Cozystay & Share Everything Lab Partner For Blockchain Vacation Rental Sharing
A move that will see it become the first to implement blockchain technology in the vacation rental sharing economy, Cozystay Holdings Inc. has announced its partnership with Singapore-based Share Everything Lab Pte. Ltd. (SEL) to develop a protocol that will decentralize and revolutionize the sharing economy industry.
Cozystay is a vacation rental platform that has been operating since 2015, will be the first adopter of SEL's blockchain-based trust protocols, which will solve critical problems that have plagued the vacation-rental sharing economy so far.
Cozystay now has 60,000 users, 200,000 listings worldwide and offices in Vancouver, Canada and Beijing, China. Cozystay has completed $4M USD in seed funding.
Cozystay is the first vacation rental platform targeting Chinese vacationers that is headquartered outside of China. Today China leads the world in global departures, having surpassed the USA and Germany. Cozystay has established several relationships in the vacation rental and blockchain space, including companies such as Tujia, Ctip, Capital Airlines and many others.
The global vacation rental industry commands a market size of nearly US$130 billion as of 2017, accounting for 18.1% of the global vacation lodging market share. The industry continues to grow exponentially; however, persistent problems remain for hosts and guests alike.
SEL's protocols intend to resolve the problem of double-booking, security and fraud, review reliability and high fees.
The blockchain can provide the foundation of a genuine peer-to-peer sharing economy by providing a trusted transaction platform with no intermediaries. Using blockchain technology to run a sharing-economy ecosystem means no central authority is needed.
Share Everything Lab is positioned to disrupt the vacation-rental sharing economy by working with Cozystay. SEL will grow the ecosystem by inviting industry partners and businesses to join. This innovative approach in building a sharing economy ecosystem will make SEL a leading provider for technology in a rapidly-growing space.