New research highlights that by the end of 2018, 66.3 mln people will use the sharing economy. Defined as an economic ecosystem where private entities share services and goods, studies predict that the industry will one day be valued at $1.93 tln. Ruled by sharing economy giants like Uber, AirBnB and Lyft, other companies are catching up on the growth potential of the new industry.
As young tech startups and industry giants fight for supremacy, others are looking at the sharing economy from a different perspective. By implementing Blockchain-powered solutions, it is now possible to share new types of assets, like storage capacity, computing powers, and more. The problem with the sharing economy is that there’s no single platform to streamline access. Consumers have to sign up on multiple platforms to rent cars, book accommodation, or secure other goods and services.
To solve the issue of trust and improve transactional transparency, new Blockchain-based platform ShareRing is looking to become a disruptor of the sharing economy. By developing an all-in-one app, the project is looking to integrate existing sharing platforms (e.g. Uber, Lyft, Airbnb) into one interface. This way, users will be able to access sharing goods without dealing with multiple accounts.
Keaz technology at the core of ShareRing
The idea to create a single app for renting, borrowing and sharing assets first emerged about 4 years ago from the minds behind international car-sharing leader Keaz. At the time, technological limitations didn’t allow the Keaz team to develop one app to provide universal access. Therefore, they focused on becoming the world’s first platform for sharing vehicles on a global scale.
Now, the team plans to use the perks of Blockchain technology to fill in the gaps and solve issues that were once holding back the sharing economy. With office across the United States, New Zealand, Hong Kong, Vietnam, and Australia, the technology that will backup the ShareRing platform is KeazACCESS API. Released back in 2015, KeazACCESS is deployed in over 300 locations globally with thousands of daily users catering to three major global markets – Internet of Things (IoT) integration, Sharing Economy, and Vehicle and Passenger Mobility – and its end-goal will be work hand in hand with the ShareLedger Blockchain to take ShareRing to the next level.
A dual coin system powered by the ShareLedger Blockchain
ShareRing will operate on its own custom Blockchain called ShareLedger – a smart device system – which will make use of the KeazACCESS framework to ease both access and on-demand use of different assets within the sharing economy. The new Blockchain will feature a dual coin system to guarantee transparent, reliable and highly secure transactions on the platform.
The ShareRing utility token is SharePay (SHRP), which will act as a base currency for sharing services. Customers can pay in SHRP for renting assets, whereas the second token – ShareToken (SHR) – is reserved for providers. Its use will be to pay for access to the ShareLedger Blockchain (e.g. addition of smart contract and assets, renting out assets).
By introducing smart contracts, ShareRing ensures a trustless payment structure for renting, borrowing and sharing assets globally from a single place – the ShareRing app. Currently, under development, the app will leverage geo-location services to allow users to see and access sharing services in their area.
After winning 1st prize at the 2017 Blockchain Hackathon in Vietnam, ShareRing’s popularity skyrocketed. Global partners have joined the mission, with more names to come as the project development advances. The ShareRing Public Pre-sale is live throughout the month of April. To participate, a minimum contribution is required.