Blockchain to Fuel Growth of Trillion-Dollar Freelance Marketplace
Blockchain is expected to disrupt the freelancing job market, which is, in turn, set to dominate the global workforce.
Blockchain is expected to disrupt the trillion-dollar freelance job market, with the technology providing solutions to the many challenges facing this fast-growing industry.
Blockchain is suited for the freelance marketplace because it offers three unique advantages. First, secure recording allows the storage of a vast amount of contract data and transactions in a hack-proof environment. In addition, freelancers get hard proof of their works, securing copyrights that rule out possible disputes in the future. Finally, a more cost-effective money transfer scheme removes the high fees and delays associated with using the services of remittance companies or banks.
Jeff Tennery, founder and CEO of freelance marketplace Moonlighting, said:
“Freelancers all over the world are facing the same problems: high fees to do business, difficulty gaining trust of new clients, lack of credible reviews, scarcity of comprehensive, easy to use tools, and much more.”
He revealed his company was planning to integrate all three benefits of blockchain in freelancing. Currently, Moonlighting has more than 600,000 professionals registered on its platform and plans to launch an initial coin offering (ICO) this year.
“With our Moonbit token placed at the epicenter of our platform, we will help millions of freelancers and entrepreneurs achieve their work independence globally.”
Majority of US workforce will be freelancers
A joint study by freelancing website Upwork and Freelancers Union has predicted that independent contractors would constitute the majority of the US workforce within a decade, with nearly half of Millennial workers already freelancing.
The study, titled “Freelancing in America: 2017,” estimates that nearly 57.3 million Americans, or 36% of the total workforce, are freelancing and contributing approximately $1.4 trillion annually to the economy. The figure is an increase of almost 30% on the 2016 results.
Stephane Kasriel, CEO of Upwork, commented:
"We are in the Fourth Industrial Revolution — a period of rapid change in work driven by increasing automation, but we have a unique opportunity to guide the future of work and freelancers will play more of a key role than people realize. Professionals who choose to freelance make this choice knowing that, as their own boss, they are in control of their destiny. Freelancers, therefore, think more proactively about market trends and refresh their skills more often than traditional employees, helping advance our economy."
Token for freelancers
Last month, Open Collectors Network said it was developing a non-fungible token that is suitable for freelancers and freelancing companies because it would allow them to tokenize unique products such as written articles, handmade materials, and even pieces of art.