How Blockchain Poise to the Gig Economy Disruption

1. How Blockchain Poise to the Gig Economy Disruption The debate is much now a day as to identify whether the economy of GIG is growing to new levels or shrinking beyond, but almost all agree that it’s still essential and inherently ripe for disruption. Blockchain, the distributed ledger-based technologies is one among the potential forces to affect the gig economy over the coming years. The vast enterprises like P&G, FedEx and Verizon now outsource up to 50% of their jobs. They embrace this workforce independently to increase the efficiency and remain nimble. It is big news for the gig economy and their driving platforms. Whether it’s increased income inequality or low-pay, unpredictable performance, lack of benefits, scope creep, broken contracts or any other issues that come with gigging. With an independent workforce in the areas that need improvement if the gig economy is going to continue to be a secure and reliable source of alternative work arrangements for corporations like Salesforce networks. Enter the Blockchain and other on-going innovations shaping in the technology today. A trusted, transparent and verifiable tech stack deriving gig work could raise pay, drive scalability, cut overhead and fair labor practices for both employers as well as workers.

2. These capabilities are of major significance to corporations as technical innovation, and fair play is needed to sustain a workforce model which is independent. One among the biggest dilemmas for corporations is that an essential part in the growth of the gig economy to date has been centralized platforms such as Fiverr, Uber, and MTurk. They play a vital role in connecting work with workers, providing compensation frameworks and work processes for the tracking system. Several platforms are tolerated when they pocket a large percentage of a Job’s value without offering most of the benefits workers find in more traditional work arrangements. For instance, let’s consider Fiverr- a centralized two-sided platform for people for buying and selling distinct varieties of digital services offered by freelance contractors. It also takes a 20 percent cut of all transactions to the detriment of both the enterprise and the worker by introducing the inefficiencies. Beyond impacting the centralized platforms that are driving the gig economy currently, several enterprises are even more interested to know about how Blockchain can help in optimizing the workflow of the entire organization. It is the place where the enterprise Blockchain can shine. There is a myriad of issues related to workforce management that can be significantly enhanced using blockchain’s inherent transparency, trust, and decentralized model. The blockchain is the ideal choice for process streamline of onboarding new gig workers for organizations by assigning credentials and certifications on a Blockchain allowing for higher accuracy to gather and verify qualifications and with reduced time. The HR management solutions of Blockchain are also embracing by smaller enterprises. The worker's communities, developers, start-ups and small enterprises are moving quickly to service SMBs based on gig workers to increase. For example, In Singapore, the enterprise People wave has hundreds of clients who utilize Blockchain-based HR solutions and is in the ICO process. This particular company was created by serial entrepreneurs to use Blockchain to Put People first and solve HRs toughest problems. With the investments of first corporate technology providers such as Microsoft and IBM, Blockchain is rapidly becoming enterprise-ready for even the larger corporations.

3. The adoption rate of Blockchain technologies within the gig economy will only increase as its scalability issues, susceptibility to hacking attacks, and price volatility. For organizations that need to rely on alternatives for their work arrangements, it is crucial that the technologies like Blockchain continue to apply to the gig economy to help and solve some of the holding problems from reaching the real potential. https://www.experts-exchange.com/articles/32548/How-Blockchain-Poise-to-the-Gig- Economy-Disruption.html