Biz$hake: Renting And Pawning Items On the Blockchain

With huge success stories like Uber and Air BnB, it's obvious how much the Business to customer landscape has changed. The Customer to Customer or P2P industry has removed a lot of the poewr from the big corporations and given it back to consumers who can use their assets to share and get value from them. However in being that "trust-bridge and providing that security to indeviduals. Those companies have become a new kind of monopoly. Then came Blockchain to shake up P2P platforms.

With the advancement of internet technology, a new model i.e. P2P sharing was invented. In this model, instead of renting assets from a company people started sharing earning from their own assets by exchanging asset usage rights with each other. But in this model, before big companies charge a huge amount of commissions on revenue due to the centralization of all the transactions in exchange for secure payments. To be that trust bridge. Bizshake has brought just the solution required for this problem by introducing P2P 2.0. With the help of Blockchain technology, the revenue cuts could possibly reduce to half or even less. Putting more money into the pockets of the lesee and keeping more money in the pockets of the renter.

The collaboration with Blockchain technology has made additional benefits for the platform’s users like eliminating middleman with transparency and trust. BizShake has chosen the NEOBlockchain for the working mechanism due to its scalability, Quantum Proof algorithm and delegated Byzantine Fault Tolerance. The platform takes care of its customers by maintaining user credibility and having a deep study of user identification. All the deals made across platform are considered on the basis of credibility and each deal affects the same. The company asks for certain documents which relate to user credibility in the future. These assessments play a major role when a newbie signs up on the platform. BizShake takes care of both types of users whether it is renting or pawning. This information is on the Blockchain so it can not be changed and is encrypted so it is fully secure.

The platform has developed dApps for its smooth functioning SmartRent and SmartPawn services. For the users who desire to rent the asset, BizShake will help them do so by listing the asset on the app with all specifications including pictures, videos with a range of rental time. Users can use the SmartCertify feature which allows them to add insurance to the asset. The SmartCertify will also have a person that is an expert on whatever the item might be like a watch or instrument. They would certify its authenticity and valuation. The SmartCertify also covers the amount exceeding the deposit up to the certified object value. A time period is allotted for every task in the process. The lessor and lessee enjoy various advantages in the BizShake mechanism. Lessor has the freedom to decide the duration and timing while renting out an asset whereas lessee feels free to decide the time for usage of an asset without paying its actual cost. Both renter and lessee are provided with another function SmartDispute which resolves the issue during the transaction or renting period which may include damage or loss from both sides.

HOW IT WORKS IN A NUTSHELL.

Smart Pawn:

1. The asset is transferred from the Pawner to the lender
2. A loan is transferred from Lender's-wallet to Pawner's-wallet
3. After the agreed period, Loan and the Interests are then transferred from Pawner's-wallet to Lender's-wallet
4. The asset is transferred back from Lender to Pawner

Smart Rent:

1. The Rental fee and the deposit are locked by a Smart Contract.
2. The asset will then be transferred from the lessor to the lessee.
3. The rental fee will be transferred from lessee's-wallet to lessor's-wallet
4. After the rental period, the lessee will transfer back the asset to the lessor.
5. The deposit is then unlocked by the Smart Contract

Smart Dispute:
BizShake will implement a decentralized-dispute system that is based on a total peer control. This goes exactly in the way of the full scale implementation of a complete P2P sharing-economy, as users will help other users to judge and settle the disputes. And the verdict of a single arbiter will undergo peer-control from other arbiters as well. For a redundancy in the dispute process to assure fairness.

FOR MORE INFO CHECK OUT THE VIDEO AND LINKS BELOW:

Website: https://bizshake.io/

Babylontreker