Blockchain and the Future of the Sharing Economy A decentralized sharing economy

Abstract

The sharing economy is a socio-economic system that has changed the meaning of sharing around the world. Similarly, blockchain technology has changed the way of doing business online. Trust was once the main problem in doing business online, while cutting out the middleman was another contentious issue, but the new Generation Z (Gen Z) wants to share more freely and securely. Blockchain is a disruptive technology and Gen Z is the future driver of the economy. Blockchain technology has enabled transactions to be decentralized, secure, and transparent in the sharing economy. Gen Z will be more comfortable with decentralized sharing economy business models in the future. In this chapter, the future of the sharing economy will be discussed under the disruptive technology of blockchain and Gen Z’s needs. The first part of the chapter will focus on Gen Z’s sharing economy perspective. The second part will cover the sharing economy’s transformation into digitalization. The third part will examine the details of blockchain technology and smart contracts. The fourth part is about blockchain technology working systems and models with smart contracts. Finally, the conclusion part of this chapter will deliver an overall evaluation of the integration of blockchain with smart contracts into the sharing economy, with the decentralized sharing economy’s benefits and future effects being discussed.