On Friday, San Francisco tech publication Venture Beat reported on Zoom Tech's eye for blockchain usage. The nascent company and platform, which according to CEO Plamen Nedyalkovis is not yet "[...] fully operational," hopes to transform freelancing and outsourcing by looking towards blockchain-based solutions.
According to Venture Beat's Stewart Rogers, the young company is:
[...] utilizing blockchain technology to enable business relationships, project planning, and secure payments. Zoom will connect freelancers and virtual companies using a blockchain ID system, artificial intelligence, and smart contracts.
Zoom hopes that blockchain tech will create stronger and more transparent connections between employers, freelancers, and stakeholders. Nedyalkovis also hopes to integrate blockchain tech into the company's payment systems in hopes of further strengthening these connections:
We are using blockchain to handle the escrow and transaction services of the platform, equalizing the power differential between client and contractor because the payment is held in the hand of neither
Zoom's utilization of blockchain tech and ' smart contracts ' allows for this secure payment system, but that's not all it's useful for. Zoom also certifies the identities and credentials of employers and workers alike. Rogers notes Zoom:
[...] also has an ID system that confirms the identities of potential employees and employers using a consensus algorithm that verifies, validates, and authenticates private data, and it creates validated work histories and reputations tied to those secure IDs to limit fraud.
Zoom will also implement a, '"tribunal" system that offers a jury-like structure to review and resolve reported conflicts within projects and milestones.'
Nedyalkovis indicates that Zoom Tech is working hard to forward the integration of smart contracts within its web application. The CEO also indicated the company's upcoming search for potential partnerships, as well as an upcoming ICO.
We are looking to start onboarding partner companies for our MVP in about a month and a half, and launching our ICO around that time as well.
Images courtesy of Shutterstock, Zoom Tech.
09/01/2018 / 10:00:00 Source: bitcoinist