BIZSHAKE-THE SHARING ECONOMY BASED ON THE NEO BLOCKCHAIN TECHNOLOGY
The attachment or love that we may have for an item may not last forever since technology is advancing at a higher rate and it brings new products on board almost every day. The possibility that things would get over used with time or better still the desire to use that specific artefact by a user would diminish is one of the reasons why some companies came up with the concept of Sharing Economy. Some of the pioneers in the annals of the sharing economy are TaskRabbit, We-Work, Airbnb etc. who have all established several platforms that enable members to share obsolete items that they have no use for and still make money out of it if the wish.
By a superficial look anybody would agree that the concept of the Sharing Economy is a great one and a laudable one indeed which I agree with you without any sense of doubt. By so doing some people who are at the bottom of financial ladder can also purchase certain items that they could not purchase at an original price but through the Sharing Economy they can also make some of these purchases since items are at a reduced price.
The question that I ask myself is that, are these Sharing Economy platforms offering members the needed and efficient services that members deserve and also are members gaining enough since these platforms cannot exist without the participation of its members. Like they say “No man is an Island” but here is the case the very people that make up these platforms are not gaining as much as they should gain due to certain rigid systems of these already established platforms.
This is where BizShake comes in with the best of Sharing Economy which is based on NEO blockchain technology to to enhance a full decentralized system of sharing of items among members on the platform.
CHALLENGES FACING EXISTING SHARING ECONOMY
Highly Increased Transaction Costs
The already established Sharing Economy platforms serve as an intermediary connecting members on the platform in order for them to engage in any form of transaction. This centralized method of sharing is a common and universal system which is practiced by most of the Sharing Platforms and this generates extra cost on transactions. Aside the cost of commissions that these platforms charge members for their transactions, it gets worse when members use fiat currency through our central banking system to make payment for transactions. These banking systems also charge users certain fees and taxes which further increase cost of transaction that members have to incur.
Insecurity of Member’s Data
There are various instances whereby some sharing economy platforms had their data storage servers breached and the information that users entrusted into their hands are accessed by third party system without authorization. Users share valuable information with these platforms and because they don’t have the safest form of data storage services they allow hackers to have access to this information which is not right. Technology has advanced way forward to sit for such circumstances to happen all on the expense of your noble users because these are sensitive information which should be kept securely.
High Level of Uncertainty
In as much as members believe they are on this platform to share items for their own benefit you can never trust whether someone would deliver his part of the deal at the end of the day or not. This caused some established sharing economy platforms to use the system of Escrow accounts to receive funds from both parties to ensure that, they both go according to the terms of the agreement. This further increase the stress and transaction cost that users have to bear in order to complete transactions.
THE SOLUTION BIZSHAKE OFFERS
The blockchain technology which is one of the latest products of technology has caught the attention of so many organizations and institutions because of certain features that it possesses and offers to those who inculcate it into their systems. The blockchain technology is noted for its high security, organized blockchain ledger system and also how it makes it easy and very fast for transactions to occur on its platform. With the use of the NEO blockchain technology BizShake offers its users the smart and decentralized system of Sharing Economy.
Conducting of Transactions at a very fast pace
There are several blockchain platforms such as the Ethereum, Bitcoin blockchain network but most of them have very slow systems of transaction with the worst off late being the bitcoin network. Sometimes transactions could take as much as over thirty minutes before it gets confirmed unto the network and you can imagine how members would feel when transacting on a slow network of such.
The NEO blockchain network was developed to conduct transactions at a very faster rate of about 1000 transactions per second. This is amazing as you can just imagine how swift payment is going to be done on the BizShake Ecosystem to give members a very new experience in Sharing Economy. Furthemore the NEO network is stipulated to increase its speed of transaction to about 100, 000 transactions per second in the next two years.
Bitcoin and Ethereum uses the Proof-of-Work as its consensus mechanism for adding new blocks unto the network and this system of mechanism is quite expensive to operate and difficult to mine. However, the NEO blockchain network is based on the delegated Byzantine Fault Tolerance which automatically adds new blocks unto the network without users necessarily mining for it.
Identification of users and their Credibility Level
The crypto community is highly embedded in anonymity and this has given way for several people to abscond with the funds of people and this highly makes the community a bit unsafe for most crypto noobs who really don’t know their way around. Bizshake solves the issue of uncertainty by using an Artificial Intelligence algorithm which will estimate a user’s credibility level based on his previous transactions in the BizShake Ecosystem. To do this, the algorithm will monitor the activities of users on the decentralized applications such as Smart Rent, Smart Pawn, Smart Certify etc. that exist on the BizShake ecosystem.
This system of identification and credibility of users would provide users some level of assurance as to how genuine transactions occurring on the BizShake ecosystem are hence bringing more members on board unto the ecosystem.
Ensuring the Authenticity of items shared on BizShake Ecosystem
We live in a world where everyone is a master of his/her own field in the sense that some individuals are expert in some fields whiles others only have basic knowledge about such fields. BizShake ecosystem understands the system of the Sharing Economy where users could be duped in terms of originality of items. In view of this BizShake would employ the services of assets verificators to certify the authenticity and originality of items that are shared on the ecosystem.
*TOKENS AND TOKEN SALES
FEATURES AND APPLICATIONS OF BIZSHAKE ECOSYSTEM
The BizShake Ecosystem is a fully packed platform which makes transactions and interaction on the Ecosystem very simple and easy. The Ecosystem is designed with some web and mobile applications which are compatible with both Android and IOS. These applications have the very best of user interface with well-defined lables to help users navigate through the platform with ease. The following are some of the applications that will run on the BizShake Ecosystem to ensure the smooth running of transactional activities.
SmartRent: is an application that will be used by members on the platform to credit other members on the platform with items for a time period.
SmartPawn: would give users the ability to borrow from other users with a collateral of asset at stake.
SmartCertify: will work on the ecosystem to ensure that only genuine and original items are shared on the platform.
BizShake is really shaking the Sharing Economy with its unique applications which is the very first of its kind and I will provide full details as to how the above applications will be used on the platform. This was just to wet your appetite in the mean time but you can always follow up on the next content from this blog and get to know more about these amazing applications from BizShake.
ROADMAP
TEAM MEMBERS
CONCLUSION
There are several p2p Sharing Economy systems in place but BizShake has observed all these platforms and have come out with solutions that most sharing platforms are facing. BizShake is built on NEO blockchain network which makes it very secured and also very fast in its transactions. Aside all these BizShake brings to you special applications that can run on smart devices so that users can always interact on the ecosystem wherever that they are. Join BizShake and have the very best experience of peer-to-peer Sharing Economy.
Connect with the team and get up to date with the latest information about BizShake on the following contact lines:
Website: https://bizshake.io/
Whitepaper: https://bizshake.io/sites/default/files/BizShake_Whitepaper_1.2_ENG.pdf
Telegram: https://t.me/bizshake
Medium: https://medium.com/bizshake
Twitter: https://twitter.com/BizShake_ico
Youtube: https://twitter.com/BizShake_ico
Reddit: https://www.reddit.com/r/BizShake/
Authorship
Bitcointalk Username: Kelvinikke
My Bitcointalk Profile link is https://bitcointalk.org/index.php?action=profile;u=2087374
DISCLAIMER: This is part of the Article Group