UChain - Blockchain Technology For A Global Sharing Economy
The global sharing economy is rapidly expanding, but it often has problems associated with transaction costs, trust issues, and data abuse. UChain is working hard to use blockchain technology to create a great working solution to these common problems with peer to peer networks. They are working closely with U-bicycle, and other partners to achieve a superior network for the global sharing economy. The goal is to form an ecosystem where anyone is free to perform exchanges with no need for intermediaries. The decentralized system will benefit both merchants and other users.
Sharing economies are also referred to as peer to peer economies. Generally in a sharing economy, people offer idle resources, either services or property, and then receive money in exchange using a 3rd party platform. Examples of major platforms for this are Airbnb, TaskRabbit, and Uber.
As mentioned earlier, the problem with these current platforms include excessive costs for transactions, trust between users, and personal data security and abuse. UChain presents unique solutions to these common problems. First, by using blockchain smart contracts for transactions, UChain eliminates the man in the middle which substantially reduces costs. Blockchain smart contracts can ensure compliance, authenticity, and legality. The trust issue is addressed because blockchain transactions are recorded on a public ledger, which is easily viewable and tamperproof. UChain is going to use what they call a credit passport for establishing further trust between users. By tracking a users behavior after verification, the credit passport can be used for identity authentication prior to new transactions. Finally, data storage security is much improved with UChain. Data with UChain is not stored in a centralized database, they use a distributed storage system which requires a private key to access. This means that the data is only accessible to the owner of the private key. Data is also encrypted and stored in fragments on multiple nodes. If one node is compromised for some reason, the data still remains safe.
Transactions on the UChain platform will make use of their token UCN. This UCN token will be the main currency used for all transactions in the system. UCN will also be able to be exchanged for other tokens that are issued within the entire ecosystem. A decentralized application might be built on top of the UChain platform. This application may also issue their own token for use within the ecosystem. Users can then use UCN to buy these new tokens. To assist in creating a smooth running ecosystem, UChain plans to develop a decentralized exchange to help facilitate token exchanges.
UChain has a strategic partnership with U.B Group Holding. This is a large organization focused on shared travel solutions and they have over one hundred million combined users and application downloads. U-bicycle is one of their holdings, and U-bicycle will be launching an app using UChain. With U-bicycle, a user can either rent a bicycle or offer one for rent. The transaction data from this application will use the UChain blockchain.
There are many experienced people working for UChain, and they are dedicated to making it a success. The UChain Mainnet is scheduled to be made available in the fourth quarter of 2018, with the P2P transaction platform scheduled for 2019. To read more information about UChain and its development plans, please click on the links shown below.
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