By Marisa Kendall / December 12, 2017 at 9:53 AM Airbnb may be the biggest home-sharing game in town, but a new startup is trying to push its way into the market. Enter CryptoBnB: the online home-sharing platform that wants you to pay for your couch-surfing stays using digital currency.
That’s right — this startup is combining two of this year’s trendiest topics — home-sharing and cryptocurrency — into one buzz-word extravaganza. Get tech news in your inbox weekday mornings.
Sign up for the free Good Morning Silicon Valley newsletter. The CryptoBnB team says the advantages of cryptocurrency go beyond having a slick, high-tech way to pay for your room.
The startup will use blockchain — the technology behind bitcoin and other digital currencies — to power its home-sharing platform. Blockchain is a decentralized digital ledger that facilitates secure online transactions between different computers, creating a record that can’t be altered retroactively.
Tariq Alwahedi, CryptoBnB’s founder, says by using blockchain for its transactions, the startup will create a secure platform through which it’s easy for a host to verify the identify of a prospective guest, and hard for a guest to leave fake reviews. And the technology cuts out the need for a middleman such as Airbnb to facilitate the transactions between landlords and guests.
“The relationship can happen with hosts and travelers directly,” Alwahedi said. And the platform can automate many of the processes that otherwise would require human effort, such as compliance checks and record-keeping. Read more from siliconbeat.com…
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