Uchain - The Next Generation Distributed Smart Network Blockchain For The Sharing Economy

Project - Introduction

Sharing Economy can be defined as the economic system in which underutilized assets are shared between private individuals. This assets or services provided, could either be monetized or offered for free, and this is offered in ways that improve efficiency, sustainability and helps the community.

The global sharing economy is a multi-billion dollars industry and this very large industry that is still growing at a rapid rate.

According to the Uchain project whitepaper "The global sharing economy has risen from around 186.9 Billion USD in 2015 to 520 billion in 2018", and 2018 is not even over yet. This shows that the sharing economy has started to gain more recognition worldwide and more companies, individuals have begun to realize the opportunity it provides. Nevertheless, there are still existing problems with the present state of things that could be corrected to give a better user experience and also guarantee the safety of all the parties involved.

The Problems

The existing problems with this industry include; High cost of transactions, Data Security, and Trust.

These problems exist because ideally, for this industry to be functional there has to be a link between the service providers and customers, which has brought about middlemen, which are centralized bodies in charge of connecting a person needing a service and the party providing it. The middlemen are not only tasked with the connecting different actors in the ecosystem but also with ensuring data security in centralized storages.

The centralized middlemen take a fee on transactions for which is used to run their business and also make profits, all at the expense of the customers. Considering that a major concept of the sharing economy is to make these services, be it a ride, an accommodation, healthcare, or even knowledge available to the average guy. That said, in order for this economy to scale more globally and reach greater heights, then it has to be more affordable and secure.

The Solution - Uchain

The Blockchain is the only way to achieve this goal without compromising functionality and simplicity. Uchain is, however, the Blockchain platform that has taken up the initiative to bring solutions to these problems currently in the sharing economy utilizing Blockchain as the required infrastructure.

Solution to the problem of transaction costs:

One of the major breakthroughs of the Blockchain is the ability to create a smart contract which is capable of initiating, managing and confirming/accepting transactions from a different number of parties based on whether or not they fulfill the terms of an agreement. 

The Uchain ecosystem is going to be managed by a tamper-proof smart contract which is going to be responsible for moderating transactions and interactions between customers and service providers while also eliminating the high transaction fees in the process and also human factors like an error, negligence and more.

Solution to the problem of data security:

Data security is a very delicate and important aspect of business and a lot of emphases has being placed on this in recent years even with the recent European Union GDPR regulations. Smaller or medium scale businesses rarely have the funding required to invest in top rated storage facilities for their customer base with having to charge their customers more and even this storage facilities are still at risk of data leaks and hacks.

Uchain is using the Blockchain's encryption and security to store safely customer data on the Blockchain nodes and allowing only the owners of the data the full control over their data. This data is locked and encrypted with a private key which is made available to only the owners of the data. Uchain by doing this, not only helps customers secure their data but also helps businesses both solve a problem that would have otherwise been worth huge amount of money and also stay on the right side of laws and regulations.

Solution to the problem of Trust:

The Uchain platform has devised a genius method to record customer behavior for the purpose of trust on the platform. Users are issued with a credit passport which has a way of rating their interactions on the platform, their feedback, and their overall activities. 

The User Credit Passport is designed uniquely for every user, with personal data gotten through a KYC and it utilizes an Artificial Intelligence technology to gather data about the user from the different applications or platforms they use, to achieve a more detailed and complex image of the users, their online behaviors and real life characteristics.

However the user data is not accessible to anybody else, as all user data both basic and derived are encrypted safely on the blockchain. The purpose of getting these data is to create a credit, which will define the user’s credit level and is what will appear on applications, and is visible to the parties involved in the transaction in order to solve the problem of trust in business transactions.

This system is a better and more transparent way of gaining trust.

More From Uchain With APIs and SDKs (Software Development Kits)

The Blockchain technology relatively a very new technology that is gaining more recognition globally, and more like the internet during its early years, the mainstream usage of the Blockchain for the design of smart contracts, software and applications still requires a lot of coding knowledge.

The Blockchain is still behind in this sector, when compared to the normal operating systems like iOS, Android, Windows, Mac and more, this operating systems have SDKs to make the design of applications and software very easy for developers.

Uchain SDK is the new innovation that the Blockchain needs, unlike other Blockchain platforms, this makes the design and integration of smart contracts onto the Uchain Blockchain simple and easy process. Uchain has its own specialized cryptocurrency which is the UCN token, this token will be used as the unit of value exchange for all transactions on the Uchain platform.

The developers who use the Uchain platform for building their applications and also develop the ecosystem will be able to ear UCN tokens however, the applications which are built on the Uchain Blockchain will be able to issue their own URC-1 tokens which will be used for the transaction with the applications.

For example:

Mr. Richard is a game developer looking to expand his business and give is gamers a better experience, he can easily develop his/her gaming platform on the Uchain using the SDK then he can then use the API to integrate his developed games into the UCHAIN to monetize them on the platform. This developer can also issue a specialized URC-1 token for his gaming platform which will be the means of purchasing upgrades, new features and also for the gamers to redeem their rewards.

Exclusive Partnership

Uchain already has made great strides and already with an exclusive partnership with U-Bicycle, Grab, U-parking, U-car among a list of other businesses which are going to be using the Uchain's Sharing economy solution to expand their business to the larger world.

Uchain, unlike the average Blockchain project, has an already working prototype with its mainnet slated to be released by Q4 2018 with businesses like U-Bicycle already planning to move their application unto the Uchain platform when the mainnet is launched fully.

Conclusion:

The Uchain platform and Blockchain is a unique innovation and a revolutionary platform solving problems that a multi-billion dollars industry already faces, by positioning itself in the middle of it all the investors and users of this platform will benefit from the increased demand for the UCN tokens that will result from the increased use of the ecosystem.

Visit the project's official contacts below for more information about the platform.

Official Contacts

Website: https://uchain.world/

Whitepaper: https://uchain.world/css/img/pdf/uchain-whitepaper-dbe5656d6c.pdf

Medium Blog: https://medium.com/@uchain

Telegram: https://t.me/UchainEcosystem

Reddit: https://www.reddit.com/r/UChain/

Twitter: https://twitter.com/UChainEcosystem

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