Hi, this is the Masterkey team!
In our previous posting, we looked into the token economy of Masterkey’s
Today, we would like to talk about how the sharing economy service platform, Masterkey with the application of blockchain technology is different from the existing sharing economy services.
Though the number of users using the sharing economy service is on the constant rise, thanks to the boost of life style related industry, barriers to building a service for its efficient use still exist for both service providers and users.
Therefore, Masterkey presents a solution to the problem of this centralized management system by incorporating the blockchain technology into the sharing economy service platform.
What kinds of changes with the blockchain?
Implement more reliable reservation service
Those who have operated or used sharing economy platforms such as rental, real estate, or housing services must have at least once experienced inconvenience like a no show from customers, or cancellation from a host after booking.
Having said that, no shows or unexpected booking cancellations is one of the common problems in the sharing economy platform.
Thus, Masterkey is aiming to develop a secure booking system where all can mutually trust each other through the blockchain technology.
Upon a successful booking service on Masterkey, some portion of the deposit or amount will be transferred from the user to the payment smart contract of the host. If a user does not show up on the booking date, or a host cancels out the reservation, that portion transferred will be charged as a penalty.
Moreover, Masterkey users can be assured of trust from our service since our fundamental payment mechanism is programmed to transfer the whole booking fees to the host only after no particular issues are found with the host.
Incentives for contributions to the ecosystem
The most critical factor for a platform to better position itself is deemed to be the vigorous activities of the users such as writing and sharing feedbacks or reviews after their experience with the service from the platform.
In order to encourage the user participation, Masterkey provides those who make contributions to the ecosystem with reasonable incentives. For instance, when users leave reviews after using the service or taking part in disputes between parties to the service, MKY will be distributed as a reward to the respective contribution.
In addition, our referral program offers incentives accordingly to those who invite newcomers to the platform via the application of the incentive mechanism.
Building Efficient Trading System
Moderating issues arising from parties to the sharing economy service tends to require extra personnel and expenses.
Thus, by the application of the blockchain technology, Masterkey offers a transaction payment mechanism to our hosts and users to increase its efficiency.
While MKY token is being used within the Masterkey platform as a payment method, once an issue arises between parties during the transaction, this MKY would act as a mediator to improve efficiency in the decision making. Moreover, if no issues occur between the parties after the deposit or transaction amount having been transferred to the smart contract, it then will be sent to the respective address; creating a transparent and reliable network for building connections among various participants.
We have described some changes that can be brought upon when the blockchain technology was incorporated in the sharing economy platform, Masterkey.
Wo will be back with more dynamic contents next time.
Thank you for reading.
Masterkey Team
