Overview

In a world where people slowly begin to alienate themselves from each other, trust and transparency are of greatest importance. Most of the people tend to avoid doing business with strangers unless there are guarantees for product quality and authenticity or confirmed user identity. This is one of the main obstacles for the sharing platforms to take over the world and replace traditional economies. Even though they “stole” a large portion of the market share, they are still lagging.

Blockchain is the revolutionary technology that holds the key to success, thanks to its distributed ledger and security. Finally, it will be possible to cut intermediaries out of the system and reduce transaction and payment fees while bringing trust and transparency.

BizShake is the company aiming to embrace this opportunity and build trustworthy P2P Sharing ecosystem for renting and pawning on the blockchain.

The company will develop an ecosystem based on the “Cooperative Consumption” – instead of buying and owning goods and assets, consumers will be sharing access to certain resources and paying to temporary use them.

Key features

I will split my article in two, so I can make a full, more detailed review of the project and cover all key features.

The P2P sharing platforms solved many problems traditional economies couldn’t, but are still unable to bring transparent, trustworthy and most importantly cheaper solution. New-generation startups like Airbnb successfully provided users with direct market access, but at their core they are still centralized platforms that need to validate and process each and every deal while charging high fees from both tenants and landlords.

BizShake team is building Sharing Economy 2.0 ecosystem that will allow P2P transactions without intermediary costs for trust provision, based on the Blockchain technology, greatly reducing transaction fees for users.

The platform will be using the NEO blockchain due to its multiple advantages over the other blockchains available today – high transaction speed, security, quantum-proof and environment-friendly algorithm and digital identity implementation features.

Bizshake is utilizing the NEO blockchain to improve renting and pawning industries through their two main business models – SmartRent and SmartPawn.

SmartRent

As the name suggests, SmartRent will allow users to lease assets to other users for a specific period of time. The lessor will add the asset to the blockchain and put a price for the service. The lessee, on the other hand, will review the offer and reserve the asset by making initial deposit and then strike a deal through a smart contract.

For certified asset through SmartCertify, the lessor can also decide whether he/she wants to add an insurance to the asset, which covers the amount exceeding the deposit up to the certified object value.

The SmartRent model will benefit lessor by giving him the chance to profit from an asset that would otherwise sit dormant and also the lessee by providing him with access to an asset without the need of buying it.

SmartPawn

The SmartPawn model will give users (pawners) the opportunity to obtain a short-term loan, backed by an asset, from another user (lender).

The pawner will list an asset on the blockchain (again with full description and parameters inluding geographic region, preferred interested rate and period) and ask for a loan. If a lender is interested in the offer, they once again create a smart contract.

The pawner will monetize from an asset without selling it and the lender will enjoy the benefit from having access to an asset without actually paying its full price.

SmartCertify

Another application – an asset verification and certification system called SmartCerify will guarantee product’s authenticity, condition and value on the blockchain.

The system will work with third-party professionals from different fields and industries – the so called Certified users. They will be responsible for reviewing asset certification requests from the BizShake platform users and approve or reject adding specific product to the blockchain. If the asset authenticity is confirmed, the Certified user will issue an NFT (Non-Fungible Token) that will uniquely identify the asset owner, its origin and characteristics.

Tracking mechanisms such as NFC or RFID will be applied to the product to guarantee it is returned to its owner once the renting/pawning contact expires.

SmartIdentify

User experience, trust and security will also be improved by implementing the SmartIdentify system.

This user profiling AI system will gather and store user information from multiple sources – data providers, including third-party companies partnering with BizShake.

The main goal is to ensure user profiles and ratings are accurate and based on verified data, confirmed by different parties. This will help reduce fraud and prevent counterfeiting.

The blockchain users will all have their own credit score on the system, so a user with high score can have a discount rate when renting an asset and pay lower rental fee, or will pay lower interest rate when pawning an asset since lenders opt to release the loan to credible users.

Conclusion

As mentioned earlier this is the first installment of a two-part review for the BizShake project, so next time I will go through the SmartDispute system and the BizShake API. I will also check the team and token specifics.

Disclaimer: Part of the article group.

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