Over the years, the hospitality market has been disrupted with the emergence of AirBnB-type platforms. Blockchain, the technology behind Bitcoin, is now being implemented in the sharing economy.
CryptoBnB CEO Tariq Al Wahedi is based in United Arab Emirates (UAE) and explains he has been working with a team of developers in the U.S. and Canada who are combining blockchain technology, artificial intelligence and big data to match homeowners securely with the right tenants. CryptoBnB is headquartered in the British Virgin Islands.
The platform will function on a short-term rental model using three elements to build a user's Crypto DNA. This DNA make-up will then be tailored to each individual user's preferences, and the platform will then decide what property rental is a good fit for the owner or renter. The project is still in the development stages.
"We thought the best area to start with is the hospitality sector," Wahedi says. "We looked at the business model at AirBnB and looked at what does AirBnB lacks? We started to take a look at the Blockchain technology which is available today. What is it delivering today to the people? This is very powerful and revolutionary business."
The Crypto DNA, Wahedi says, is really the differentiating element in this platform in its ability to help build a profile of user preferences and customize the experience for both guests and hosts.
"We went to the blockchain and added new layers of information and combined AI," he said. "The blockchain knows about you and is always learning about you and is also stores information about you."
That Crypto DNA will be instrumental in building the trust element between homeowners and tenants, which AirBnB has been using to succeed. Wahedi explains AirBnB holds reviews of people so that there is some degree of credibility among users. But that might not be enough.
"Airbnb holds that information," he said, noting that CryptoBNB will rely on CryptoDNA, which will more dynamically rank users and their trustworthiness, credit history, and cleanliness, among other factors.
"The platform is at beta stage and will be ready in six months," Wahedi said. "The structure is ready. So our timeline is one year from now in 2018," adds Wahedi.
The platform is being prepared and the group is at a stage where it will launch a initial coin offering (ICO) next month.
More of What's Trending on TheStreet: