How dApps play an important role in the gig economy
Like several other use cases that blockchain can service, the gig economy holds various areas that can create a seamless experience for freelancers and companies that require their services. On that note, dApps can catalyze such efficiency via a trustless, decentralized, and peer-to-peer system.
Let’s take a look at the gig economy before we go any further.
The Gig Economy
Companies are witnessing a paradigm shift in workplaces- many of them are adopting the uberization of workforce or the gig economy. Millennials are resorting to this as an option and companies are finding this concept of freelancers as a cost-effective way to provide on-time deliveries. This garners a work atmosphere where an employee is given more opportunities to showcase their potential even remotely.
Another interesting trend is startups who are on the rise to innovation. Coincidentally, startups require resources on a temporary or contract basis. This bracket of employees who are part of the gig economy, fit the bill for the needs of a growing startup. Mostly, these projects that are on a contract basis favour distance occupation, enabled solely through technology.
Technology is bridging the gap between tight budget schedules and employee-work satisfaction. It is changing how we communicate, collaborate, and even connect at workplaces. It has changed the way employees work with complex, changing and competing forces.
Can blockchain jigsaw-fit this?
It may be a bold and distant conjecture, but this changing and emerging trend for a millennial economy calls for a revamped system that discards obsolete processes.
Blockchain is not new to the crease, especially with the multiple use cases that it brings to the table. It has sprouted the positives of expansion and building an enriching environment for various kinds of businesses. Essentially blockchain reveals the importance of applications that are built on top of the blockchain. D-Apps or decentralized applications are of prime importance because of the utility they offer. From known platforms like ETH, EOS, and TRX, developers are finding applicable platforms where they can implement the most effective solutions to a variety of problems. Predominantly these D-Apps had been used in gaming, gambling, exchanges and token generation industries. But due to the diverse nature of decentralized applications, they can be best suited for various necessities that favour growth and innovation in any vertical of business. How can it hypothetically benefit an economy on the whole?
How can it be useful for the gig economy?
The gig economy has undoubtedly been one of the biggest trends to affect the workforce in the past few years. Between 2003 and 2015, the proportion of individual income that the millennial generation received from contract work increased from 57 to 72 per cent. Behind this boom were platforms like Airbnb, Uber, Blah-blah-car, Freelancer.com, and numerous local alternatives of the same.
The self-sovereign workplace has created a labour market that hires temporary, contracted workers instead of traditional employees. Organisations are making a place for flexible work environments and there is a transition from physical workplaces to virtual environments and remote working.
Since the point of work and the point of the contribution of work is in two different regions, having a platform where both can be easily executed will be a wonder.
Blockchain is one of those building blocks that will strengthen the sustenance of such modern work methods. The D-App built on the blockchain is trustless, free for use and that has no censorship. These decentralized networks allow peer-to-peer content delivery and media sharing protocols, it acts as the eBay in the world.
Usage of smart contracts
Decentralized applications are very useful as they can connect different people in marketplaces, share resources and store them, incentivise users as well as execute smart contracts without giving ownership to a central authority — all on one platform.
D-Apps have multiple uses, one of them is the creation of smart contracts. They serve as the blueprint for the D-App. Smart contracts are self-executing computer codes containing the terms of agreement or conditions between two or more parties. With the help of decentralised applications, data can be shared instantly. Payment is also simplified as users can pay and be paid immediately in platform-specific tokens, that is accepted on the blockchain not necessarily cryptocurrencies.
Blockchain-based job marketplaces like Coinlancer and Ethlance are emerging to become viable alternatives to established freelancing platforms. Authentication is also another important aspect of the blockchain, thereby people on the network can validate their credentials, receive certifications that certify and validate their previous work. Professionals can now leverage the strength of their credentials as blockchain helps weed out fraudulent competitors and individuals. Therefore the transparency provided by blockchain can also help create a fairer and credible market.
How Eleven01 can Enable the Gig Economy with Blockchain
Eleven01 is building a blockchain protocol that focuses on interoperability through the dynamic consensus protocol. The plugin play blockchain model enables developers to build a wide range of applications that best fit a use case. The capacity of this distributed database that the Eleven01 network supports, enables diverse functions that stores and verifies information amongst its peers and within the network. This fast, secure and scalable protocol can leverage technology for the next billion users that focus on creating a user-driven and value-oriented marketplace.
