Travellers looking for short-term rental alternatives to hotels are very likely to use AirBnB as their mobile platform of choice.
But a team of US and Canada-based developers has seen the potential to improve the platform through the use of learning blockchain technologies.
CryptoBnB promises to build trust between home owners and tenants, by offering a transparent, smart and personalised experience – through the development of CryptoDNA artificial intelligence.
Tariq Al Wahedi, CryptoBnB CEO, is certain that with time CryptoDNA has the potential to be adopted by big hotels, restaurants and other hospitality businesses.
He told Express.co.uk: “It’s all about trust, and blockchain technologies bring in trust.
“At this stage blockchain might still be a bit primitive, but it is certainly a promising technology.
“Right now it is missing a few elements, but it is a very transparent – you can see everything that happens on the blockchain.
“Through CryptoDNA we want to add a layer of artificial intelligence on top of that. We thought the concept is good, but it’s time we take it into practice”.
CryptoDNA will combine user preferences, transaction history and learn from searches to aptly match suitable rental options with travellers.
It will eliminate the need for fees, escrow agents and “spit out more shortlisted results” to match your personal tastes.
Mr Al Wahedi is also certain that the transparency of crypto technology will further serve to build trust between hosts and tenants.
He said: “AirBNB is a limiting factor with the way it operates, so just imagine if you don’t need to use AirBNB.
“If I can seen your CryptoDNA directly, then we can instantly build a degree of trust, so it will work much more effectively on such platforms, because it will offer a better kind of life for hosts.”
In December 2017, the Dubai-based company will launch its very own initial coin offering (ICO) and CBnB token – much like the popular bitcoin currency.
The day one strategy for the company is to target AirBnB hosts and a younger demographic of millennials, already well versed with technology.
But the tech entrepreneur is aware that there could be some initial resistance to the rise of blockchain technologies in different industries.
He said: “There is a problem with hesitance towards the system – a grey zone where I think people choose to wait a bit longer before it really takes off.
“What you need is business people to step in and make it a useful technology.
“We want to prove our…