The “sharing economy” describes a type of business model built on the sharing of resources – allowing consumers to access goods when needed. Think Airbnb, Uber, Lyft, or TaskRabbit. While the concept of sharing goods has always been a common practice among family, friends and even neighbors, in recent years, the concept of sharing has shifted from a community practice into a profitable business model.Airbnb, Uber, Lyft, TaskRabbit and other sharing platforms are not actually sharing any goods. These companies are providing a service to the consumer, acting as the middle man. For example, Airbnb owns zero property, and Uber and Lyft own zero cars. Of course, these are not original observations but companies that control the interface between consumer and service provider are in an incredibly valuable position. These companies carry none of the costs for providing services but take a cut from the millions of consumers that use their platform. The interface and asymmetric information is where the profit lays.

For instance, Uber profits from commissions that are collected from every successful ride. Airbnb charges service fees to the consumer and to the provider. Within this sharing economy, centralized platforms must maintain its profitability and operational targets. It is a balance between increasing revenue, generating value, and retaining users. Hence, centralized platforms increase the barriers to entry for service providers.

Data and information. A prominent issue with centralized platforms. Low transparency on how information is handled, user funds are insecure and the misuse of data. Blockchain technology emerges from these issues. A development of a mature payment and trading system which can reform the traditional sharing economy into a new era.

Blockchain Saves the Sharing Economy

The nature of blockchain coincides with the sharing economy, where it can provide solutions to the prominent issues within the traditional sharing economy. First, blockchain is a decentralized technology while the sharing economy is based on a peer-to-peer (P2P) business model. Using decentralized technology in a P2P model can provide solutions to the traditional sharing economy. The idea of a community-based operation is to fully mobilize people globally to connect, share, collaborate, and co-build a new sharing economy.

UCHAIN Create a Peer-to-Peer Sharing Economy Network

UCHAIN is a public infrastructure built on the blockchain network and designed for a global sharing economy. Together, with other sharing economy enterprises, UCHAIN has established a decentralized global sharing economic ecosystem where every user can exchange goods, services, and content without an intermediary.

UCHAIN generates and shares the data structure of the digital book for trading activities within the blockchain. The core design is that every network node in the system is engaged with the public bookkeeping account. The information entered into the historical blockchain records will become permanent after multiple confirmations. The structure of the general ledger ensure that the recorded information is traceable and cannot be breached, creating a decentralized and unbreakable network “chain of trust”.

Based on the “chain of trust”, UCHAIN will establish a “credit pass” mechanism to open all UCHAIN-based shared service providers. Once the users’ credit pass is verified by a service provider, the user can use the credit pass as their authentication, allowing the user to enjoy different services without paying a deposit or other cost(s). In the future, users can use their credit pass to share information to the service provider to realize user-centric, digital, and trusted transactions.

UCHAIN achieves a peer-to-peer sharing economy model through decentralized technologies. This mobilizes the sharing and co-building ecosystem among all members to activate every connection within the sharing economy and achieve shared ecological autonomy. The new economic system has enabled service providers to achieve one-to-one interactions without paying commission fees to Airbnb, Uber, or other centralized platforms.

UCHAIN will Make Value Creators Motivated

1) UCHAIN’s data is unbreachable but traceable within the blockchain to help users establish a good credit system. Sharing platforms will no longer require damage deposits from consumers because the credit system will automatically verify the consumer. A credit system and community-based operations can achieve user autonomy and regulate user behavior to eliminate damage deposits and other unnecessary costs.

2) Anyone with idle resources can register and obtain verification through UCHAIN. For example, owners of multiple vehicles can create an additional revenue stream using UCHAIN or UCHAIN empowers bike sharing companies to expand their supply chain. It provides users with alternative methods of revitalizing their idled assets.

3) UCHAIN helps companies improve operational efficiency and improve user activity by offering task reward mechanisms with smart contracts on UCHAIN to users that contribute to the operation and maintenance of companies’ goods or services.

UCHAIN embodies the value of idled resources and sharing assets, empowering the sharing economy and being the forefront of the sharing economy 2.0. Thus, UCHAIN decentralizes idled resources and sharing assets to be easily exchanged and circulated on the blockchain.

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