Moonlighting Featured in Forbes
If there is one word we heard a lot in 2017, it would be “blockchain”. Apart from the unprecedentedly high bitcoin price, the technology has made it to the headlines for disrupting pretty much any industry you can think of – banking, governmental management, telecom, retail and more (Disclosure: I own some bitcoin and ether).
And the next great area of blockchain disruption in 2018 may be freelancing.
What are the benefits of a blockchain-powered freelance platform?
Blockchain has a number of rather specific and versatile properties that make it so attractive for multiple niches.
When it comes to freelancing, blockchain means:
- Immutable, secure record of transactions – and not just financial ones. Blockchain allows storing a large number of transactions and contract data in a secure environment that is hacker-free. For freelancers and their clients, agreements can become part of a permanent record. The contracts get harder to breach or compromise.
- Proof of work. Freelancers can store all profile and portfolio data on the blockchain, meaning there is solid proof of what they did. All work can be clearly attributed to the owner and information on copyright can be secured too. Ruling possible disputes between the client and the freelancer becomes simpler as all data is securely recorded.
- Cheaper money transfers. According to the World Trade Bank, transaction fees for money transfers now average around 45% globally, yet certain remittance corridors are a lot higher cost to use, especially in the developing markets. For instance, transferring money to Africa from Europe or the U.S. can occasionally cost an extra 15%. While during the past decade, the average global remittance prices have dropped by almost 2.5%, a further 5% drop could result in $16 billion of extra annual income for all the recipients; blockchain can help do just that.
One of the leading freelance marketplaces, Moonlighting, is planning to tie all these benefits together. The company has been around long enough to have over 600K freelancers sign up – professionals who will soon be able to market themselves across the globe. To propel their business even further, they have decided to launch an ICO in 2018.