If you know anything about the crypto industry, you’ll know that its growing at a phenomenal rate. It seems to be on a mission to lf into our everyday lives, and with the support of big companies such as CME, it isintegrate itse well on its way to doing that. Its popularity is definitely changing the way we see and operate with traditional fiat currency. In addition, Blockchain technology, which is the basis of Cryptocurrencies, is also finding popularity as a viable business tool.
Freelancing is also shaking up the more traditional way of working. Working nine to five has definitely become just another 80s song as more and more of the workforce are seeing the benefits of providing freelance services, and it’s not just the workers. Employers are seeing the advantages as well, which could be why freelancers account for more than 35% of the US workplace.
When we combine the decentralized nature of blockchain with the requirements of freelancers, we find a unique and beneficial solution to common problems experienced by the freelancer community. Two of these issues are high transaction costs as well as the high number of competing freelancers. Standing out from the crowd can become an issue.
In the case of the latter, Blockchain technology can help solve that problem through data validation. There are a few online platforms where freelancers are able to store certain data, such as their job reviews and ratings. The data would have been verified already and through the immutability of Blockchain technology, it cannot be edited by freelancers. Employers looking for freelancers will then be able to find comprehensive information about potential hires all in one place, streamlining the hiring process.
Blockchain technology also makes smart contracts possible. Again, the information in these contracts is unchangeable, offering both freelancer and employer piece of mind.
As the popularity of cryptocurrencies increases, mainstream integration seems to be just around the corner. Freelancers have noted this and are starting to request payment in crypto. With the upcoming launch of Bitcoin futures contracts, freelancers are starting to see virtual currency as a viable investment option for their future.
Upwork, a major freelancer platform, recently reported that Blockchain skills has become one of the fastest growing skills on the site. This comes as no surprise as businesses are scrambling for a place on the Blockchain bandwagon, and need skilled freelancers to help them get there.
Smart contracts and Blockchain-based platforms are definitely the way of the future. Businesses realize this, leaving a lucrative gap in the market for skilled freelancers.