Worldwide: Dtravel, a decentralised short-term rental travel ecosystem, claims to have processed the world’s first hospitality booking on the blockchain using smart contract technology.
Smart contracts are publicly verifiable programs on the blockchain, which automatically execute actions based on pre-defined logic. Dtravel has implemented the technology to enable property managers and hosts to transact directly with guests without an intermediary via smart contracts, resulting in lower transaction costs, greater payment finality and non-custodial payments.
To create a property listing on Dtravel, property managers and hosts set the booking conditions – such as the price per night, cleaning fee and cancellation policy – within a smart contract unique to each listing.
When a guest makes a booking, the details of that booking are cryptographically signed and included in the on-chain booking transaction, along with the booking payment. The transaction is then sent to the listing’s...
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