We live in a time of our generation where things are accelerating at a fast pace. Technology accelerations are swiftly changing global norms, new ways to do things is being proffered to different sectors of our environment from economic, social, policies, political and environmental perspectives, both in the developed and developing countries. These many disruptions are enabling the way countries and community share economy.
The sharing economy is an economic activity which involves an online transaction where users carry out economic activities online with their mobile or any internet enabled devices.
According to Science Direct they define Sharing economy in a very clear form:
The sharing economy is broadly characterized by peer-to-peer exchanges for renting goods or services utilizing Internet platforms. The sharing economy platforms focus on peer-to-peer economic transactions by facilitating the sharing or renting of space, assets, and labor in real time. Airbnb and Uber are popular examples of the sharing economy, which facilitate the sharing of residence, car, and labor. Source
With the advent of new technology, the sharing economy is enabling the human trade to grow both locally and internationally. This involves peer to peer sharing abilities for goods and services. Users can rent a variety of stuff from cars, houses, or any talent or skills people may need. In 2013 alone the UK benefited about 4.6billion pounds from saving and earning from sharing economy. This brings us to a new way the sharing economy can be improved with the use of blockchain, this is made possible by the UChain Team. Leveraging the blockchain infrastructure to solve the challenges of trust and data security within the ecosystem.
UChain is the first public infrastructure blockchain specifically designed for the global sharing economy. Along with other sharing economy enterprises, UChain aims to build its underlying blockchain network to solve the current problems of trust and data abuse. Exercising API's and SDK's provided by UChain, all sharing economy enterprises are able to issue their own token and build their application on top of the UChain network, together making UChain a better global autonomous sharing economy ecosystem. WhitePaper
The sharing economy is a sector that is powered by the ever-changing innovative technology. The current infrastructures do not provide a platform where suppliers and consumers can meet to exchange goods and services in a globally accepted currency.
The UChain leverages the blockchain technology to create an ecosystem where enterprises can create their platforms on the blockchain and rewards service providers with a universally accepted cryptocurrency. Thereby blurring the borderline in different currency, and creating a universal acceptable ecosystem for everyone from all corners of the world. The ecosystem utilizes an internal cryptocurrency to incentivize participants within the ecosystem to keep them ever interested.
The current collaborative platforms and providers such as Airbnb and Uber are taking over the world with their services. The sharing economy is rapidly establishing itself as a new successful model. The current systems involve intermediaries/ mediators who take a cut in the current sharing economy cycle.
The UChain leverages the power of decentralized technology to create a peer-to-peer blockchain network that carries out transactions without the interference of a third party. It uses a smart contract to cutoff middleman in the chain and matches transactions peer-to-peer.
The aspect of trust between participants in the sharing economy's marketplace or enterprise is immediate. Users face the issue of trust within the platform. Participants lack the trust to deal with an entity they have never met face-to-face and question their authenticity.
With the integration of blockchain technology users from all corners of the world could carry out and close deals within the UChain ecosystem. Transactions are settled with an internal cryptocurrency through smart contract, and users would have nothing to be afraid of since transactions are carried out through a smart contract.
As an industry which is born out of the internet revolution data and information are available everywhere online. This information is stored in a centralized server or database online which are subject to information theft or hacks. An example of Data breach is the case of eBay which happened in May 2014 that affected about 145 million users account being compromised. Read Up The eBay Data Breach
To curb the challenges of data security. The UChain ecosystem utilizes the distributed network to distribute data storage. Data are well encrypted and are distributed in pieces and stored on a different node on the network to improve data security.
Visit the UChain official website, join the social media communities and consult the official documents for more information about the project.
Website : https://uchain.world/
Telegram : https://t.me/UchainEcosystem
Whitepaper : https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf
Twitter : https://twitter.com/UChainEcosystem
Medium : https://medium.com/@uchain
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