Rento is creating a software solution for individuals and businesses to share items and services that, until now, needed to be purchased. The Rento solution is based on the increasing “sharing economy” market, but rather than focus on one vertical, Rento is providing a complete solution, including smartcontracts, for anyone to rent or borrow any item or service.
In the same way that ecommerce sites such as eBay do not limit themselves to one type of item, Rento is providing the sharing economy marketplace. Rento is leveraging blockchain technology for the smartcontracts that ensure trust throughout the system.
The concept of sharing economy is built around the use of economic resources to their fullest potential and that is exactly what Rento is aiming to accomplish. Rento proposes a mobile application (and web platform) that allows users to list their unused assets for renting or sharing on its platform. Every listing on Rento includes the key aspects of the asset or resource such as its rental cost, availability schedule, images or video of the actual item, specifications, and terms and conditions specific to the asset.
Rento proposes multiple products and services segments, with its initial focus on businesses and service providers to populate the platform with a large stock of available resources, ensuring that the platform initially has enough inventory for consumers to find it appealing. Rento will be launching with primary listing segments such as household items like lawn mowers or snow blowers, through more commercial offerings such as shared offices and conferencing facilities, construction equipment, parking spaces, and even underutilized human resources. In addition to developing a sharing platform, Rento plans to set up at least one bricks-and-mortar rental store as a proof of concept for its sharing ecosystem.
Considering that the assets to be proposed for listing vary in financial value, the maintenance of transparency is of utmost importance. Also, in the sharing economy, reputation is key, and it’s essential that all information is verified and secure.
To this effect, Rento plans to utilize blockchain technology to:
- Secure international and local transactions
- Utilise smart contracts for security deposits
- Ensure that reviews of items lenders, borrowers, services and items are real and verified
- Reduce friction for transactions
- Verify the transactions themselves, and ensure payment for services as well as compensation through smartcontracts for any breaches of the contract
With Rento https://rento-app.io token being only used as gas for creating smartcontracts, while the transactions themselves can by done in any currency, crypto and fiat.
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