A new platform for vacation rentals called Zangll aims to use blockchain technology to ensure hosts, as well as their property, are always getting genuine and transparent feedback.
The value of the vacation rental market globally is around $500 billion. Moreover, this market is growing it at least 10%. The market even though fragmented has a few large players like Airbnb which has revenue of more than $4 billion each year. The problem with Airbnb is that the host can change the facilities offered even at the last moment. That is why, even after checking the reviews, you would not be able to be sure that you would be able to get all the amenities which will promised to you.
Zangll aims to change that by verifying the host as well as their tenants using blockchain technology. This ensures that fake reviews are not an issue. Also, both the host as well as the tenants who register on the website is required to complete the QSC formalities. This ensures that both of them are genuine.
Moreover, only when the transaction is completed, the stakeholders who are involved in the transaction are allowed to submit the reviews. As a result, most of the hosts of the websites try hard to satisfy their tenant so that they are able to get genuine reviews. Also, the website would be deleting the accounts of the host which are consistently getting lower reviews. This ensures that there is plenty at stake for the host.
Zangll has made the entire process of signing up on the website a lot easier. You have to first sign up on the website and thereafter, you have to search for the properties which you are interested in. You have to complete the KYC procedure and thereafter create a wallet. Once you buy that token, you would also be signing the smart contract. This ensures that the money which you have invested in the token would remain in the account until you and the host are completely satisfied with the transaction. In case, there is any problem, arbitration would be provided by the website.
In such a case, you can be sure that the hosts as well as the tenants, would always be making sure that the transaction goes smoothly because otherwise, there would be no proper flow of tokens and also the transaction would get stuck.