Blockchain for sharing economy in universities in Mexico
Sharing economy using blockchain technology in universities and unions in Mexico.
Our client has large universities and unions signed up to the project to allow for students to get paid their scholarships and union workers to get their salaries with their digital coins and exchange goods and services in their own marketplace.
They have 7–8 million users who will be on boarded onto this new marketplace.
The peer-to-peer and decentralized nature of blockchain allows us to remove the need for centralized entities such as banks and companies like fiverr to facilitate sharing economy ecosystems and peer to peer payments.
Now you may ask, why would this be such a big deal as a use case in blockchain technology and at scale?
The way to examine projects coming our way is not because for the hype where everybody is walking around with a hammer trying to find the nail, using blockchain as a remedy for all.
Our technical team wouldn’t touch a project without carefully examining it with the following criteria:
We ask the following questions-
- High fees of intermediaries?
- Any trust issues among participants?
- Risk of fraudulent transactions?
- Multiple participants involved?
- Lots of manual processes involved?
- Will transparency help all participants?
If the answer is Yes, then we are in business.
Did you know that in Mexico there’s lack of trust in banks and institutions? People there prefer cash- they get paid their salaries in cash and they pay their bills in cash.
- Banks charge hefty intermediary fees
- People don’t trust banks and love their freedom
- There are frauds and corruption all around
- People get mugged every 1st and 15th of the month when they get paid, in cash, which makes them vulnerable
- Multiple parties are involved- banks, vendors, university students and union works
Secure and transparent payment system
Building an ecosystem where university students and union workers use their digital coins stored in a safe and encrypted digital wallet. They can exchange goods and services in their own marketplace, allowing them to pay their bills, buying books, exchanging services such as notes, tutoring etc. students can split their rent when they share apartments and make fast e-transfers between one another with a fraction of the cost if they’ve used regular banking.
In addition to that, students can earn from peer to peer advertisers model:
Students and workers will get (anonymously) targeted by advertisers (we have one of the biggest beverage company in Mexico as one of the advertisers) based on their activities in the ecosystem. Removing the intermediaries such as Google and Facebook ads and giving the power to the participants allows them to monetize on their data and social activities.
Boy is it ever a challenge to build such an ecosystem.
When our architects did their research on how to achieve these ambitious goals they needed to figure out:
- A blockchain that will help us scale to accommodate 8 million users posting messaging, watching ads, making payment transactions, buy and sell goods, pay for vendors for bills
- Have an ability to allow for that in a concurrent way
- Have a user friendly ecosystem for users that know nothing about Blockchain, encryption and digital wallets
- Provide a high level of security to protect users data
- Build a simple app that functions fast and with no delays when actions are taken (posting, sending payments).
- Adhere to Mexican regulations and laws against crypto currencies.
Want to learn more? Contact us firstname.lastname@example.org
Come watch us live April 25–26 in London UK at the blockchain expo.
Stay tuned for part II….✌🏽