Is Blockchain the Future of the Space Sharing Economy?

by | Sep 9, 2020 | Industry | 0 comments

Blockchain, perhaps the most significant innovation of the last decade, has promised to transform almost every sector. The technology is going to facilitate a whole lot of previously impossible use cases. The concept of “programmable money” extends beyond payments and currency. With blockchain technology, it is now possible to accredit ownership to content, ensuring that content creators are rewarded more fairly for their efforts. In this article, we will explore how the use of blockchain technology in the space-sharing economy is making the world fairer.

The space-sharing ecosystem

Real Estate (RE) has traditionally been slow to adopt emerging technologies, but this trend has been overtaken by change. In the past decade, blockchain has been championing technological advancements alongside Virtual Reality, Artificial Intelligence (AI), and Machine Learning. These technologies have the potential to bring tangible benefits to all parties involved- sellers and buyers and tenants, brokers, agents, and other property experts.

Gartner projects that businesses embracing blockchain technology will be worth $10 billion in the next two years. Consequently, by 2016, the business value brought by blockchain is estimated to be more than $360 billion.

The fast-paced virtual economy requires Smart Investments in RE, supported by cutting-edge technologies- modern assets with Value Added Service (VAS) — cost-effective operational costs with more flexible terms for consumer convenience- space transfer and timeshare. The current RE ecosystem calls for a big transformation to keep up with technological advancements.

In the sharing ecosystem, there is an increasing need for space products that are suitable for short-term use, and with flexible terms and conditions that address the “buyer” market. A niche and fast-growing market are creating a new ecosystem of space products that will solve the increasingly digital world where the demand for ownership based on stringent leases and exploitative T&C are quickly becoming invalid.

Unfortunately, the demand and supply for Space-as-a-Service are not balanced currently. The problem arises where space is defined as a whole in terms of use. Many companies sell blocks of space in RE through lease and rental alternatives put in place by the “seller.” The “buyer” therefore accepts the terms and conditions on a fixed price for a certain period and space.

Enter SpaceIt and the space-sharing economy

Based in Novi Sad, Serbia, SpaceIt strives to unlock the true potential of the space-sharing economy by transforming the idea of (space-as-a-service) SaaS and creating a new ecosystem of space services and products not imagined in the digital economy era.

Space-as-a-service defines a new model of space products, such as VAS, which will serve a new ecosystem of space use based on increased “buyers” suited demands in the digital sharing economy. SpaceIt creates a new frontier of space products and services designed towards a rising demand of the “buyers” suited behaviour and needs.

SpaceIt platform enables SaaS clients to accurately mould their own needs in an increasingly fast-paced evolving and unpredictable digital market and establish solutions that are not based on the sellers’ preference, or terms and conditions of space usage.

Conclusion

DeFi is focused on providing financial services distinct from the traditional financial system. This allows for a more open financial system, which will potentially reduce the incidences of censorship and jurisdictional restrictions all over the world.

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