Sharing is the core of humanity
Who would have thought the common English phrase "sharing is caring" would have such significant socioeconomic impact in our modern lives? Sharing economy adopts the principles of "sharing is caring" to achieve increased access to economic opportunities, resource savings, environmental conservation and an increased sense of community. Considering its advantages, sharing economy is almost a true manifestation of "sharing is caring" if it weren't for the overly profit-centric B2C approach adopted by the leading sharing economy platforms.
A recent PwC study confirms that consumers are increasingly favoring asset sharing. 43% admit that owning assets feels like burden and 47% agree access is the new ownership. The sharing economy is also tipped for contribution to environmental conservation. 78% say it builds a stronger community while 76% confirm it is better for environmental protection. However, sharing economy is still undermined by the issue of trust, with a 69% saying they will only trust any sharing economy companies if they are recommended by an individual they trusted.
In a bid to protect world's resources from overexploitation when we already have resources that are not fully optimized; Bizshake is building a complete ecosystem that will encourage as well as enable its users to exchange temporary usage rights of their properties for economic advantage to each of the involved parties thereby maximizing the value created by their use and optimize asset allocation throughout this ecosystem. Built on Neo-Blockchain technology, the Bizshake platform will be enjoying the highest advantage of trustworthy transactions.
In the recent past, we have seen the growth of similar companies that deal in renting of assets but only a few like Airbnb and Uber have been successful. This success can be attributed to the relative openness and security of their transactions which reaffirms the necessity of trust as a prerequisite in the success of online transactions.
The Bizshake ecosystem will be decentralized in nature and will allow its transactions to be executed on smart contracts that are completely reliable due to the fact that several nodes of the blockchain confirm the execution of a single transaction and provide necessary evidence in the case of disputes. This will improve the obligation of users involved in transactions to hold their ends. Notably, Bizshake intends to have minimal charges on all transactions on its applications to ensure the project grows and adds to the development of the sharing economy model at all levels.
The Bizshake ecosystem will revolve around the following innovation aspects that they aim to implement:
Bizshake platform overview
Blockchain technology to get rid of all intermediaries in the payment process and to bring on transparency, trust and eliminate fraud on the payment process.
NEO Blockchain is favored for its scalability and is projected to handle 100000 TPS by 2020, quantum proof algorithm which eliminates the need for future updates, dBFT for minimal impact to the environment and digital Identity implementation for better trust among its users.
User Identification and Credibility level. Bizshake will exploit data from external providers to its full advantage and provide data collected on user credibility across other platforms thereby allowing users to enjoy credibility of equal levels without the need for any additional efforts. Bizshake envisions implementing specific AI algorithms for user's profile calculation, ID and level of credibility.
Bizshake will be looking to enhance User experience, assisting users to find amazing opportunities of their interest from the information gathered on its platform as well as on the blockchain.
The platform will also encourage users to create virtual communities of users with similar interests, same location or any other specific features to improve their business model. Members of the same virtual communities can enjoy specific terms and conditions decided by their own members.
Asset verification and certification by implementing specific programs involving Certifier Users to reduce fake of ineffective resources when renting or pawning high value assets.
Bizshake intends to assigning arbitration rights to pool of users with the best credibility to regulate liabilities in each transactions. Arbitraters will be rewarded for each judgement they make to successfully solve any disputes.
Revolutionizing the sharing economy
The sharing economy has come a long way and many applications in the current sharing economy ecosystem are still based on the B2C model where the companies involved in the business owned all the assets and made them available on their platforms for lending to interested users. B2C model is gradually being displaced by the P2P business model which provide provides direct interactions between users and asset owners. BizShake looks to supersede the P2P model and intends on implementing NEO blockchain to achieve what would be referred to as P2P sharing economy 2.0. Just like in the P2P sharing economy the project applications will provide market access however, all transactions will be executed by the blockchain and regulated entirely by smart contracts.
BizShake will launch applications for both mobile and web platforms. The applications will have two different complementary business models working independently side by side namely SmartRent and SmartPawn.
SmartRent.
SmartRent is made to offer a platform that can be exploited by its users to lease assets to others for specified periods and for financial gains. A willing asset owner lists the asset to be leased on the application detailing specific characteristics of the asset that includes but not limited to: visual representation of the asset like pictures and video clips to demonstrate its physical properties; the rates of leasing fee per specific periods hourly, weekly monthly or annually; the availability period that is the calendar dates when the asset is available; physical location of the asset and where it will be handed over; the value of the asset as well as the a deposit amount that will be locked by the blockchain. If the asset passes the requirements of SmartCertify the asset owner can choose to insure his asset. The user interested in leasing reserves the asset by making the deposit amount available in their wallet. Each transaction stage is monitored by smart contract.
This model is advantageous to both the lessor and the lessee. The lesser enjoys the following benefits:
- Earns economic benefits on an asset that would otherwise be idle likely depreciating in value
- Has a choice to lend freely without limitations of boundaries and periods
- Enjoys the feeling of safety earned from the blockchain technology
- Enjoy insurance in case of asset damage or lose
The Lessee enjoys the following benefits:
- Access to an asset for specified periods without the need to purchase the same
- The excess money that would be spent on purchase of the product can be redirected to rent other assets for more convenience
- Their locked deposits are not transferred to the lesser's account unless SmartDispute system decides so.
SmartPawn
SmartPawn allows for users(pawners) to receive short-term loans from other users on the platform(lender) off the assets they own. The pawner lists his asset and gives a clear description of it then request for some amount of loan including the time they are willing to repay the loan, at what rate, their physical geographical location and any relevant information that is useful. The pawner confirms if the asset if SmartCertified and if interested applies for insurance on the value gap between that of the asset and the loan amount. Each transaction stage is regulated to conform with the set timelines.
The pawning process has the following advantages to the pawner and the Lender.
Lender;
- Enjoys access for some time to an asset by lending out certain amounts less the value of that asset.
- Earns interest on the lent amounts
- Has a chance to keep the asset if the pawner breaches the contract or doesn't return the lent amounts.
Pawner;
- Access loans on assets without losing the rights to them
- Decides when to pawn freely without limits to boundaries and fixed durations
- Enjoys the trust aspect of the pawning process since it is based on BlockChain Technology.
- SmartDispute offers transparent and fair compensation in case of asset damage or loss.
SmartDispute System
The existing sharing economy has serious arbitrage issues which form the basis of the growing user dissatisfaction with the sharing economy platforms. On the Bizshake platform, a SmartDispute system will be implemented to solve any arising disputes during business which transactions on the platform. This dispute system will work in three stages:
First a disputed user requests for compensation from the opposing party by providing a reasoning. The message is delivered to the opposing party who is allowed to accept or place a counter reasoning.
In case of a counter reasoning, the case file is presented to a panel of arbitrators consisting of five users of high credibility selected randomly by smart contract. Arbitrators review the case file and give a just verdict based on the defined formula below;
After judgment arbitrators are given scores which they use to earn places in the next arbitration panels.
The smart contract then executes the transfer of compensation based on the judgment in a swift manner.
The panel of arbitrators earn a commission of up to 2% and are punished if they do not meet the required timeline by losing their legitimacy to arbitrate. In case of insured transactions, claimed compensations cannot exceed the amounts deposited during asset leasing or the loan amount during pawning.
IN BRIEF
The Bizshake platform will be encouraging its users to communicate constantly through their communities in order to build additional trust among its users. The platform will also protect their business from price violation by allowing its users to deposit amounts in fiat currency and convert that into the corresponding value of cryptocurrencies. The transaction fee will be minimal to as low as 5% that is inclusive of all the related costs of using Bizshake. Additionally, SmartCertify will be implemented by the project to verify and certify assets as the ones described by the owner and attach a market value to it.
Stay tuned for the second part of this article which will cover other game changing attributes of the Bizshake platform such as SmartCertify, SmartIdentify and SmartAPI.
Essential Links
To learn more about the Bizshake, you can join their online community or follow their official news channels. Here are the relevant links:
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