning to blockchain technology to offer customers greater security and a better overall experience for the industry.
The Chinese real estate platform for vacation holidays Cozystay said Cryptovest is developing a blockchain platform to increase bookings and improve services for customers.
The platform aims to reach one million listings by the end of this year by collaborating with Singapore-based Share Everything Lab Pte. Ltd. (SEL) to develop the blockchain appearance of its platform. It now has more than 60,000 users, 200,000 listings worldwide and offices in Vancouver, Canada and Beijing, China.
Cheng added: "The reservation protocol developed by SEL will guarantee security and transparency for hosts and guests because each user is verified by trusted members of the Cozystay community," added Cheng.
The company noted that there is a general tendency to diminish trust in institutions but a growing trust in people. He cited studies by Pew and Ipsos that show that trust in institutions such as charities, governments, banks and the media has a historical minimum.
"The holiday industry is plagued by a series of problems, from pressure on hosts to provide instant booking before checking guests, double booking, security issues, uncertainty about the legitimacy of reviews and delays or large fee commissions "Galen Cheng, Cozystay founder and CEO.
He said that despite the growing popularity of home rental platforms like AirBnB to connect individuals, such platforms are criticized for their lack of transparency and centralized control.
challenges faced by the industry because technology encourages decentralization of processes. Cozystay said that blockchain ensures that all hosts, individuals and even reviewers are verified by users in the "Know-Your-Member" validation process.
This process requires users to provide key information, such as identity cards issued by the government. The information provided by the new candidates is also validated through a phone call or video call with trusted community members who are subject to peer review.
"Sometimes, the best thing a company can do is take its clients off the road, and providing a trust mechanism allows the community to develop in a positive way," added Cheng. "Many of the most famous rental platforms on the market push their guests to provide immediate booking, which does not require approval from the host, which can clearly cause a plethora of problems and increase the 39; anxiety for guests who may not be sure that their guest will be clean, safe and respectful. "