BIZSHAKE: Upgrading the sharing economy through Blockchain

Blockchain is the missing piece of the sharing economy. The adoption success of Uber and Airbnb, growing from humble beginnings to billion dollar valuations have heralded the arrival of collaborative economy.

It is forecasted that by 2025, the total marketcap of businesses in the sharing economy will surpass over $300 billion dollars.

The next phase of applications of sharing economy will be wider, and will integrate blockchain technology. Blockchain adds the missing trustless layer, enabling peers to interact without limiting oversight. With interactions pre-coded in software protocols, value can be transferred more effectively through smart contracts. Interactions have to fulfill preset requirements before being activated, this reduces the time taken to process transactions during runtime. Bizshake is a NEP-5 project leveraging blockchain technology to revolutionize the sharing economy.

BIZSHAKE

‘The P2P Sharing Ecosystem on NEO Blockchain Through Tokenization of Real-World Assets’

There are outstanding shortcomings in current P2P business model:
📌 large commission fees,
📌 business taxation
📌 Poor transparency of ratings and reviews. Reviews can be bought or tailored.
📌 Fraud risk
📌 Central oversight cutting out the participants in decision making and business strategy.

Some of the apps to be launched on Bizshake include:

SmartCertify

A decentralized good and service attestation platform. All the products available for rental on Bizshake have to be smartcertified for quality. Vendors will have to submit their products for review by professionals who can accurately value their quality, and give the product rating on SmartCertify. An identification and tracking devices is attached to every product. This information is registered on the blockchain. Buyers will be advised to use products that have been verified in this way.

SmartIdentify

Used to assess credibility of Bizshake users. Will tie user activity within Bizshake ecosystem and external sources such as creditworthiness and insurance record. The more credible the users the more value they give to the Bizshake ecosystem, and the more value they gain from using Bizshake platform.

SmartCertify and SmartIdentify are going to be available in all Bizhake dapps on the base layer.

SmartRent

Through SmartREnt users can be able to rent out idle items in a trustless manner. Verification of quality of goods and user credibility will be enabled through SmartCertify and SmartIdentify.
The product information includes: available duration, cost, geographical zone, asset value, amount to be locked in smart contract before transaction begins(this value varies depending on user credibility level).
Smart contracts facilitate every stage of the transaction: time limit for depositing reserve amount, asset confirmation deadline etc.

SmartPawn

SmartPawn is a P2P lending model.
A pawner can list an access they can offer for collateral and their terms of loan agreement such as interest rate, loan duration, geographic preference etc. The pawner can also apply for insurance that will cover the targeted loan and interest.

Any disputes that arise from these transactions will be resolved from Bizshake’s in-house SmartDispute, an arbitration mechanism run by the community. I will cover the SmartDispute and other features of Bizshake ecosystem in my next article.
Bizshake has already released an alpha of their product, and you can access it from here https://alpha.bizshake.io/

For more information about Bizshake, follow the following links:
Website: https://bizshake.io/
Whitepaper ENG: https://bizshake.io/sites/default/files/BizShake_Whitepaper_1.2_ENG_2.pdf
Telegram: https://t.me/bizshake
Twitter: https://twitter.com/bizshake_ico?lang=en

Disclaimer: Part of the article group.