BizShake: Enabling P2P Sharing of Real-World Assets Through SmartCertify
The Current P2P Economy
To say that peer-to-peer sharing is the future of business would be a grave understatement. Perhaps the biggest shift in the way we conduct business online has been the advent of the “sharing economy”. For the uninitiated, think “Airbnb” or “Uber”.
The current model of P2P sharing is pretty simple. Asset holders are connected with asset seekers through a centralized platform. The centralized platform provides a secure transaction, however, it consequently results in heavy operational costs which hit both parties involved in the transaction.
The New Frontier: A Decentralized P2P Sharing Economy
If the current P2P system we’re using to hire cars and book rooms is version 1.0 of the sharing economy, then the implementation of Blockchain technology in peer-to-peer transactions will lead us to version 2.0. As covered in our debut article, the NEO Blockchain will allow both the asset owner and asset seeker to save money on transaction fees, as well as increase trust in their arrangements through Smart Contracts and BizShake’s SmartCertify system.
SmartCertify is essentially our way of making sure the assets shared within the BizShake ecosystem are genuine and their values are accurate. SmartCertify will adopt the innovative Blockchain concept known as “Non-Fungible Tokens” along with an affiliation program to involve professional Certifier Users. These users will ensure that assets being rented or pawned are authentic, greatly reducing the presence of fake or broken items.
So, How Does SmartCertify Work?
Imagine you’re looking to rent a medium format camera to shoot some large-scale, quality portraits. You’ve just received a camera after agreeing to a rental fee and deposit, only to find that you’ve received a camera of lesser quality, or even worse, it’s not in working order. This is where SmartCertify comes in.
SmartCertify, BizShake’s asset verification and certification system, will help put users who rent or pawn high-value assets at ease. The system will work with Certifier Users through an affiliate program in order to guarantee that assets being rented or pawned are exactly as described by the owner. This means no fake jewelry, no replica luxury items, no broken electronics and so on.
Each Certifier User will be a third-party professional in their field (i.e. jewelers, certified auto dealers or mechanics, fashion consultants/stylists, luxury experts, etc) and must undergo rigorous examination in order to qualify as a Certifier User. These users will also be assessed in terms of their accreditation and professionalism as a means to warrant their accountability.
Once BizShake approves an individual’s request to be a Certifier, they’ll then be able to receive requests from other users looking to have their assets certified. If the asset is certified, it will be assigned a with an NFT (Non-Fungible Token) of which carries the ability to uniquely identify the particular asset as well as its owner, certifier and value.
The Certifier User will then apply an NFC or RFID device (to be provided by BizShake) to the asset to track it as it changes hands using a device of which is compatible with the BizShake application. This will allow for assets to be easily traceable on the Blockchain through the BizShake application. Also, for every asset certification the Certifier User performs, they’ll receive a commission.
Non-Fungible Tokens & Tokenization
If we look at the way many cryptocurrencies operate, the majority of tokens are fungible — meaning that they’re all identical and interchangeable. From a cryptocurrency standpoint, it’s best to have tokens that are fungible since they’re used as a means of exchange and are seen as a unit of value.
However, BizShake will be using both fungible and non-fungible coins. BZS tokens on the NEO Blockchain will be the official currency accepted within the BizShake ecosystem. There will also non-fungible tokens used as a way to identify each and every asset exchanged. This makes it easy to track a particular item’s owner, who it’s being leased to, who certified the item and of course, the item’s value. NFT’s essentially provide another layer of security and accountability for users and their assets.
Three Benefits of SmartCertify and Having Assets of Value Certified and Recorded on the Blockchain
As you might have gathered by now, there are a number of benefits to having high-valued assets certified and logged within the Blockchain.
- Users who rent or pawn an asset will have no doubts about an asset’s authenticity, value or condition.
- Thanks to non-fungible tokens and tracking devices, asset owners will be able to make sure that the asset coming back to them is the original, as opposed to a replacement or fake item.
- All activities related to the asset will be tracked and recorded in the ledger. All assets will have an archive of history, as will the owner in regards to activities related to the particular asset.
Furthermore, BizShake plans to form strategic partnerships with various vendors, encouraging them to register as Certifier Users. This way, when an asset is initially purchased, it will already be registered within the Blockchain without a buyer or owner needing to pay an additional fee.
So as you can see, the peer-to-peer sharing economy will continue to evolve, with the new frontier bringing tokenized physical assets through BizShake’s SmartyCertify. Blockchain will handle transactions and payments and BizShake’s decentralized ecosystem of applications, through SmartCertify, will ensure that users on both ends are protected.