How Can Blockchain Revolutionize Freelancing?

With experts predicting that 40% of the US workforce will transform into independent workers by 2027, freelancing is no longer something people pursue as stop-gap solutions between jobs. It is a legitimate career option. However, in spite of that, freelancers face numerous uncertainties in their work. It is estimated that freelancers end up losing close to $6,000 annually due to clients not paying them.

Why are platforms like Upwork and Fiverr not enough to address issues?

Platforms like Upwork and Fiverr were created to help freelancers gain access to clients (and vice versa). However, their business model sides with the clients entirely — and that makes sense because that is where they generate their revenue from. However, this spells bad news for more independent workers. These platforms tend to charge transaction fees and commissions as high as 20%, and also end up making independent freelancers shell out more money for certain ‘extra’ gigs.

Moreover, systems for dispute management regarding payments are often biased, putting freelancers at a huge disadvantage. Essentially, all the decision making relies on a centralized system that is prone to many biases and opinions that may or may not favour freelancers.

How does Blockchain technology address this?

Blockchain offers a system that is fair to both — freelancers and clients alike. The following traits of Blockchain systems can help freelancers leverage their client interactions to their advatange:

• Decentralization: As Blockchain systems are decentralized, all processes tend to be transparent. Any system running on Blockchain technology has its own set of established rules in place that everyone must abide by. This way, there is no way that any biases can crop up in decision-making.
• Lower prices: Most freelancing platforms charge high transaction fees and commissions. However, platforms that run on Blockchain technology do not do so. This is because there are no intermediaries involved, which means that freelancers’ earnings are not subject to cuts. The transaction fees are also generally far lower than traditional platforms.
• Quick Payments: One of the biggest plus points of working on a platform that runs on Blockchain technology is that the payments occur very quickly. In fact, they occur at a much faster rate than the transactions made with traditional banking systems. Freelancers who offer remote work can stand to gain the most from this.

Maester Protocol — A Platform for Independent Workers That Runs On Blockchain Technology!

Maester Protocol is a blockchain based protocol for independent consultants and workers all over the world. It offers people the opportunity to connect with clients on a global scale, while completely eradicating all the problems that come with freelancing. The following are a few highlighted features that can help freelancers:

• Price set per minute: As freelancers, you can set your price per minute for potential clients to see. There is no scope for unnecessary haggling over prices. The clients that call you are the ones that have agree to pay the amount you have specified.
• Locked wallets: The minute a call starts, Maester Protocol locks your client’s wallet. This ensures that the coins in the wallet are not spent elsewhere during the course of the call.
• Instant payments: The minute the call is over, the correct amount is transferred from the client’s wallet to your wallet. The payment is completely instantaneous.
• Professional reputation management (PRM): Most freelancing platforms do not have a provision for you to showcase your work or your opinions. Through Maester Protocol’s PRM system, you can publish your own blogs, videos, or pictures to show clients exactly how great your work or thought process is. In a highly competitive world, a great sample can mean a world of difference!

Conclusion

Blockchain is all set to revolutionize the way freelancers work and get paid. By eliminating most of the problems that freelancers face today, Blockchain can help an entire workforce mobilize more effectively and grow. We, for one, cannot wait!

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Originally published at blog.maesterprotocol.com.