At the moment, we can see quite a successful business model of companies like Uber and AirBNB. Both companies provide rental services for property they do not own and charge a high fee for using their product. What prevents other companies from developing in the same way as the aforementioned companies? First of all, it is the trust of users, and secondly - the availability of technology to create a product.
What is BizShake?
BizShake is an ecosystem of decentralized applications (dApps) built on the blockchain NEO for sharing things. A cross-platform application will be created that will help users from all over the world to rent / lease any of their property. The application will identify users and conduct transactions using smart contracts ensuring full transparency and security of all transactions.
Benefits
The blockchain will remove all intermediaries from the rent / pledge processes, as well as pay for these services. Also, transparency and security will remove any scammers from this area. The presence of a blockchain and smart contracts will help reduce the commission charged by the platform.
Blockchain NEO
This technology was chosen in view of the high scalability of the blockchain currently capable of processing up to 1000 transactions per second (TPS), and by the year 2020, support for 100,000 TPS has been announced. For comparison, the usual Ethereum network has 15 TPS. The NEO blockchain supports quantum encryption and the dBFT algorithm, which allows you to create new blocks in the system without mining. Also, this blockchain is actively introducing digital identification creating a greater degree of trust for users.
User identification
A special algorithm will be used that will use artificial intelligence. Identification uses data provided by the state, social networks, financial and insurance companies, etc. Such a system will not require "pumping" in the system; any new user, having provided the necessary data, will be able to immediately interact with any other user of the ecosystem.
Communication
An unlimited number of communities can be created inside the ecosystem. These communities will be able to set their own special terms and conditions for transactions. Communicating within such groups will help the growth of the ecosystem as a whole. Therefore, BizShake is determined to support any local or interest-based groups.
Certification
Qualified ecosystem users will be able to create digital certificates, confirming authenticity, and will receive rewards for this.
Arbitration
To clarify disputes, the arbitration system will be used where the role of arbitrators will go to several users with a high level of trust. The arbitrators will resolve the dispute and award the punishment to the offending party. They will also receive a small reward for their work.
Developers plan to implement two business models:
- SmartRent: it will allow you to rent property for a certain period of time. The landlord will have to provide all the data, set the value of the item, and make a deposit (it will be blocked by the blockchain). He will also be able to insure his item through the SmartCertify system. The tenant will be able to reserve the object and make the required deposit. At each stage, the smart contract system will set a time limit for the transfer of property from the landlord to the tenant and back.
- SmartPawn: the idea of the second business model is that any user can get a short-term loan for the property. The pledger will have to specify the thing, the loan amount (cannot be higher than the value of the item), and the interest to repay the loan.
Prices and commissions
To protect against price volatility, prices in the application can be specified in any fiat currency, the cost will be converted into the application token in real time during the transaction. The commission will be 5% and it will be automatically deducted from any transaction. This amount includes all expenses from using the BizShake application.
To learn more about the details of this project, visit the official website https://bizshake.io/ and read the whitepaper: https://bizshake.io/sites/default/files/BizShake_Whitepaper_1.2_ENG.pdf
Author Cryptozond: https://bitcointalk.org/index.php?action=profile;u=1190894
ERC-20 wallet: 0xE09319CEB0C8cf2029e27F85E1Bcb1159c63aF8e