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Market is indeed a very ambiguous concept though in a general sense, it connotes buying and selling of goods and services. It is therefore not surprising that certain aspects of marketing exist that are not known to majority of people. One of such is the sharing economy otherwise known as cooperative consumption.
Sharing economy is very similar to rental businesses but with quite a different edge to it. Rental services are all too familiar to us, I’m sure. Both online and offline, we know of firms that specialize in renting of assets such as car rental, camera rental, seats/tables rentals, etc. These form of rentals are not peer-to-peer sharing system. A p2p sharing economy may be seen as a rental/pawning business of a decentralized nature in the sense that the business is not owned by any particular individual. We own things we do not adequately make use of and which others are in need of. Sharing economy is simply a platform where we can meet to share such assets with other people who are in need of them.
Sharing economy is one of the numerous unexplored economies with huge potentials. The sharing system has been in existent offchain in some parts of the globe and it is fairly new on blockchain. Albeit, the system is weighed down with a number of challenges such as the lack of trust among users. This is a case where users are reluctant to pawn/share their assets with other users that they do not know on the platform. Also there’s no guaranty of the quality of assets these users rent out/pawn and these combine to deter users from transacting on such platforms.
These are the chief hurdles in the present p2p sharing economy that hinder the smooth running of the system hence, they market cannot bloom to its full potential as expected.
Now the big question is: GIVEN THESE CHALLENGES, CAN BIZSHAKE MAKE IT IN THE SHARING ECONOMY? AND IF YES, THEN HOW? HOW VIABLE IS THE BIZSHAKE PROJECT?
These and a few others are the basic questions every investor ask before venturing into a project. So I think it is important we look a bit into the distinguishing nature of bizshake, how it aims to solve the above challenges, and ultimately, how it aims to make its dent in the p2p sharing economy.
The first and most important advantage of bizshake over other sharing platforms is the fact that it is built on blockchain technology. This helps immensely in solving trust issues that plague the p2p sharing economy. Blockchain as we know is decentralized by nature. All transactions on it can be readily view by all and traced. This sheer nature of blockchain itself would help foster transparency in the sharing economy and with attendant success. Also on the bizshake platform would be a smartcertify feature that would serve to verify the authenticity of assets that users deploy on the platform and certify same for easy identification anywhere in the ecosystem. With features as these, users would be more obliged to transact justly since all their activities on the platform would traceable. They would equally desist from deploying fake assets on the platform for rent or pawn to avoid being banned from the platform. This would go a long way in bolstering trust and confidence in users.
For a smooth running and growth of the economy, bizshake would set its transaction fees as low as possible to attract users. This would be in contrast to other sharing platforms that have high transaction costs. By so doing, it is hoped it would bring about a wider adoption of sharing economy among users. As we know, this system has lots of advantages both to the users and the wider society we find ourselves in. For instance, it makes some assets easily accessible to those in need; also, loaners/pawners optimize and monetize from their assets that are of no immediate use to them. Thus, it minimizes cost as it reduces the demand for new assets and by extension, their production by the manufacturers. You see, when people keep demanding goods/assets that they could easily get from others who have no use of them, it leads to over production and ultimately culminate in high cost of living. In another lane, when we do not optimize of the assets we own, it leads to waste and in a sense, exploitation of resources.
Thank God bizshake is here to usher us into an easier way of life.
Every information you need on the bizshake project is available on their official website at: https://www.bizshake.io
And their whitepaper: https://www.bizshake.io/sites/default/files/BizShake_Whitepaper_1.2_ENG_2.pdf
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Bounty0x username: marthahunter