Primalbase, the blockchain-enabled coworking company, has launched a new leasing and booking system called Primalbase Lease Market.

The system is the first blockchain-based booking system of its type to be launched and marks a major milestone in the development and delivery of blockchain projects.

Primalbase Lease Market enables its members – people who hold Primalbase tokens – to lease their tokens for a set price and time to individuals. Anyone who leases a token will then be able to use Primalbase’s shared workspaces for a period of their choosing.

To lease a token, people need to visit Primalbase’s booking site. They are then guided on how to create an “Ethereum wallet” and purchase a cryptocurrency called Ethereum. They can then select which dates and office they wish to book.

An algorithm then determines the best-available and priced tokens and presents the cost in Euros. By completing the transaction, the required Ethereum is then transferred to the token-holder and Primalbase takes a 10% administration fee from the token-holder.

It is hoped that this system will have the additional benefit of educating laymen on how blockchain, tokens and cryptocurrency can work in practice.

More than 1000 users have access to Primalbase’s workspaces in London, Amsterdam and Berlin. The price of a hot desk using Primalbase Lease Market could be as little as £1 a day.

Crucially, there is also no administration, deposits or notice periods for people wishing to lease a desk. They are also automatically presented with the most competitive price, which is determined by Primalbase’s members.

Ralph Manheim, CEO of Primalbase, said: “We’re delighted that Primalbase Lease Market has been launched. It will benefit both our members seeking to maximise the value of their tokens and individuals looking for affordable, flexible and high-spec hot desks in the heart of some of Europe’s biggest tech communities.

“We’ve proven how blockchain technology can work in a real business setting and confer substantial benefits to everyone involved. This is also a great opportunity for us to showcase to the wider public a practical application of blockchain technology.”