UCHAIN-Merging Blockchain Technology into the Sharing Economy

INTRODUCTION

Surviving in our world demand individuals to demand individuals to depend on each other. As seen in the movies of superheroes, even superheroes need help and depend on other people in order to be heroes. With all these, it can be said that we all depend on each other for so many reasons. Our world today has seen great revolution which includes technological advancement as well as we the human being dwelling in it. With the sharp rise in technology which has also given birth to blockchain and also the use of digital platforms which have made it possible for sharing of goods and services to be made easier.
The sharing economy is an economic model which is a peer-to-peer based activity of acquiring, providing or sharing access to goods and services that are facilitated by a centralized platform. Communities of people have shared the use of assets for thousands of years. The Internet has helped to make it easier for people who assets and those seeking to use these assets to find each other. The market size of the global sharing economy is expected to reach 520 billion US dollars in 2018, according to Roland Berger’s report (https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf) on the sharing economy. Along with the rapid growth, there are more problems exposed in this disruptive business such as:

1. Excessive Transaction Cost: centralization in the global sharing economy has led to the cost of the transaction being exceeding what is due. Most organizations will like to maximize profit by charging a small percentage on providing a good or a service. A typical example is purchasing a good in the comfort of one’s home. Upon delivering, a percentage is charged as a commission which will eventually turn to increase the cost of the transaction.

2. The problem of trust: In the sharing economy, trust is highly important. Both parties (consumer and supplier) involved need to build trust to enhance smooth flow of business transactions. In some instances, the parties are required to make deposits or present collateral which serves as an impediment and also increases cost in the long run.

3. Data Leakage and Abuse: although the sharing economy has done more good than harm to organizations and made life simpler to consumers, it is associated with the risk of exposing information of its users. During the registration process, vital information such as e-mail address and phone number is demanded. This personal information about users can sometimes face the threat of being leaked when not handled properly. Thereby making data gathered not secured.

The UChain Solution
Blockchain technology is a self-standing peer-to-peer network with a tamper-proof, decentralized and fully autonomous ecology. Considering the sharing economy which is a peer-to-peer business model, introducing blockchain into the sharing economy will propel it into some kind of advanced state. The autonomy nature of blockchain in sharing economy will inspire people around the world to be part of the sharing economy ecosystem. Uchain is the first public infrastructure blockchain specifically designed for the global sharing economy which aims to build its underlying blockchain network to solve the current problems of trust and data abuse. UChain aims to cut out the intermediaries by developing a peer-to-peer transaction network, giving the benefits back to users and service providers.

Uchain Solutions to the three problems

Excessive Transaction Costs
UChain will establish a decentralized Blockchain network which will be peer-to-peer transaction settlement between user and service providers, intermediaries will be cut off and we estimate to reduce the transaction fee by nearly 20%. UChain's token will be used as a transaction certificate when the user subscribes to or purchases a service. The transaction process will be handled by smart contracts and cross-chain hosting technology to ensure the authenticity, legality, and compliance. With users and merchants using UCN for transacting, this will help achieve a real-time settlement and eliminate the risk and cost involved with the usual way of payment on existing platforms.

User Credit Passport
UChain records transaction activities on the Blockchain, which is broadcasted and stored by nodes in the network. This distributed ledger is tamperproof with and fully traceable, creating a decentralized and unbreakable chain of trust. In the chain of trust, UChain will establish a credit passport mechanism open to all sharing service providers. This will help keep track of all participants’ behavior once the user's credit passport is verified by the service provider. UChain will be integrated with a variety of sharing economy enterprises specialized in travel, travel, accommodation, knowledge, and education industry.

Security of Users’ Data
UChain records user and service provider’s data on the Blockchain, such as identity information, property information, transaction records and reviews on different services. Instead of storing and accessing data from a centralized database, the Uchain platform will store and extract data through a distributed storage scheme with a private key, which means that data cannot be tampered with and is only accessible by the owner. Users and service providers have to sign with their private key if they want to revise their information, with all changes being fully traceable. This distributed storage scheme, data will be encrypted, split, shredded and scattered on different nodes. Retrieval of any single piece of data stored by a node will not be complete or readable. It ensures that if a single node is compromised, it does not reveal full information. When users authorize the merchants to access their data, the authorization information such as access time and operation log, along with the user’s public key signature will be recorded on the blockchain, making all actions traceable, eliminating the possibility of data misappropriation.

UChain Ecosystem

Uchain ecosystem is made up of two parts; the users and the developers. The users are categorized into service users, independent service providers and enterprise service provider. The developers or Uchain foundation developers create and maintain the infrastructure of Uchain. Both the users and the developers interact with each other, establishing their distinct values to make Uchain a better ecosystem.

ROADMAP

Uchain will provide all sharing economy enterprises to be able to issue their own token and build their application on top of Uchain network, together making Uchain a better global autonomous sharing economy ecosystem.

For more information about Uchain, visit the following pages:

Website:
https://uchain.world

Whitepaper:
https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf

Telegram:
https://t.me/UchainEcosystem

Twitter:
https://twitter.com/uchainecosystem

Medium:
https://medium.com/uchain

Reddit:
https://www.reddit.com/r/UChain/

Bitcointalk Thread:
https://bitcointalk.org/index.php?topic=4631038.all

Authorship

Bitcointalk Username: Korkor

Bitcointalk Profile URL: https://bitcointalk.org/index.php?action=profile;u=2033444