Worldwide: Dtravel, a decentralized short-term rental travel ecosystem, claims to have processed the world’s first hospitality reservation on the blockchain using smart contract technology.
Smart contracts are publicly verifiable programs on the blockchain that automatically execute actions based on predefined logic. Dtravel has implemented technology to enable property managers and hosts to transact directly with guests without intermediaries via smart contracts, resulting in lower transaction costs, greater payment completion and non-custodial payments.
To create a property listing on Dtravel, property managers and hosts set the booking terms – such as price per night, cleaning fee and cancellation policy – within a smart contract unique to each listing.
When a visitor makes a reservation, the details of that reservation are cryptographically signed and included in the on-chain reservation transaction, along with the reservation payment. The transaction is then sent to the listing smart contract to be held in decentralized storage and handled by the smart contract’s predefined rules.
Once the cancellation period ends, the smart contract will automatically release the funds to the host, provided the guest does not cancel within this period.
The milestone of smart contract direct booking was achieved in London, England, at a property hosted by Amir, one of the first hosts in the UK to list his properties using Dtravel.
Amir, the owner of the property, said: “I am extremely passionate about providing the best possible experience for my guests and love to try new technologies. The ability to pass savings on to guests through direct stays while gaining greater control over my business without spending time and resources building my own direct booking website immediately resonated with me.”
Dtravel recently launched its beta pilot program, which equips hosts with a direct booking site powered by web3 technology. Use of a property management system [PMS]hosts can easily connect to Dtravel, set up their listings and start accepting smart contract-enabled direct bookings in minutes.
In the coming months, Dtravel says it will focus on reducing the friction of entry while working closely with hosts to optimize the direct booking product by adding new features and customization tools. In addition to building a direct booking tool that reduces a host’s dependence on third-party online travel agencies, Dtravel will soon create a guest meta search product, enabling guests to easily discover and book direct stays with hosts from all over the world.
Dtravel is a direct-to-web3 booking tool designed to facilitate middleman-free vacation rentals. Blending the freedom of direct booking sites with the simplicity of online travel agencies [OTAs]Dtravel seeks to offer greater ownership, lower fares and more control.
Conceived by former executives of Airbnb, Expedia and other global technology companies, Dtravel aims to empower host businesses by making travel accessible, equitable and transparent. Dtravel’s home-sharing booking platform launched last November.
Cynthia Huang, head of growth at Dtravel, appeared at ShortTermRentalz’ RockSTRz session on ‘Digital Trust and Security: Combating the Evolving Complexity of Travel Payment Fraud’ last September – view the full recording here.
