BIZSHAKE – THE INNOVATIVE PEER-TO-PEER SHARING ECOSYTEM BASED ON THE NEO BLOCKCHAIN TECHNOLOGY

The world is made up of two calibers of people; those who have in excess and those who are in need of something. Some things are only needed for temporary use and so one would prefer to rent them rather than buying, in order to cut down cost. This brought about the sharing economy. This economy first started with the business to customer model where the lessors were business cooperates who bought and leased properties to individual customers on their platform.

This model existed for so many years until recently when introduction of the internet made it possible for individuals to also rent properties to their fellow individuals and earn some cool money for themselves. They are able to do so through a centralized platform which links the lessors to lessees and ensure trust and security in payments. Unfortunately, these platforms take the lion share of the revenue generated, leaving the individuals with little share of the income. Do you know that it is possible for individuals to rent and pawn their properties with their peers on a platform with maximum security and a trusted payment system, and still pay very little charges? Well, if you do not know then am here to introduce to you BizShake.

BizShake is a NEO blockchain based decentralized platform which is envisioned to build a complete ecosystem which allows and encourages users to share their properties with their peers in a secured and trustworthy system of payment. Transactions on the BizShake platform will be carried out with very minimal charges to promote growth of the ecosystem. The main reason why the NEO blockchain was chosen is because of the competitive advantages the NEO blockchain has over the other available smart contract platforms. The scalability, quantum proof nature, vision to implement the digital identity system and many more, are what motivated BizShake to choose the NEO blockchain.

BizShake is going to develop two different but complementary business models known as the SmartRent and SmartPawn. Now let’s have a look at the basic principles underlying these two models.

SmartRent

The SmartRent business model allows users to rent their properties to their peers within a specified time period. The owner of the property will upload a picture of the property together with other relevant specifications of it. Some of the specifications include: a picture or video that clearly depicts the item in question, the proposed rental fees per the time duration, the amount of initial deposit needed to be locked, location of the lessor and period when the item will be available for renting. After this, any interested user will then make his or her reservations and make the initial deposit into the contract wallet. The smart contract will then set deadline for each stage of the transaction. The SmartRent will enable lessors to benefits from their assets that are not in use and can also be sure of compensation in case of damage or lost of their asset. The lessee can also cut down cost and save money by renting assets and using them temporary without necessarily having to buy.

SmartPawn

The SmartPawn model is basically to help pawners to obtain short-term loans from lenders and back it with an asset. All that the pawner has to do is to upload a picture of the asset on the platform with a vivid description of it, after which he or she can request for a loan which is of equal value to the asset. The pawner will specify the interest rate which he or she can pay, the duration and etc. Once again, the smart contract will specify the timeline for each stage of the transaction. The SmartPawn will also enable pawners to monitize their assets for a period of time and can also be sure of compensation in case of damage or lost of their asset. The lender can also have access to the pawner’s asset and use it during the loan period while obtaining interest on loan given. He can also keep the asset in event where the loan is not paid.

This article is a review of the two basic business models on the BitShake ecosystem. The next article will be reviewing the other innovative dApp on the platform that makes it unique and maximizes the functions on the platform. Stay tuned!

ROADMAP

Useful links to read more about this wonderful project
Website: https://bizshake.io
Telegram: https://t.me/bizshake
Twitter: https://twitter.com/bizshake
Disclaimer: Part of the article group