Under the spotlight today is Bizshake. So what is Bizshake?

Bizshake is a smart contract system planned to run on the NEO blockchain that aims to revolutionize the P2P sharing economy by creating trust, and eliminating high fees typically associated with this space. Imagine renting out your bike while you’re in the office, or your car whilst you are on holiday abroad, allowing you to earn passive income and all secured via bulletproof smart contracts.

How does Bizshake intend to use blockchain technology?

There has been much hype made in recent months and years about the advent of both the ‘gig’ & ‘sharing’ economies. The pioneers in this space are planning to revolutionise the way we think about our assets and are promising to provide the opportunity for people to turn their unused (or seasonally used) items into a cashflow. As you can imagine the benefits of such a system are limitless.

But wait I hear you ask if this ‘sharing economy’ is such a good idea why isn’t everyone doing it? Well my friend, that comes down to one simple, yet difficult word- trust.

The lack of supporting infrastructure around this industry works means it is difficult if not impossible to traditionally build an effective trust network on a large scale. It may work perfectly in a small village where would-be ‘bad actors’ would be shamed into compliance, but scale that up to a large metropolitan city and the temptation to steal, for example, inevitably becomes too much for some. The way the current actors in this space would traditionally compensate is with extortionate fees (sometimes 30% or more) allowing them to place elaborate safeguards in place preventing malpractice.

Enter Bizshake… Utilizing blockchain technology and smart contracts, the team intends to revolutionize the P2P sharing economy with low fees, security and the lightning fast matching of asset owner and those in need of the asset. The introduction of smart contracts removes the issue of trust because it gives the asset owner constant security and recourse in case of a contractual violation- these contracts are enshrined on the network and cannot be doctored.

(From the Bizshake website: https://bizshake.io/)

Why the NEO blockchain?

Bizshake will be one of the first wave of applications running on the new NEO platform, meaning it can already handle a maximum of 1000TPS compared with Ethereum’s poultry 15TPS. Bizshake plans to use its application to match asset owners and clients, then use smart contracts in order to facilitate the secure leasing of anything from boats to bicycles. There will also be a built in ‘smart-pawn’ feature that will allow users to seek loans from other users that will be secured against their assets. Fees charged to asset owners will be as low as 5% on rental income and 5% of the interest charged on loans through the ‘smart-pawn’ feature- this alone will be a great incentive for users of other services to switch to Bizshake from current platforms with extortionate fees.

The Bizshake team is certainly qualified to make that calculated decision- the team boasts a great mix of experience (with the CEO having over 20 years in multinational business as well as an MBA) and qualification, with many members boasting BSc’s in relevant fields such as economics and computer engineering.

(From the Bizshake One Pager: https://bizshake.io/sites/default/files/BizShake_onepager_0.pdf)

The Cryptographer's verdict

Overall, Bizshake certainly has an interesting concept and is showing a lot of promise- the initial idea appears to be solid and well thought out, and the ‘smart-pawn’ feature allows a distinction between competing projects and potentially opens up a whole new multibillion dollar industry. Their roadmap seems ambitious but still achievable, and the team has a good mix of practical experience and technical qualification. In the future It would be interesting to see if the team could find a way to integrate a business function for commercial pawn shop owners, as this could add some real depth to that side of the network.

Read more about the Bizshake project at their website: https://bizshake.io/ and if you have any questions the best place to ask is their Telegram group: https://t.me/bizshake

Happy hunting!

PLEASE NOTE THIS IS NOT FINANCIAL ADVICE. YOU MUST ALWAYS DO YOUR OWN RESEARCH AS WELL AS READING OTHERS’ OPINIONS, ESPECIALLY IN THIS SPACE.