The Definition of the Transactional Economy: What Exactly Is It?

A transactional economy simply puts the focuses on humans interacting with computers and in turn computers with other computers. By removing the human to human interaction element of transactions it allows for a number of advantages to be had.

Innovative ventures like OkeyDokey are implementing an asset sharing infrastructure that makes full use of the transactional economy to provide benefits for both the asset owner and renters. It will completely transform the way we view transactions and what we may expect from a transaction in the future.

Advantages of removing human-human interactions

By increasing the autonomy of transactions with regards to asset sharing a number of inefficiencies will be reduced. It might seem like a scary thought to trust machines to handle our transactions for us, but it’s a leap of faith worth taking. Here are some of the more notable benefits:

• Less hassle for asset owner: some asset owners may have hundreds and even thousands of assets up for rent, which means meeting every renter in person will be impossible. Furthermore, hiring people to do it on their behalf is an expense that doesn’t need to be incurred when machines can handle the greet and meet process.

Smart locks that are connected to the internet and more specially a blockchain based system can grant the renter access once the authentication process is complete. This might be via a biometric scan or by using a smartphone.

• Fewer overheads: elimination of human-human interactions means overheads for the asset owner are reduced, which in turn reduces the cost of renting. This means assets will be more widely available for rent. Likewise it may make more financial sense to put up a wider range of items for rent.
• Speed of transaction: the speed of access to a rented asset will be improved because there is no need to find the host and then wait for them to unlock the door. The renters can simply walk up to the smart lock and instantly get access. This is also more convenient because there is no need to arrange a meeting time with the host. For example, you may arrive to the city late at night for check-in. Without automated entry late check-in may not be available if the host can not provide it.
• Management is easier: for both the host and guest management of the transaction is simpler because there is no need to rely on another human to respond in order to proceed. When you can execute everything online in a speedy manner it makes the transaction a more appealing process.

How is a transactional economy possible?

The system is decentralized and uses blockchain technology to execute all transactions. This means that whenever and a booking is placed every node on the network is updated. This includes the host, and other renters that might be interested in renting out the same asset.

There is no central hub where humans need to oversee everything in order for the system to work. Decentralized systems are the way of the future because of the sheer efficiency they allow transactions to happen.

Conclusion

The advantages of the transactional economy outlined above are just a few notable ones that will surely increase the rate at which the system is adopted. Once full implementation is achieved other unforeseen benefits are likely to surface that further increase the value of such a setup.

OkeyDokey is leading the charge by opting to go with a revolutionary transactional economy setup. Once asset owners and renters begin using the system it will transform the way we think about asset sharing in the community.