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 smart contract to be held in decentralized escrow and is handled by the predefined rules of the smart contract. Once the cancellation period ends, the smart contract will automatically release the funds to the host, provided the guest doesn’t cancel within this period.
The historic smart contract-powered direct booking milestone was made 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’m extremely passionate about providing the best possible experience for my guests and love trying out new technologies. Having the ability to pass on savings to guests through direct stays while gaining greater control over my business without spending time and resources on setting up my own direct booking website immediately resonated with me.”
Dtravel just launched its beta Pilot Program, which equips hosts with a direct booking site powered by web3 technology. Using a property management system (PMS), hosts can easily connect to Dtravel, deploy their listings and begin accepting smart contract-enabled direct bookings in minutes.
In the coming months, Dtravel will be focusing on reducing onboarding friction while working closely with hosts to optimize the direct booking product by adding new customization features and tools. In addition to building a direct booking tool that reduces a host’s reliance on third-party OTAs, Dtravel will soon create a guest-facing meta search product, enabling guests to easily discover and book direct stays with hosts from around the world.
Tags: Dtravel
