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Token payment | Photo source Descryptive on Flickr

Company aims to disrupt sharing industry with new token

Financial Services

A new token would allow anyone to pay for sharing services anywhere using just one app.

There has been a huge growth in sharing services. We have seen this with innovations such as a platform that allows tech sharing and a ride sharing app that offers chauffeured Porsches. However, one challenge facing the sharing economy is the difficulty for individuals and small players to gain a foothold in the space. There are thousands of sharing companies around the world, but most are only able to operate in small, local markets. In addition, anyone who wants to use several different sharing platforms needs to sign up and download an app for each one. Startup ShareRing hopes to change this by using blockchain technology to merge peer-to-peer sharing platforms into just one app.

ShareRing would allow users to pay for different sharing services anywhere in the world using their platform. The company will operate using a distributed blockchain (ShareLedger) and a dual token system. Providers will pay for access to the blockchain, smart contracts and other administrative features using ShareTokens. Customers will be able to pay for sharing services using a second token, SharePay. The company envisions providers earning tokens, for example, by renting out their apartment, then using those tokens to rent a car or other service. Paying by token also makes it possible for users to share goods and services in any country without the need for local currency or exchange rates.

At the same time, the use of decentralised blockchain technology will keep users’ information secure and private. The identity of all users would be verified on the blockchain before a transaction could take place. This would add protection and build trust. In the event of a dispute, the smart contract technology in the ShareRing app can provide arbitration. The software can analyse the information contained in the chain and the contract and offer a transparent solution. Will ShareRing become the Amazon of sharing services?




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