The First Public Infrastructure Blockchain Designed for the Global Sharing Economy

humblemee (44)in #steemauto • 6 years ago (edited)

GSE Network is the first public infrastructure blockchain specifically designed for the global sharing economy.

Blockchain technology provides a means of carrying out online transactions in a secure environment which is untraceable for any hacker. This means that transactions carried out on blockchain are fool-proof. Although the internet provides a way of carrying out transactions between sellers and buyers, these transactions are made possible with the help of middlemen who gets compensated for his/her services.

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The sharing economy has experienced tremendous growth over the past decade which demonstrates its potential for international scalability. The sharing economy basically consists of various activities such as acquiring, providing or sharing goods and services that is often facilitated by an online platform.

Sharing economy is a term that describes economic activities involving online transactions. It can also be described as peer-to-peer community platform for sharing of goods and services. Over recent years, the advancements in technology has resulted in lower transaction costs and more convenient avenues for consumers and suppliers to connect in order to share product and services.

Problems Associated With Sharing Economy

Sharing economy has a lot of potentials for unlocking the market for peer-to-peer sharing of goods and services but this model is still fraught with many problems. Sharing economy has always depended on centralized platforms to help carry out the pee-to-peer sharing of goods and services which has created a lot of problems. Again, sharing has only been between friends, family, and trusted individuals but this market is growing in leaps and bounds to accommodate other players in the sharing ecosystem.

The introduction of these other players and the continued growth of this economy has created problems of trust, increase in transaction cost etc. With that in mind, it is expedient to reflect on the ever-increasing challenges that face the sharing economy. These problems are highlighted below:

Excessive transaction cost
The problem of trust
Data leakage and abuse

Excessive Transaction Cost
One of the major problems of the traditional centralized sharing platforms is excessive transaction costs. What these platforms are after is to make profits at the expense of the users of their platforms. This is made possible in most cases because these big centralized platforms have been able to gain a considerable amount of market share which allows them to dispute user’s acceptance of price and service quality.

The Problem of Trust
Trust is the biggest issue when it comes to sharing economy, as human beings are unpredictable variables in many of these transactions. For a transaction to be carried out there must be mutual trust between the consumer and the supplier. Current sharing platforms have done little or nothing in solving the problem of trust between the actors in the sharing economy. What these centralized sharing platforms do is to take the risk and vouch for both parties to fulfil their end of the deal but there has been cases where this has turned out to be disasters in the past.

Data Leakage and Abuse
Furthermore, data leakage and abuses has also plagued the sharing economy. Users, most times are required to provide their identity information for the purpose of registration. This information is stored on centralized data base which is prone to hacks and breaches by hackers thereby exposing this vital information to the risk of theft and leakage.

Advantages of GSE Network Platform

Low Transaction Costs
Gse makes a major breakthrough in the process of buying and selling with the removal of the middlemen. Normally, a product that shouldn’t cost much will cost a fortune because the middleman has added his own premium on the price of the product. Gse provides a platform that brings buyers and sellers together without the need for any middleman. This helps in lowering transaction costs significantly.

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Redistribution of Income
Another laudable achievement of the Gse platform is the redistribution of income. The exploitative middlemen most times end up being the best gainers in any trade. Gse comes to the rescue of both the buyer and seller by eliminating the use of a middleman in a transaction.

Security
Another valuable feature of the Gse platform is that it is highly secured. Gse is a blockchain-based ecosystem which means that transactions carried out on the platform are encrypted with the use of distributed ledger. This makes transactions on this platform untraceable by hackers and buyers and sellers can trade with the confidence that their personal and financial information are well protected

Gse Team
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