4 Ways Blockchain technology could affect freelancing
The world of work is rapidly changing. We can’t see how things will play out, but one thing is for sure: freelancing jobs won’t be the same in 10 years. Whether it’s blockchain technology making transactions more efficient or gig-economy benefits like health care becoming obsolete, freelancers have to adapt and change with the times. Here are four ways blockchain technology could impact freelancing.
(1) Blockchain could reduce inefficiencies.
Freelancers can currently pay exorbitant fees for methods like wire transfers. It’s also difficult to send payments from one country to another or use different methods of payment depending on what the client prefers. The blockchain is a distributed ledger that makes payments safer and more efficient, as well as enabling more options for international freelancers who struggle with currency conversion fees and other inefficiencies associated with international payments. Starting this year, blockchain will start to become a major part of freelancing platforms and payment solutions.
(2) Blockchain could lead to increased transparency.
Right now, there’s no central database for freelancers to store their credentials and reputation. This leads to a fragmented system with information scattered everywhere. Blockchain technology could solve this problem by simplifying the way freelancers build and maintain their reputations. A blockchain platform offers a secure way to store information about freelancers, potentially allowing employers to access a universal database with a variety of information about potential candidates — including skill level, availability, reputation, and more. The blockchain can also track payments in real-time so both parties know exactly who owes what when the work is done.
(3) Blockchain smart contracts could help prevent fraudulent activities
We’ve all heard horror stories about clients violating contracts with freelancers. This happens because traditional payment methods are mutable and susceptible to tempering. Traditional payment methods such as PayPal, Wire Transfers, and checks — all of which have risks (including charge backs). However, with blockchain technology, transactions are more efficient with reduced fraudulent activity. Smart contracts allow parties to set clear terms before the work begins to avoid disputes that would require third-party arbitration.
(4) Blockchain might make health insurance obsolete for freelancers.
There’s currently no standard way for freelancers to band together and get health care benefits from employers. Health care is expensive, and it usually comes out of your paycheck before you even realize it. With blockchain technology, freelancers could pool their resources to offer more affordable insurance that comes directly out of their payments, saving them money while building a better reputation. The problem with this possibility is that most companies don’t know what benefits they should be offering their employees and don’t see the need for new health plans. But blockchain could solve that problem, too.
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Blockchain technology isn’t the solution to all of our problems. But it could play a big role in freelancing, and that’s exciting — especially for those who want to use it to support themselves and their families. Using blockchain technology for freelancing guarantees security, rapid and efficient payments, improved transparency, and other benefits. Blockchain technology could revolutionize freelancing.
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