The Transformation of Blockchain by UCHAIN: Selfishness and Risk in the Sharing Economy

Evolution of UCHAIN

What is Blockchain? Don Tuscott, known as the father of the digital economy, a new world-famous economist, business strategist, and a well-respected figure among the Fortune 500 executives has stated that Blockchain is the second generation of the internet which will shift societal norms on money, trade, innovation, technologies and ultimately trust.

Why do we need Blockchain?

Kevin Kelly, the founding executive editor of Wired magazine, said that the trend of the sharing economy has only just begun and is far from reaching its peak. This is just the tip of the iceberg for the sharing economy.

The trend setters, such as Airbnb and Uber, are stuck in the sharing economy 1.0. Consumers are far from achieving real peer-to-peer transactions and communication. As consumers, we are unified under a centralized platform where many (hidden) dangers can affect consumers who participate in platform transactions since the exchange of goods or services cannot be carried out until the distribution is complete.

A Didi driver sparked a national outcry in China over passenger safety. The passenger used Didi’s hitch service to an urban area and three days later, was found dead. There are more than 20 million people in China who are using the Didi app for their daily commute. This incident turned into a criminal case, which triggered controversy in the community and in the society for safety and trust with shared platforms like Didi.

In a different scenario, the shutdown of a car sharing platform, EZZY, resulted in users unable to withdraw their deposits. In 2016, approximately 2.7 million users were affected by Uber’s data breach. These types of uncertainties affect the way users can trust centralized platforms. Uber, for example, collects 20% to 40% of commission from each successful ride and is often referred to as the “black-box operation” by Uber drivers. Where it is the security of personal information, privacy, data, or issues with transactions, the sharing economy 1.0 has reached an imminent moment to reform.

About UCHAIN

1)  UCHAIN unleashes the potential for exponential data increase because of its trustworthiness, security and irreversibility. The consensus mechanism can be established at any node of the network, allowing everyone to join without the risk of data breaches. The traceability of blockchain enables the recording of every data point: collection, transaction, circulation, and computational analysis. Aside from the unprecedented credit endorsement of data quality, there also comes the guarantee of data analysis and data mining.

2) UCHAIN will fundamentally change the current sharing economy and industry structure because it is building the first decentralized community for the new sharing economy. Besides building a credit system, the fact that current transaction processes of the sharing economy involve the synergy of suppliers, demand, and intermediary agents allow blockchain technology to abandon the “intermediary system” of traditional internet transactions. Accordingly, suppliers and demand are directly tied together to achieve optimal matching. Every one of us can search around the globe to pinpoint necessary resources, initiate projects, and create value.

3) The underlying chain of UCHAIN offers a peer-to-peer blockchain network in which contributors are directly linked to users and the smart contracts are designed to understand the process of sharing items, complete peer-to-peer transactions, and recognize sharing commodities as a brand new digital asset. A full lifecycle management system is implemented for commodities, accompanied by the pooling of consensus from various population and activist groups worldwide, thus leading to real-time flow of value and assets globally.  

The Catalysts of UCHAIN

1) Building the “Credit System”

With decentralization or multi-centralization mode, blockchain allows both companies and social organizations solve the “management problem” of high trust costs with relatively low technical costs.

2) Making “Data Intelligence”

Based on the technologies of blockchain and big data, enterprises are empowered by Data Intelligence to promote their products and service, operational capacity, and curate big data. The data integration analysis facilitates every procedure to transform passive enterprises and organizations into an active state.

3) Sharing Economy Network

The sharing economy network can be built for all idle resources. This means individuals can share their empty storage spaces, automobiles, bicycles, houses, office space, etc. ensuring there are economic returns to all contributors, along with more affordable and high-quality services for consumers.

At this moment, UCHAIN is mainly driven by 2 roles.

  1. Ecology users such as regular users, contributors, sharing service providers.
  2. Ecology builders and maintainers including community users, third party developers, governing bodies.

Every group enhances the value and synergy within the ecology.

UCHAIN’s success lies on whether its ecology can be established and bring sufficient value to UCHAIN and its ecological parties. Therefore, the project team is pivotal with the development of UCHAIN. Fortunately, the team has a global presence and years of technical development experience with offices in Canada and China. The team is comprised of successful developers and experienced operational managers who are devoted in creating the sharing economy 2.0. At this time, UCHAIN has reached strategic cooperation’s with several state-of-the-art products and services in the sharing economy, who will be implementing UCHAIN’s applications. The team is constantly looking for global partners and strategic alliances to continue to build and implement UCHAIN’s applications.

The greater the ecosystem of users and developers, the greater value UCHAIN’s platform will create. UCHAIN will continue to connect with global partners and build a sharing ecosystem.

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