Blockchain Revolution

Identity Verification: Because we are not dealing with a centralized system that
checks ID on our behalf, each party needs to confirm the other party’s identity. The
blockchain calls up a contract from a “VerifyID” application, one of many contracts
that bAirbnb, SUber (blockchain Uber), and other DApps use to verify real-world
identity.
Privacy Protection: VerifyID doesn’t track and store all transactions in a
database. It simply returns a TRUE or FALSE when it receives a request for
verification of a public key (persona). Different kinds of DApps can call VerifyID, but
VerifyID never knows details of transactions. This separation of identity from activity
greatly improves your privacy.
Risk Reduction: Home owners currently store customer identities and financial
data on their own servers, which can be hacked and leaked, exposing owners to
litigation and large liabilities. On the blockchain, you needn’t trust a vendor with your
data; there is no central database to hack and leak. There are only individual peer-to-
peer pseudonymous transactions.
Insurance: Today Airbnb offers $1 million insurance for owners and
compensates them for theft and damage. On bAirbnb, owners can get the bAirbnb
insurance DApp. Renters with good reputations like you have lower insurance rates
and needn’t subsidize renters who lack caution, scrutiny of prospects, or poor
treatment of property. When you submit a booking request, bAirbnb sends your public
key (persona) to the insurance contract for a quote. The insurance DApp contacts a
list of trusted providers; fake insurers need not apply. Insurers perform their own
calculations in real time through autonomous agent software based on the inputs to
the contract—such as the market value of the owner’s house, how much the owner
wants insured, owner reputation, your reputation as a renter, and rental price. bAirbnb
takes the best bid and adds it to the nightly fee the owner wants to charge. The
blockchain processes this calculation in the background; owners and renters have a
comparable user experience to that of Airbnb but a superior and more equitable value
exchange.