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In comparison to Dtravel, other booking sites charge around 15-20% and the owners and customers usually share the amount.
Dtravel, a Web3 direct booking tool, claims to have executed its first hospitality booking. The company, which envisions booking without any intermediaries, has been able to process a booking via smart contract technology on Blockchain.
Smart contracts are essentially publicly verifiable programs on the blockchain, which by default perform activities based on pre-defined logic. Dtravel has executed the technology to allow property managers and hosts to perform transactions with customers without any need for an intermediary via smart contracts. This will consequently reduce the transaction rates and improve payment finality.
The short-term rental environment is integrated with smart contracts, and people looking for a property can directly contact the owner to conduct an exchange of money. The property supervisors on Dtravel can handle the bookings, such as the price, duration, cleaning, and cancellation period, via the smart contract that is distinctive to that particular listing.
After the property seeker makes a reservation, a deal is cryptographically marked and the exchange of funds is processed to the listing’s smart contract. The funds reach the owner after the cancellation period. According to Cynthia Huang, Head of Growth at Dtravel’s, the protocol is presently executed on a beta pilot program. Even though there is a five percent booking charge that is taken care of by the owner, the money is sent back to them via TRVL utility token in the beta testing level. In comparison to Dtravel, other booking sites charge around 15-20% and the owners and customers usually share the amount.
The firm’s first booking was conducted for a London Apartment owner named Amir Sadjady. While the exact payment approach is not known, Dtravel can receive USDC, USDT, and BUSD. The company also plans to additionally append more names to this list. TRVL, which is the token that propels the travel industry’s web3 revolution, has not had a great stint on the charts. The token is presently at a ninety-six percent low from its peak and more than ninety percent under its foremost list price.
On the darker side, Dtravel is not the first firm to have floated this idea of redefining the short-term rental enterprise. Bee Token, another open-source lodging medium had a similar idea but had to eventually drop its plans.
Defending Dtravel’s vision, Huang believes that the technology at that time wasn’t as developed as it is today. The transaction charges were not as cost-effective as they are now, and people are more interested in cryptocurrencies today than they were back then.