The Sharing Economy has had a resurgence as technology facilitates access and enables an easier exchange of goods and services. Through P2P platforms users are able to rent and monetise their unused items, helping to decrease waste, increase utility and ultimately creating a more sustainable and clean environment.
We had a chat with Tim Bos, from ShareRing, who is using blockchain technology to power a sharing marketplace, why he thinks this technology will drive improved sharing.
Tell us about ShareRing?
ShareRing is launching a blockchain powered ecosystem and marketplace in April 2019 that will essentially empower the entire scope of the rental and sharing industry with a vision to increase social sustainability. This will be achieved through promoting the re-utilization of assets, where 95 per cent of the world’s assets sit idle, and by decreasing global waste.
ShareRing aims to become the one-stop shop for all rental and sharing needs, allowing users to book assets and services on-demand, all under one app and web platform. It will centralise shareable and rental assets by bringing on business providers in these sectors, across targeted geographies and industries that will begin in Melbourne, Australia.
The platform will include:
- ShareRing’s own blockchain powered booking engine named ShareLedger, which is already processing 1600 real transactions per day from ShareRing’s sister company, Keaz. Keaz specializes in car fleet solutions for enterprises and global leading auto manufacturers, who are already indirectly using blockchain technology through ShareRing and Keaz;
- A dual token approach for utility and seamless cross-border payment solutions;
- White-label asset and service booking for businesses of all sizes.
What type of things will people share?
With our app launch in April using Melbourne as a testing ground, we will initially test the platform from a select pool of business providers that spans from different industries. Think car hire, scuba diving equipment, vehicle rentals or even spa retreats. As the marketplace grows, so will the range of assets that will be available. ShareRing is aiming to allow consumers to rent anything, anywhere, anytime-the possibilities really are limitless.
What is ShareRing’s customer acquisition strategy?
It will begin with a sandbox environment in Melbourne, Australia. The chosen testers will be both technical and non-technical. Their job is to completely pick the app apart before launching to the general public. We are working closely with our partners and consolidators to ensure we scale fast once it’s ready to go public.
The world’s largest industry is tourism, with international travel increasing year-on-year. For these reasons, ShareRing is targeting this sector initially within a niche that is both new and exciting, and we’ll be announcing more information around this publicly very soon. It will allow tourists to easily and securely access accommodations, public transport, cars/bikes, entertainment, tours, local events and so much more, all in just a few quick taps, without risk of their ID or payment details being stolen. Our initial focus will expand once perfecting the tourism sector.
Who are the people behind ShareRing?
- CEO & Co-founder, Tim Bos
- COO & Co-founder, Rohan LePage
- Financial Director, Jane Sadler-Kidd
- Non Executive Director, Neville Christie
- Non Executive Director, Peter David
- 30+ staff based in Australia, Vietnam, US & UK
What is ShareRing’s revenue model?
Subscription and commission model. The ShareRing marketplace works off a small commission taken from any asset rented or services booked, which is paid by the business provider. The user incurs zero fees with our payment solution SharePay. Our white-label solutions will play a significant role in generating revenue for the company.
How is blockchain technology ensuring the secure exchange of items on the marketplace?
ShareRing are the developers of the ShareLedger blockchain, a ‘smart service system’ that makes it far easier on a global level for millions of customers to access, and use on-demand, a wide range of assets within the fast-growing sharing economy.
ShareRing has incorporated a number of core elements that together, create the smart sharing on-demand service system. These elements are:
- A custom-designed distributed blockchain (ShareLedger). ShareLedger will be harvesting one of the most recent developments in blockchain technology, i.e. a dual token mechanism. ShareToken (SHR) will be used as the utility token of the platform, while the second token, SharePay (SHRP), will be used as the currency for sharing services. If we were to think of this as a running car, then the analogy would be that we are providing both the fuel and the oil needed to run it, whereas most other companies and blockchain projects simply provide the fuel! Aspects of a proven platform and API, which are already being used worldwide in the sharing economy;
- A clever, integrated smartphone app and web platform;
- Ongoing mechanisms for creating a strong and growing network of providers and users;
- Customer’s identification and payment are authenticated, protecting businesses from theft and fraud. There is no need for businesses to hold customer’s private details.
Where do you see ShareRing in 5 years?
In five years, ShareRing aims to be in the majority of developed countries offering on demand delivery. This means when you rent a car, you no longer have to go and pick it up but have it delivered to you. Cars will have keyless entry, simply scan a QR code and gain instant access. By being a centralised marketplace for all your rental and booking needs, we’re going to help you eliminate signing up for the countless app’s for each service you need to book. This brings a whole new world of opportunities literally to your fingertips, all in a secure and seamless environment. We aim to have a significant impact on global waste by encouraging more people to have ‘access to’, as opposed to ‘ownership of’ assets.
Marketplaces are growing in popularity, how is ShareRing different and how will you nurture both sides of the marketplace?
- Quick and easy booking process – only a few taps from start to finish, and users only set up license and payment details once;
- Secure – Blockchain powered platform;
- Low fees – reduced transaction and foreign exchange fees.
Thanks for sharing Tim. We love innovations that combine sustainability with technology!
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