Blockchain startup capitalises on growth of billion dollar sharing economy
An exciting vision that uses blockchain technology aims to upend the high value sharing economy with its unique new platform.
Australian startup, ShareRing has united the rise of the sharing economy with the growth of blockchain technology to form a centralised, on-demand platform, that links sharing services with users across the world.
Currently, sharing providers are very segmented and many exist in small markets which means there are lots of different sign up processes, some of which are cumbersome. Some services are only open to local residents and there is often a lack of trust when it comes to the legitimacy of a company or person, as well as doubts about security and privacy.
ShareRing says its ShareLedger platform is the solution and forms the basis for the ‘world’s first trusted token for sharing services’ providing ‘one way to pay for sharing everything’. From rentals, peer to peer lending, social dining and shared tour groups to freelancing, book and clothes swapping and car/bike sharing.
The ‘lightbulb’ moment for the concept came after co-founder, Tim Bos witnessed the extent of the hard rubbish wasted on the streets while travelling in Japan.
He said: “I realised just how much waste we produce as a massive consumerist society, and thought to myself, we can do better than this as a united global front it only we tapped into the real potential of the renting, borrowing and sharing community.”
The ShareRing team also recognises a shift in consumer behavior as ‘access’ steadily overtakes the value of ‘ownership’, evidenced in the popularity of Uber and Airbnb.
Tim Bos said: “Access provides choice and variety, while ownership can be limiting. Participation in the sharing economy is around 20%, and that number gets higher as age decreases, so it’s reasonable to presume that the sharing economy will continue to thrive well into the future.”
How does ShareRing work?
SharePay (SHRP) is central to the function of the platform, it is used by customers to pay for renting assets. Users can rent out assets like cars, gadgets and tools, allowing them to earn and using their own SharePay to contribute back into the ShareRing economy.
Providers use the ShareToken for access to the ShareLedger which allows them to add in features like smart contracts. Each time a user lends an item a contract is raised when it is picked up, this streamlines secure payments and makes earnings more readily available for use on the platform.
Experts in sharing
The new venture is not the first for the team behind ShareRing who have already made waves in the sharing economy with Keaz, a vehicle access and sharing solution with a growing worldwide network and big brand partners including Toyota and Envoy.
ShareRing was founded in 2017 by Tim Bos, Rohan Le Page, Peter David and Neville Christie. Last month it announced completion of its AU$3.8 million capital campaign. It plans to issue four billion tokens, with a USD $ 48 million hard cap in its Token Generation Event.
ShareRing’s presale has started already with a price of USD $0.02 per ShareToken. The main ICO event will begin on May 7th and will run for four weeks.
More information on the ICO can be found on the ShareRing website: https://sharering.network/#/en/presale