WHY SHARING ECONOMY NEEDS ?
Practice under which people shares assets and services termed as a sharing or collaborative economy. In an era of growing population and diminishing resources sharing is the key to sustainability. Uber, Airbnb, Lyft and Didi Chuxing are some contemporary success stories of sharing economy. According to some surveys sharing economy will grow to 550 billion USD by 2020. But there are many roadblocks that are hindering the growth of sharing economy. Here they are:
· Too much centralisation.
· Too much dependence on third party platforms.
· High transaction cost.
· Fake credits or reviews on platforms.
· Trust issues.
· Frequent data thefts.
Here comes into play the upcoming blockchain platform
that will create an autonomous peer to peer network and solve all major problems of sharing economy. Here are some of the technological advancements that will change the future of sharing economy for ever.NEW SHARING MODEL
In this new model, the users are connected peer to peer eliminating the third parties and commissions with all transaction being settled in local tokens. It will shift the gravity from platforms to users and eliminating commissions helps in making the whole process more cost efficient and more sustainable. Even enterprises can distribute their own token in the system.
User credit passport
will keep the records of all the activities and transactions in the network and these transactions can be seen on the blockchain. These distributed ledgers are immutable and fully traceable that will create a distributed and unbreakable chain of trust. will establish a credit passport mechanism inside this chain of trust, which will open for all service providers on the system and they can use it as identity authentication. This will help to create a trustful relationship between the user and services providers.Dependent digital assets distribution
will look to cut out the intermediaries and making the system peer to peer in real sense, giving the power back to users and service providers. Furthermore, the service providers can issue their own digital assets and tokenizing their own services. Any DApps build on top of can issues their own token and create their own sub ecosystem. It will make the whole system more flexible and more adaptable. Service provider can charge in UCN tokens or their own tokens.Data security
Instead of storing the user’s data on a centralized database, the data is stored on distributed ledger. User and the service provider need to have their encrypted private key to access their data. Distributed data will be encrypted, split, shredded and scattered on different nodes. Data retrieved from a single node is incomplete and can’t be altered. It will help the
to tackle with the frequent data breaches, which is a major concern in the rapidly evolving the era of cyberspace.Faster Transaction
Instead of traditional POW, POS consensus algorithm, Uchain is using RPCA(Ripple protocol consensus algorithm) for making the transaction faster, majorly required in sharing economy.
According to the whitepaper of the
if everything happen according to the plan then in every possible sense will be a game changer for sharing economy and it will revolutionize the sharing economy in every possible sense.Have a look on Uchain’s website:
To see whitepaper
https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf
