Dtravel processes the first travel booking on the blockchain
Worldwide: Dtravel, a decentralized short-term rental travel ecosystem, claims to have processed the world’s first hotel booking on blockchain using smart contract technology.
Smart contracts are publicly verifiable programs on the blockchain, which automatically perform actions based on predefined logic. Dtravel has implemented the technology to enable property managers and hosts to deal 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 reservation terms — such as price per night, cleaning fee, and cancellation policy — in a smart contract unique to each listing.
When a guest makes a reservation, the details of that reservation are cryptographically signed and included in the on-chain reservation transaction, along with payment for the reservation. The transaction is then sent to the listed smart contract to be held in a decentralized escrow and is managed by the smart contract’s predefined rules.
Once the cancellation period is over, the smart contract will automatically release the funds to the host, provided the guest does not cancel within that time.
The historic milestone of smart contract-based direct booking has been reached in London, England at a property hosted by Amir, one of the first hosts in the UK to list their 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 trying new technologies. Having the ability to pass guest savings through direct stays while gaining greater control over my business without spending the time and resources building my own direct booking website immediately appealed to me.
Dtravel recently launched its beta pilot program, which equips guests with a direct booking site powered by web3 technology. Use a property management system [PMS]hosts can easily log into Dtravel, deploy their listings, and start accepting direct bookings through smart contracts in minutes.
In the coming months, Dtravel says it will focus on reducing onboarding friction while working closely with hosts to optimize the direct booking product by adding new features and customization tools. In addition to creating a direct booking tool that reduces a host’s reliance on third-party online travel agencies, Dtravel will soon create a guest-facing meta-search product, allowing guests to discover and Easily book direct stays with hosts around the world.
Dtravel is a web3 direct booking tool designed to facilitate vacation rental without intermediaries. Combining the freedom of direct booking sites with the simplicity of online travel agencies [OTAs]Dtravel seeks to offer greater ownership, lower fees and more control.
Designed by former executives from Airbnb, Expedia and other global technology companies, Dtravel aims to empower corporate hosts while making travel accessible, fair and transparent. Dtravel’s home-sharing booking platform went live last November.
Cynthia Huang, Head of Growth at Dtravel, appeared on ShortTermRentalz’s RockSTRz session on “Digital Trust and Security: Combatting the Evolving Complexities of Travel Payment Fraud” last September – watch the recording in her entirety here.