Lets be honest, everyone has heard of blockchain technology and rumors of how it’s going to change the world. But we all are wondering if there are actual, real-life examples of how it can change the way we live. The problem is that bloggers, journalists, and reporters are all talking about “the power of the blockchain” but no one is explaining how it actually works in real life.
There are two very simple use-cases for blockchain technology in every-day life and you’ll be surprised at how practical it really is.
A large problem with services like Yelp or TripAdvisor is that they rely heavily on their reputation as the go-to place for real reviews of businesses and contractors. Since their reputations are what drives their business, it is in their best interest to protect their reputation. To do this, both companies and others like them hide unfavorable reviews, remove negative reviews, or leave reviews unpublished. A quick search reveals that Yelp filters out negative reviews and Trip Advisor deletes reviews all together, especially ones that link popular destinations to rape charges.
Blockchain technology, while being used for a multitude of projects, is a great platform for building trust. In the real world, the public ledger side of blockchain technology can be used to store real, authentic transaction data. What does that look like?
Well, it looks like this:
You hire a contractor from Dashing, an up and coming home services company. He does a great job and you pay him for his work. Once the service is complete, all of the data from the transaction is stored on a public ledger that anyone can access. That means that everything from how satisfied you were with his job to if he completed the work on time is stored publicly and can be seen by future customers.
Another example is this:
You are in a hurry and need to find someone to fix your sink. You know that Yelp and other services aren’t necessarily the best place to find an honest review of a contractor so you visit Dashing, a new blockchain based home services platform. Once there, you scroll through a list of recent plumbers that Dashing has worked with and can immediately see real life scores of their work. Some contractors are scored lower than others. You can see that twice they didn’t show up on time, okay maybe those aren’t the right fit for you. After a few more minutes you find a local contractor that has nothing but high scores. Because all of his project information is stored on a public ledger, you can see that he is always on time, prices fairly, and has never had a chargeback. You book him and never have to worry.
What if you hire someone off of Craigslist to fix your faucet who appears to be a registered plumber, only half way through the project you realize that this person has never done plumbing in their life. What do you do? Using Criagslist or Yelp, you have very few options for recourse when a contractor fails to provide the services they promise. Blockchain technology can help with that through token voting.
How does token voting work and is it even applicable to everyday life?
Token voting is incredibly simple. How it works is like this:
Anyone who owns a token can vote with their token on who they think is right and against who they think is wrong in a situation like our plumber story. Once the arbitration closes, everyone who voted for the winning side, gets to keep the loosing sides tokens. Being able to win tokens and stake your own creates an ecosystem where the community can invest their own tokens in each others well being.
As the two examples above illustrate, blockchain technology has very real applications for everyday life. Right now, industries like the home services industry are working to implement this technology to better serve their customers.
Dashing, a home services platform, is one of the first start ups working to bridge the gap between the home services industry and blockchain technology. They have built a platform based on immutable reviews, token voting, and trust. For more information on how the home services industry is ready for a jolt from up and coming technology, visit getdashing.com.
Dashing is currently seeking investors! View their SEC Offering on StartEngine here.