Rento is proposing a global sharing platform for businesses and individuals that allows renting of underutilised assets. Unlike competitors in the market, Rento allows rental of any item type rather than focusing simply on one category (cars, boats, holiday rental).

Furthermore, Rento leverages blockchain technology to implement a trusted environment through smart contracts that ensure rental conditions are met and that the parties can rely on one another to deliver and return the product or the service.

Rento

Please Note: This is a Press Release

Rento aims to introduce the sharing economy in the daily lives of people everywhere, reducing waste in the world and allowing more people to enjoy a variety of services and products without having to shoulder the cost of owning every type of item they use.

Blockchain technology provides opportunities in the sharing economy due to its immutable records, transparency, and smart contracts.

Blockchain technology can:

Introduce transparency: sharing economy relies on trust between parties. Considering a limited interaction between an owner and a customer, it becomes imperative to maintain operational transparency within the ecosystem. With blockchain technology, each of the parties can access relevant information easily, creating a trusted environment for transactions.

Lower transaction charges: in comparison to the traditional financial institutions, transactions on a blockchain cost less and are processed within a fraction of a second. In traditional banking, transaction charges drastically grow in case of international transactions considering forex conversion fee, transfer fee, and remittance charges. Digital cash makes these transactions seamless, keeps fees low and transparent.

Limit fraud: blockchain technology prevents feedback manipulation on public listing platform. The open structure of blockchain allows very limited possibility of fraud. Additionally, it facilitates built-in validation methods for feedback, ensuring its authenticity throughout the system.

Risk management with smart contracts: smart contracts offer an efficient way of preventing risk. Smart contracts can guarantee payments and deposits while items are being rented, providing financial risk protection for the product owner.

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Posted by Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all.


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