The Traditional Business Model of Sharing Economy Is Changing, Thanks to BizShake & Blockchain Technology
Blockchain technology has been around for nearly a decade, though it’s only recently begun to change the way we do business. Many of those within the banking and technology fields have already adopted Blockchain technology and are using it for everything from recording payments to counting votes.
The most impactful change that Blockchain will drive will be within the financial field. No longer will your business rely on third parties or currency exchanges in order to move money. Blockchain will allow you to trade directly with your customer, supplier or manufacturer no matter where they’re located with minimal costs.
What’s more, Blockchain will help create better trust between parties with the advent of Smart Contracts. Smart Contracts are essentially contracts that are recorded, enforced and monitored publicly within the ledger. This puts everything out in the open and therefore, will instill greater confidence in those involved and leave no obligations questionable.
Speaking of confidence, remember when you’d have to fax contracts back and forth just for a signature? Well, with the rise of Blockchain we now have cryptographic signatures. This takes a digital signature to the next level of security by assigning everyone along the supply chain a unique encrypted signature. Whether you’re on the sending and receiving end or within management and logistics, cryptography will improve efficiency for all involved.
How Will Blockchain Technology Be Integrated with Bizshake?
Founded in 2018, BizShake was conceived by a team made up of outstanding technology, retail and research professionals who are committed to creating a decentralized P2P community for renting and pawning, based on the NEO Blockchain. BizShake is embarking on a mission to provide users a platform for asset allocation optimization in a peer-to-peer model similar to Airbnb and Uber, but open to every real-world asset within the renting and pawning business model.
BizShake’s web and mobile (iOS & Android) application will offer two complementary yet independent functionalities: SmartRent and SmartPawn.
Let’s say that you’re a professional photographer or filmmaker and you’ve just purchased a camera worth a few thousand dollars. Maybe you’ve got a steady stream of work coming or maybe your new investment is collecting dust. Either way, you need to recoup your investment, and the sooner the better. This is where BizShake and SmartRent come in. BizShake’s SmartRent will allow you to rent out assets such as a high-end camera with confidence and security.
Instead of the traditional route of screening renters, exchanging information and crossing your fingers that your contract will be honored, BizShake is using Blockchain to instill trust and transparency into what can otherwise be an unsettling environment.
So if you’re the lessor, you’ll list your camera within the BizShake application and include pictures/video of the camera, a rental fee per hour/day/week/month (with a fluctuant fee based on the lessee’s credibility score), the location you’re willing to ship or hand over your camera, the value of your camera as well as the deposit amount that will be locked in by Blockchain. You’ll be able to set the deposit at your discretion based on the lessee’s Credibility Level as well. For extra assurance, BizShake has implemented a system called SmartCertify. SmartCertify allows the lessor to add insurance to their asset (in this case, a camera) which will cover the certified object’s value as well as deposit.
Both parties involved will benefit from the SmartRent system. The renter will be able to monetize their assets of value and the rentee will have the freedom trying out many different items without having to purchase said items.
The basis behind SmartPawn is to allow users to obtain a short-term loan from another user which will be backed by an asset of value.
The pawner looking for a loan will be able to list an asset of value along with a loan amount and interest rate that they’re willing to pay. They’ll also prove the duration of the loan, the preferred geographic location of their lender along with other necessary information. The pawner will also have to have their asset certified through SmartCertify and will be given the option to apply for insurance to cover the difference between the certified value of the asset and the loan amount.
Each step of the process that users engage in will be regulated within a specified timeline in order to help facilitate the transaction.
Just like the SmartRent system, both parties involved in SmartPawn benefit. If you’re looking for a short-term loan or need some cash but don’t feel like selling an asset, you can enter the pawning process worry-free thanks to the trust embedded in Blockchain technology. You can also rest assured that should your asset be damaged, lost or stolen, you’ll be compensated thanks to the SmartDispute system built into the Smart Contract.
On the flipside as a lender, you’ll benefit from access to the said asset while lending out a lesser amount than the asset’s assessed value. What’s more, you’ll gain interest through the amount lent and should the borrower fail to return your loan, you have the option to keep the asset.
BlockChain Technology = Lower Costs for All Parties Involved
Peer-to-peer businesses such as these rely heavily on trust, which is why so many companies have attempted similar business models, with only a few finding success. Moreover, so far, the existing companies are enduring high costs in order to provide the necessary trust to the users due to their centralized implementation. These costs result in increased fees these platform’s users. Here’s where BizShake is different: we’re building a network that implements Blockchain technology using a decentralized ledger, along with Smart Contracts, to increase trust and efficiency of an already proven business model greatly reducing the fees paid by the users.
The BizShake Smart Contracts system will be based on the NEO Blockchain, which will help regulate interactions between users in a trustworthy and transparent way. Furthermore, BizShake will release BZS tokens on the NEO Blockchain which will, in turn, be the official currency used within the BizShake ecosystem dApps.
Why Neo Blockchain? Here Are 4 Reasons:
After a comprehensive analysis of all available Blockchain platforms, BizShake has decided to choose NEO as the Blockchain-of-choice for their ecosystem.
Scalability . With a business model that relies on a large user base and peer-to-peer interaction, scalability is of the essence. The NEO Blockchain is already capable of executing over 1,000 TPS (transactions per second) whereas the Etherium Blockchain capacity is 15 TPS. NEO has also announced plans to accommodate upwards of 100,000 TPS by the year 2020.
Quantum-Proof Algorithm . To put it simply, an algorithm that is considered to be quantum-proof is one that is unbreakable by a quantum computer. Since the NEO Blockchain algorithm is already certified Quantum-Proof, there won’t be a need to implement a new algorithm in the future.
dBFT (delegated Byzantine Fault Tolerance) . NEO has implemented a block generation algorithm that allows for the constant creation of blocks without the need or effort of mining which in turn, is much more environmentally friendly.
Digital Identity Implementation . NEO is compliant with Blockchain regulations set by the Governments and is actively working on Digital Identity Implementation which will ensure greater trust among users within the BizShake ecosystem.
Blockchain Technology Is Here to Stay
As you can see, the potential for Blockchain Technology is so vast; it can find a place in nearly any business or industry, especially those with digital assets or where transactions occur digitally. Not only does Blockchain improve efficiency and scalability, it also improves security tremendously. In an age where transparency and accountability are essential for long-term success and growth, it’s safe to say that the power of Blockchain is exponential, with its potential only limited by the imagination. In terms of BizShake, we’re building a platform with a mission to bring better life through innovative technology, using the business model of a decentralized peer-to-peer sharing ecosystem based on Blockchain technology.