UCHAIN – The First Public Infrastructure Blockchain For The Sharing Economy

sussan (61)in #uchain • 6 years ago

Sharing economy- Will it change the future of business?

We are entering a digital age where almost any idle resources we have can be rented out and monetary reward will be received. All one has to do is to look around for any idle property and put it up for rent.
This act of renting unused resources is what has come to be known today as sharing economy.
Basically, sharing economy is a peer to peer economy where people offer, receive or share resources, ranging from physical properties to skill set services through a third party platform in exchange for money.

Currently, there are existing platforms where people can share knowledge, accommodations, educations, transportation and medical services among many others.
With the sharing economy, the question is "why buy, when you can rent?", "why leave it idle, when you can make money out of it?"
The sharing economy cuts down middlemen and increases efficiency by making it easier to exchange resources. Participants are able to get by without owning expensive items like cars.
However, the sharing economy owes much of its widespread adoption to technology. All forms of collaborative sharing uses the internet to connect providers with customers.

The sharing economy is replacing traditional ways of handling businesses as they have induced companies to adapt to dynamic competitors as well as offer better options. For example, peer-to-peer lending platforms charge lesser interest in loans, easier crowdfunding, good personal services. But, as interesting as it has been, the sharing economy faces challenges.

The Hiccups ofThe Sharing Economy

Trust is perhaps, the most important concern in the sharing economy.
Consumer and suppliers need a certain level of mutual trust for a transaction to happen. For instance, if you rent out your house, do you trust strangers whom you have invited into your home to be respectful and law-abiding?

The existing sharing economy platforms are centralized and thereby charge high transaction costs.
Some companies even manipulate the market by hoarding their services to increase price.

Another challenge facing the sharing economy is data leaking and abuse. As users have to give out identity information for registration purposes, these centralized platforms store information on their database, where users have no access over their own data.
Any breach results in data leakage which can be stolen by hackers.
While other platforms resort to selling user information.

The Uchain Solution

User Credit Passport: Uchain will build a decentralized and unbreakable "chain trust" by recording transaction activities and broadcasting them on the blockchain.
A user credit passport mechanism will be put in place for all service providers and users which will track all participants' behavior and can be used for identity authentication.

Cheaper Transaction Costs: Intermediaries will not be needed in the sharing economy and the estimated reduction in fees as a result is about 20%. The Uchain token (UCN) will be used for transactions.
The entire transaction process will be handled by smart contracts and cross-chain hosting technology.

Data Security: Instead of a decentralized database, identity/property information, transaction records and reviews will be stored on the blockchain.
This process of storing information on the Blockchain is actually a process storing address where owners can retrieve their data. This storage process will be done using a private key which means that only the owner has access to his info. The method of distributed data storage ensures that data will be encrypted and split across different nodes.
Hence, any attack on a single node will not reveal full information as the data would be incomplete. Great strategy!

User Incentive: Uchain provides tokenized incentives for individuals and enterprises on the platform to increase user participation and engagement. This is done with the Uchain token which will be used for rewards on the platform and can be quickly liquified to fiat currency as the user may wish.

Uchain is introducing a new Sharing Economy 2.0 where users are connected without intermediaries and all transactions are being done with the UCN token. Also users are allowed to create and distribute their own tokens. Uchain will enable users to share , pay for and settle sharing services. Uchain also gives incentives for users to contribute their idle resources.

Uchain Token and Digital Wallet

Service providers can issue their own digital assets, but UCN can be used as the basic currency in exchange for other tokens issued.
Any decentralized application built on Uchain can also issue their own token and develop its sub ecosystem.

The first Dapp that will launch on Uchain is U-bicycle.
U-bicycle is a bicycle sharing service that allows users rent bicycle or contribute idle bicycles in exchange for rewards.

Users can also stake their UCN tokens to earn UCP. UCP is simply UCN with voting power and stakes will be rewarded.
As more sub-ecosystems issue their own tokens, Uchain will build a decentralized exchange to provide quick liquidity for these tokens.
Uchain will also provide digital wallet for all users in the Uchain ecosystem where UCN can be stored as well as other URC-1 tokens. URC-1 tokens are tokens issued on the Uchain blockchain.

Uchain Partnership

Uchain has formed a strategic partnership with U.B Group Holding, the world's leading internet organization. U.B Group Holding currently owns U-bicycle, X-Bike, LocalKing, Grabcycle, U-park and U-car.