Zoom turns to blockchain for help in matching freelancers with contractors

Zoom turns to blockchain for help in matching freelancers with contractors

The Zoom outsourcing platform plans to upgrade its service by using blockchain technology to connect freelancers and businesses more easily and more efficiently, Venture Beat reported.

Outsourcing services have continually been plagued by several problems such as complicated payment methods, poor business relationship and difficult project planning, among other things. Most outsourcing platforms have made different moves to solve such problems, but Zoom is taking the bold step of integrating the blockchain into its platform.

According to reports, Zoom plans to build a connection between freelancers and virtual companies using blockchain smart contracts, ID system and artificial intelligence (AI). It is going to be the first existing freelance outsourcing platform to make such move—a merger that is expected to create an ecosystem where freelancers will get connected with outsourcers, without any form of intermediary, and will be able to make fast and easy transactions.

What Zoom hopes to achieve with blockchain technology

Zoom hopes to create a strong and more transparent platform where employers, freelancers and stakeholders can enjoy better confidence in their interactions. The founder and CEO of Zoom Tech Capital, Plamen Nedyalkov, revealed that part of the plans to integrate blockchain technology is to help make payment methods more simplified and strengthen connections.

Ndyalkov stated, “We are using blockchain to handle the escrow and transaction service of the platform, equalizing the power differential between clients and contractors because the payment is held in the hands of neither.”

Zoom plans to use an ETH-based utility token called “Zoom token,” which will serve as an in-house token that can be used as a medium of payment for services rendered within the ecosystem.

Using the blockchain, the Zoom platform will enjoy maximum security. Thanks to the use of smart contracts, payment transactions between all parties involved in the process will be secured. Transactions using the Zoom platform will be more simplified, despite the introduction of multistage and multi-stakeholder projective into the ecosystem. It promises to be a completely transparent ecosystem where freelancers will have access to view available projects and businesses that suits their needs.

According to Nedyalkov, “We do have several partners that will be on-board to the platform at launch, and that there are helping us figure out the needs and challenges of different user groups”.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.