How Blockchain Is Transforming The Conventional Business Dealing ProcessDid you know that 9 to 5 business model is disappearing drastically and blockchain is the key role p...
Did you know that 9 to 5 business model is disappearing drastically and blockchain is the key role player in the transition? Internet and mobile technologies are making it easy for the businesses worldwide to run and earn, regardless of any time zone, location and currency. There is a decent rise in the number of freelance IT Outsourcing services. They are becoming ‘first choice’ for a larger consumer market and as a great alternative to the deterring, 9 to 5 office bound business model. This is an accelerating macro trend to the geographically autonomous and flexible business.
The future of business is certainly upon us: However this progressively flexible business model makes the need for better technological support all the more crucial. The current system has not been upgraded for years: They all are featured with high fees and stagnant characteristics. They moreover maintain an extensive market delusion in regards to the essence of freelance business. It’s time we invent an ecosystem that bridges people in need of optimal quality service with modern-market facility base, waiting to bear out.
The status quo: Current platform and their deficiencies
It is gradually getting a project and freelance based marketplace. We have been witnessing a consistent boom in this sector, ever since people sought a seat at the changing economy gig. Elance, Upwork and the like are a few of the most used platforms effective at a global level. The dealings on these platforms are plentiful and distinctive, and theoretically businesses that persistently bump up unique and highly useful service can always pull in a good reputation, charging competitive rates.
However, below are certain existing issues with these widely popular business dealing platforms:
- Some platforms are still operating under rate because of their initial value prop. Although the price point has now evolved, but these platform are somehow got trapped under their own value prop. There seems to be no way out.
- Unsecure payment system: There is a million of payments getting failed at the gateway due to technical glitch or scamming issues everyday. Neither of the parties gets paid and there is a tension growing gradually.
- By the time projects are accomplished, service providers are left with a small amount of what originally paid the consumers, since the commission rate of most of these platforms are getting consistently higher.
- Some service providers demand upfront payment, but never deliver the work. The concern grows severe when the sufferer doesn’t find an easy to probe the matter.
The blockchain way
Before we delve into the benefits of blockchain development, let’s begin with the basics. Blockchain is a distributed ledger, accessible to all the users in the network. A blockchain is a spreadsheet, accessible to anyone who has got the private key. Participants do have a copy of the key, which is changeable only when more than one participant agrees that it’s a reasonable change.
Blockchain has got a plentiful use cases today: Whether it is user data, copyright licenses or transaction details, all can be stored and secured on blockchain. The mechanism of this technology is designed to be accessible to anyone, having a computer. And, more essentially, there is no central body having the control or enforcing new rules about it.
Insofar as finding a potential market for your newly started business is concerned, blockchain enables the potential market to connect with your business straightaway. This includes just about anything from copywriting to designing to charity initiatives, virtually any marketplace. Here’s how blockchain solutions are helping remover barriers and curtail costs:
Records are permanent: For services providers and their consumers, agreements turn out to be a permanent record. This further means that records are tamper-proof and definitely unbreachable.
Proof-of-work and identity: Business can store their portfolios and identities on the blockchain. User can track down all his data, check if there are any copyright disputes, and fake reviews staining his credibility. Disputes, if found, are settled with searchable arbitration and secure records.
Cross platform operability: Tasks are posted once only and then it is segregated across numbers of platforms. This closely solves the information distribution between several sites.
Reasonable fees: Financial transactions are big as well as an ongoing process in business. The fees on each transaction average nearly 45% globally as per World Bank Group. Only 5% drop in the rates and it was an extra income worth $16 billion. Now, if you make payments with cryptocurrency, you don’t have to pay any fee.
Based on such a drastic transformation, we have found you the immediate benefits of collaborating with blockchain enabled freelancing platforms. You will be spared scams, frauds and also experience an improved user security and protection.