Cryptocurrencies and the sharing economy need each other.
How Cryptocurrencies and the sharing economy need each other.
The sharing economy is growing and growing fast — potentially doubling in the next 12 months. Right now, nearly a quarter of the population of the U.S., the U.K. and Canada engages in some form of economic sharing, whether that’s Uber, Netflix or Cryptocurrency.
Sharing saves people time, money and aggravation. But what really greases the wheels of this fast-growing economy is trust; yet it’s also one of the biggest concerns of using sharing economy services.
Since the fundamental blocks of any economy are transactions, sharing economy marketplaces such as MyOS backed by crypto-tokens have caught the zeitgeist at the moment. The blockchain excels at transparency and as such bona fide crypto-based utility tokens are ideally suited to building trust and social capital in a sharing economy network.
The adoption of Blockchain in the sharing economy will not happen overnight. But it surely presents the possibility of changing the way we think about ownership.
According to a PwC report, the peer-to-peer global marketplace is pegged to touch $335 billion by 2025. The adoption of blockchain technologies can spur this growth by allowing existing platforms to scale far beyond their current limitations. While blockchain enabled systems will not completely replace current systems, they will create a pathway for efficient and quicker transactions.
The fusion of blockchain and sharing can build systems such as MyOS that could revive the natural order of sharing on a global scale.