BizShake is attempting to utilize the many innovative new advances in blockchain-related technology in order to provide a next-level P2P ecosystem with enhanced features and security over the traditional options. BizShake has especially caught my eye for its potential to change the P2P space and I will therefore be aalysing the project in detail with another series of Spotlight reviews. Here we begin with the a review of the project’s potentially revolutionary vision and overall mission.
Essentially, BizShake is a complete ecosystem of dApps which amounts to an innovative P2P sharing economy 2.0, that allows users to share their own propery with other users in a way which generates them an income for doing so. Interestingly, BizShake will also offer a ‘Smart Pawn’ function which particularly cught my eye. This allows users to exchange the temporary usage right of an asset with financial benefits for both parties, and these benefits are based on pre-eestablished agreements, of course based on Smart Contract technology.
Unlike other P2P sharing companies that have few success stories because of inherent trust issues, BizShake utilizes one of the core benefits of blockchain technology: trustworthy transactions. The decentralized nature of blockchain technology allows the execution of reliable transactions by the Smart Contracts. Furthermore, the nature of blockchain means that a verifiable record of every transaction will be clearly vsisible. This is already starting to feel like P2P 2.0!
As a business, BizShake themselves make money by charging a small transaction fee on all BizShake applications.
BizShake’s Vision
Sharing access rights of assets among a community is essential to improve positive social responsibility whilst helping achieve a better living standard for all. BizShake believes in this and is using this vision to build the foundation of this new P2P market paradigm.
BizShake’s Mission
BizShake aims at creating a better life through innovative use of beneficial technology, and a business model based on a decentralized P2P sharing ecosystem. Furthermore, BizShake intends to implement Sharing Economy 2.0 through P2P transactions without intermediary costs for trust provision. This will of course be made possible by using blockchain technology, and will greatly reduce transaction fees for users.
Innovative Aspects of BizShake
The vision of BizShake is to be achieved utilising the following innovative components:
1.) Blockchain Technology
Blockchain was of course originally developed for cryptocurrencies such as Bitcoin, but the introduction of smart contracts alongside has enabled many incredible opportunities to provide solutions to traditional industry problems and mechanisms. The BizShake project will benefit from the use of the blockchain innovation in the following ways:
- The trustless nature of blockchian allows BizShake to cut all intermediaries in the renting and payment process.
- Inherent transparency features of blockchain will do much to eliminate frauds. Information held in the blockchain database is continuously shared and reconciled thus the records are kept truly public and easily verifiable. It cannot be hacked, or manipulated by malicious actors.
2.) NEO Blockchain
BizShake have weighed up their platform options and have decided the NEO blockchain is the preferred Smart Contract platform for their project, because according to them it has the following advantages compared to other platforms:
-Scalability: The NEO blockchain is capable of transacting 1000 transactions per second (TPS) with a projection of 100,000 TPS by 2020. The Ethereum Blockchain is currently only able to support 15 TPS.
-Quantum proof algorithm: The NEO blockchain uses a cryptography algorithm which does not need to be updated or refreshed in the near future.
-Delegated Byzantine Fault Tolerance: NEO executes its block generation based on an algorithm that creates a base for consistent creation of new blocks on the blockchain without the need for mining.
-Compliance with government regulations: NEO is working on Digital Identity implementation and it is compliant with government regulations.
3.) User Identification and Credibility
A specific AI algorithm will be used to calculate a user’s level of credibility based on their past transactions in the dApps of the BizShake ecosystem, as well as external and identification services available on the NEO blockchain.
4.) Profiling for user experience improvement
After explicit user approval, BizShake will use all the information gathered to enhance the calculation of user credibility and to improve the user’s experience. The idea is to help the user find new opportunities of interest in a personalised manner, if the user so wishes.
5.) Peer-to-Peer communications and sub-communities
P2P dialogue functions will be used to allow users create sub-communities based on the specific requirements they set.
6.) Assets verification and certification
Only qualified certifier users will be involved in BizShake and allowed to create Digital Certification of a certain asset that will be stored in the blockchain.
7.) Decentralized Dispute Solution
BizShake will solve disputes by assigning arbitration rights to the users with the highest levels of credibility.
Overall, then, BizShake has an exciting new vision of a Peer-to-Peer sharing economy which is able to harness all of the useful features of blockchain technology to make the experience more secure, efficient, and more feature-rich than any P2P solutions available traditionally. The team have a clear vision they have defined, conducting research into aspects to make the project run optimally such as choosing the NEO blockchain, and they have a grand vision which would change the P2P space for good. I think the P2P space has a huge amount of potential in the coming years, and solutions such as BizShake will surely help to bring the space into the next phase.
Website: https://bizshake.io/
Telegram: https://t.me/bizshake
Disclaimer: this is not financial advice, just my personal opinion and findings based upon research.
Nice and ince
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