ENGINEERING & SCIENCE

Blockchain and the Freelance Industry: What You Need to Know

If you’ve followed the news at all in the last few months, it is certain that you’ve come across conversation about blockchain technology. It has been one of the hottest tech topics in recent memory.

The following is an overview of key things freelancers should know about blockchain and its potential impact on the freelance world!

Blockchain Basics

You don’t have to understand the inner-workings of the technology behind blockchain to gain a basic sense of what it offers. Blockchain is a way for decentralizing digital networks to eliminate barriers that get in the way of connections between providers (including freelancers) and users or clients.

By participating in blockchain networks, potential clients gain access to verifiable data that enhances their ability to create connections with ideal providers. Blockchain also improves participants’ capacity to connect resource investments to revenue, better optimizing return on investment.

Blockchain Implications

The following is an overview of some of the most compelling implications of blockchain for the freelance industry:

More Wins for Reputable Providers: Potential clients can purchase verifiable data that is captured across platforms that connect clients to providers. On individual networks, unscrupulous providers are known to manipulate reviews and other tools used by clients to select freelancers. With blockchain, aggregate data helps paint a clearer picture as to which freelancing providers demonstrate genuine quality.

Cryptocurrency Payments: Cryptocurrency, such as Bitcoin, is one of the more well-recognized examples of the use of blockchain technology. Whether you currently get paid through cryptocurrency or anticipate doing so in the near future, blockchain matters to you. Bitcoin is a publicly-traded currency, so your payments become an investment. Thus, selling off your investment for top dollar factors into your earnings.

Payment via cryptocurrency can also reduce or eliminate some of the costly payment transfer fees that freelancers suffer in the global marketplace because payments occur within a decentralized global network.

Reduction of Copyright Theft: Theft of copyrighted work is one of the biggest risks to global freelance providers. It is difficult to combat hackers and digital thieves in a global system with many layers of tech roadblocks. Blockchain’s ability to store verifiable data simplifies the connection of digital work to owners, reducing the impact of this key problem.

Expert Services: One of the more direct ways that blockchain technology can affect freelancers is by opening doors to new areas of expert services. Companies sometimes find it more economical to source experts in blockchain technology via freelance consulting or delivery. For instance, freelance writers are finding opportunities to produce content on this subject.

Conclusions

Even if freelancers don’t see how blockchain can dramatically affect their business at this point in time, it is essential to stay on top of the news about this evolving technology. Savvy freelancers know that leveraging new technology is vital to staying ahead of the competition in the digital global marketplace!