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Blockchain adoption should be gradual — if everyday consumers see the benefits of Blockchain then they will slowly agree to use it.
HOW BLOCKCHAIN HELP ECONOMIC IMPROVEMENT?
It is difficult to say how many freelancers there are in the world today but some estimates estimate there are about 50 million in the US alone. It is actually predicted that by 2020 more than 50% of adult workers in the US will identify as casual workers.
Aman said that freelance has increased rapidly in popularity but the industry is not without its own problems. Blockchain-powered platforms that serve freelancers can, theoretically, be able to solve some of them.
1. SETTLEMENT COST
Speaking with freelancers today and the first thing they will complain about is a decent fee to pay. And once the contract is approved and sent to the client, it works.
Transaction fees can take a small chunk of your income. A few days ago I received payment for services provided through PayPal. Not only does PayPal deduct $ 17 in transaction fees, it also gives me an unusual exchange rate which means I end up losing $ 13 extra compared to the open market. Thirty dollars may not seem like much but when you bill dozens of clients, it can increase.
The problem is compounded if you are looking for clients through third-party platforms such as Upwork or Fiverr. The intermediary agency routinely reduces the 15–20% contract agreed upon as their own expense. No freelancers are happy with this arrangement — after all, it’s really hard to be a source of clients in the first place.
Let’s also take into account that PayPal is not working everywhere and many freelancers are losing projects for this reason. A truly decentralized performance economy will not fall victim to the internal policy of the big conglomerate.
2. SMART CONTRACT
The hype surrounding Blockchain extends to property transactions and large financial transactions because it can get rid of expensive expensive lawyers and verify the deal. Freelancing is also ripe for harassment — at this point it is too easy for individuals to promote themselves through fake reviews and spam.
And the problem is that if a critical mass of people use dubious ways to market themselves then you will either follow the bandwagon or run the risk of being left behind. A smart contract based on Blockchain can completely eliminate this possibility.
In this scenario, the client will be prompted to enter a review only after the job has completed successfully. A lasting note of the review will be posted on Blockchain, with freelancers having no means to change it. It helps companies and honest workers who prefer to spend their time in more productive searches.
There are already some Blockchain markets that are trying to provide a popular freelance platform alternative. Toplancer will be the best on the list.
3. INTELLECTUAL PROPERTY RIGHTS
No matter what type of freelancer you are — writers, programmers, graphic designers, UX experts, or digital marketers — creative genes are definitely part of your DNA. That’s why it’s frustrating when your work is mercilessly copied and plastered all over the internet. You do not receive recognition for it and you also are not eligible for passive income that may arise.
And there’s not much you can do to claim the job as your own. Lawyers are very expensive and casual workers do not have that kind of cash. Blockchain, however, is a way to avoid this problem. Records of any type of proprietary works can be safely stored in them with the system also having the power to mediate if there is any allegation of plagiarism.
4. PAYMENT VIA CRYPTOCURRENCY
With Bitcoin’s soaring value as well as the emergence of other cryptoes like Ethereal and Ripple, many individuals now seriously consider accepting it as a payment compared to the major currencies.
That’s why it’s also a reasonable investment decision. There are many people out there who insist that Bitcoin will continue to improve in the future. And that does not seem to be related to reality if you consider Bitcoin’s past.
One of the biggest impacts of Blockchain is projected to be in the financial services sector. By accepting the memento, the freelancers can benefit from the initial movers.
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Author by koteb17
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