Rento is proposing a global sharing platform for businesses and individuals that allows the renting of underutilized assets. Unlike competitors in the market, Rento will rent any item to any individual rather than focusing simply on one market (cars, apartment share). Furthermore, Rento leverages blockchain technology to implement a trusted economy through smart contracts that ensure rental conditions are met and that the parties can count on one another to deliver and return the product or service. Rento aims to introduce the sharing economy in the daily lives of people everywhere, reducing waste in the economy 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.
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 smart contracts, for anyone to rent or borrow any item or service. In the same way that e-commerce 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 smart contracts 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, maintaining 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
• Utilize 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 smart contracts for any breaches of the contract
Smartphone users in Europe are the primary target market for the Rento Platform and App. Because of Europe’s high smartphone penetration, it offers the ideal demographics for Rento’s initial launch.
Rento aims to expand the sharing economy to untouched industries, and it will quite likely face stiff competition from established players. Airbnb, operating in the hospitality/real estate rental space, and Turo, operating in the personal car rental space, are among its primary competitors. However, these competitors are limited in both their reach and the range of items offered. For example, Airbnb is focused only on the rental of vacation spaces, whereas many people need temporary office space as well. Turo is not operative in many geographical areas. Furthermore, none of these cater to businesses. In business, many types of equipment can be shared, but there is no convenient way to get access to other people’s equipment, and there is no assured way to verify trust within the systems. From farming to construction to office equipment, the potential for the sharing economy is tremendous.
Rento aims to develop a sharing ecosystem that dramatically increases the reach of the sharing economy beyond the existing industries, such as transportation or hospitality. Rento plans to develop a platform that makes the sharing of everyday products and services easier, as well as implementing sharing across different industries. Additionally, Rento utilizes blockchain technology to secure international transactions and smart contracts to facilitate security deposits.
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