“The Great Resignation.” Where people, grew tired of lack of opportunity, freedom, and wage stagnation that often accompanies traditional employment and voluntary quit their jobs, en masse, to pursue new opportunities where such stagnations are not controlled by a third party employer and the potential for growth and independent freedom seem to be limitless.
It’s no secret that the opportunities provided by the technological advancements responsible for the creation of Web3, crypto space, and/ or creator economy have certainly been catalyst behind this revolutionary movement. The ethos and purpose for both are extremely similar.
As we know, the space, at times, can appear to be riddled with fraud, deceit, and, as we’ve also seen as of late, can be completely unpredictable.
Despite that, though, there are people who choose to be involved because they believe in the underlying technology, the opportunities it can offer society, and because they’re able to do so in a way that is suitable for them and the value they provide.
One way is through freelancing; but let’s be real- that can also be hard AF given the overall nature of the space.
A primary challenge that one faces while freelancing in the space is ensuring that they actually get paid for their work.
It requires a certain level of trust in an industry that’s meant to be trust-less, where anonymity is the rule, rather than the exception.
That said, it seems surprising that blockchain technology is not yet being used to solve this problem. Using blockchain smart contracts that are trust-less, as the intermediary in this regard would seemingly be a solution?
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. This code is stored on the blockchain, which is a decentralized, transparent, and immutable digital ledger.
This would also automate the entire payment process. When someone agrees to a job with a client, a smart contract that outlines the terms of the agreement, including the amount of money to be paid and the date on which payment is due, can be created and implemented.
When the work is completed and accepted by the client, the smart contract would then automatically release the funds to the individual who rendered the work, without the need for manual intervention.
This would save a lot of time and effort, as one would not have to worry about chasing down their payments or having to deal with potential disputes over the contract terms.
Using smart contracts would also provide a high level of security and trust. Because they are stored on the blockchain, they are immutable- they cannot be altered or tampered with once they have been created. This ensures that the terms of the contract will be enforced, (i.e. trust less) and the person freelancing will be paid according to the agreement.
The blockchain is also transparent, so all parties would be able to see the terms of the contract and the status of the payment, at all times, which in turn helps build and establish trust while reducing the risk of disputes.
Notably, this would also reduce the risk of fraud. Given that the terms of each contract are written directly into the code, it is imp ossible for either party to change them without the other party's knowledge. And because the payment is automatically released when the work is completed, there is no opportunity for a client to claim that they never received the work.
(which does and can happen quite a lot within the space)
Replacing that level of trust that is often required to freelancer in the web3 industry by using blockchain and smart contracts as the new intermediary poses to offer so many increased benefits, as described above.
Automating the payment process, providing a high level of security and trust, reducing the risk of fraud. All while ensuring one receives sufficient and timely payments, so they can continue to contribute and focus on delivering high-quality work for others in the ecosystem, in turn, aiding the development of the ever changing land of new opportunity web3 landscape.
Considering the increased amount of naysayer’s these days, this sure seems like a, no buts about it, legitimate IRL use case for blockchain technology, to me.
🤷♀️ innit