Blockchain for the Sharing Economy
The outburst of Uber, Airbnb, Getaround back around 2009 marked the latest era of the sharing economy. They are all innovative p2p business models that no one can deny. Notably, Uber has been known to leave a mark on the daily life of every individual. This is none other than the legitimized rise of what we know as the sharing economy today.
Currently, there is a sharing resolution for all our needs. It ranges from home-sharing down to desk sharing and up to the exchange of daily household duties and tasks.
So many individuals are more than willing to completely trust and open their lives to strangers that are willing to offer any desired temporary service or product as the case may be.
The concept of sharing services or products instead of outright buying it has deeply resonated with consumers all over the world. It has created a shift in the mentality of consumers as well as their spending behavior.
Blockchain And The Sharing Economy
Blockchain has a clear-cut definition which refers it to a computerized, decentralized public ledger for every digital currency transactions. Each of the transactions is documented in chronological order.
They are made easily accessible to anyone that is on the blockchain and it has no particular intermediary that facilitates any of the transactions. It is widely known that the blockchain eliminates all control of central authorities and governing entities. Also, it enables people to better carry out peer to peer transactions.
Blockchain is said to be the next stage in the amazing evolution of the sharing economy. This is possible because, with the blockchain, there are immutable and binding smart contracts that practically hold each party accountable. This is what powers every blockchain.
Each of these contracts defines and ultimately enforce rules regarding the agreement and this means that they function as substitute referees in the peer to peer transactions. Uber could survive or die based on its ability to adapt to the blockchain. The smart contract can also allow an Airbnb host to accept and filter guests better on the p2p protocol.
Some companies are the near future of a blockchain-based sharing economy. Diverse organizations are gradually rising as disruptors to the existing disruptive sharing industry.
Some of the companies that have been projected to make a significant impact on the everyday life of consumers include:
It has a decentralized network that operates based on the Blockchain and it is powered by virtual currencies to aid in increasing the accountability, security and ultimate safety of straight exchanges between the home providers and the renters.
Meanwhile, the Wi-Fi providing platform known as OPP Open Wi-Fi is developing a person to person network that focuses on solving inaccessibility of the internet and will disrupt all payment for Wi-Fi plans.
Die to the fact that the OPP platform practically taps into some advertising dollars, the people who need Wi-Fi will not be required to make any payment before they access the hotspot of OPP Open Wi-Fi.
Also, the hosts will be paid through digital currencies whenever they activate their OPP mobile app.
To Wrap It Up
With the advent of the sharing economy, it is evident that individuals are eager to transact with one another although intermediaries have been the ones in control of every interaction and transactions that occur.
However, with the incorporation of blockchain into the concept of sharing economy, it has the prospect of eliminating all these middlemen and truly creates a person to person marketplace.
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