Uchain is a public infrastructure blockchain network specially designed for the global sharing economy. It is the next generation distributed smart network blockchain for the sharing economy. Here they have realized and attributed some problems. They are excessive transaction costs, the problem of the trust, data leakage and abuse. So along with other sharing economy enterprises, chain aspires to build a decentralized worldwide sharing economy ecosystem where every user can exchange value and publish contents freely without intermediaries. Combining U-bicycle’s experience in the practice of sharing transportations along with support from their strategic partners, they have been working on a solution, realizing the way to solve these issues will be through the implementation of a truly free peer-to-peer network with the combination of blockchain technology along with an underlying sense of the sharing economy.
As well as we can identify the sharing economy as a collaborative economy or peer-to-peer economy. In the sharing economy 1.0 people provide their idle resources, either a physical property or a service through a third-party platform for other people in exchange for money. There are eight major sectors of current iconic companies in the sharing economy.
1. Shared accommodation
2. shared work-space
3. Shared service
4. Shared transportation
5. Shared resources
6. Shared medical services
7. Shared knowledge
8. Shared education
As mention above, there are some problems in the current sharing economy. one of the problems is excessive transaction costs. Excessive transaction costs have always been the norm in the centralized matchmaking business which is no different in the sharing economy. Most companies try to maximize their profit while reaching their operational key performance indicator. Therefore sometimes that will limit the supply of their sharing service inorder to maximize profit. Second problem is trust. Trust is essential for the sharing economy. Traditional technology has not been able to solve problem of trust between people through technical means. As a result, the platform, acting as an intermediary, vouches for both parties to facilitate the transaction. Other problem is data leakage and abuse. It is a main problem with users having to provide their personal information such as phone numbers and email address to the sharing platform of their choice. After obtaining user’s information, instead of complying with the user agreements, some companies use this data for other purposes, with some cases showing it being sold for money. As well as at present, most companies and sharing economy platforms store user’s data in centralized databases. If the server is breached or any inappropriate internal management conduction is performed, a large number of sensitive data would be at the risk of theft and leakage.
The substance of blokchain is an independent peer-to-peer network. The idea behind the community autonomy would inspire people around the world to participate in and benefit from the development of Uchain. Here when we talk about the blockchain solutions, according to the excessive transaction costs, Uchain will establish a decentralized blockchain network. During peer-to-peer transaction settlement between user and service providers, intermediaries will be cut off and they estimate to reduce the transaction fee by nearly 20%. The whole transaction process will be handed by smart contracts and cross-chain hosting technology to ensure the authenticity, legality, and compliance with users and merchants using UCN for transacting, they will be able to achieve a real-time settlement and eliminate the risk and cost involved with the usual way of payment on existing platforms. Also Uchain will establish a credit passport mechanism open to all participant’ behavior once the users’ credit passport is verified by the service provider, they can use it as identity authentication and directly transact without having to pay a deposit. In fact, in the nearby future, users can use it on different occasions for various services, with awesome experience. When talk about security of user’s data, it is very safe and has a high quality. Instead of storing and accessing data from a centralized database, they store and extract data through a distributed storage scheme with a private key, which means that data cannot be tempered with and is only accessible by the owner. Users and service providers have to sign with their private key if they want to revise their information, with all changes being fully traceable. Uchain is able to modify user’s data access through a smart contract, only under the user’s authorization. So now we can understand that how the Uchain solution is impotent.
Uchain always thinks about giving the benefits back to users and service providers. The service providers can issue their own digital asserts, tokenizing their own sharing services. As well as there are four layers in the Uchain’s overall product structure. They are core blockchain layer, API/SDK layer, service layer and application layer. Only by using this technology can ensure that complex data and historical reviews within shared economy applications can be stored intact, well structured end quickly on the blockchain.
There are three parts in the core blockchain layer; distributed shared ledger, consensus mechanism, and cryptography. In this system Uchain is deploying a decentralized peer-to-peer distributed storage technique by applying a distributed hash table based distributed storage protocol, with data being indexed by file content instead of a file path. As well as the customer’s sensitive data, track data with core values and unstructured data on the platform, including avatars and photos are all stored on a distributed storage network. Also in the consensus mechanism, the information can be broadcasted efficiently to every node in a few seconds with high performances and high Byzantine fault tolerance. Furthermore this algorithm (RPCA) has been proven robust and effective with Ripple. Likewise Uchain uses elliptic curve cryptography to sign digital assets to ensure the security of every transaction. This is widely regarded as the most powerful asymmetric algorithm given the key length, which has been fully exercised in the bitcoin network.
Also according to the SDK/APL layer, there are three types of processes in the smart contract construction and execution system.
1. Multiple users participate in formulating a smart contract.
2. The contract is spread through the peer-to-peer network and stored on the blochchain.
3. Smart contrasts embedded within the blockchain are automatically executed.
When we talk about credit rating system in the case of FICO, credit scores are dependent on five dimensions; payment history, number of accounts, length of credit card usage, types of credits and number of new accounts. As well as there are four types of modules in the service layer. They are account management module, policy management module, system management module, smart contract management module.
Here when the account is registered, the identify information such as the username and password used by the original user is mapped to the Uchain blockchain address. After the account is logged in blockchain-related service requests can be sent. Also their policy management module includes policy configuration, data security, access control and regulation and audit, which are responsible for permission control and management of user data, private key system, nodes joining and exiting, and data access. As well as Uchain provides a complete, express and visualized operation monitoring system. It mainly includes system configuration, monitoring, alarm, release and service analysis functions. Also Uchain smart contract can be categorized into two types; standard contracts and custom contracts. So through API or SDK on Uchain’s platform, enterprises in the sharing economy can build DApps or simply migrate their existing app onto Uchain.
In the uchain ecosystem, there are two major roles. They are users and developers. In the Uchain ecosystem, users can be categorized in service users, independent service providers, and enterprise service providers. Here independent developers or Uchain foundation developers create and maintain the infrastructure. So in the Uchain, they all try to establishing their distinct values to make Uchain a better ecosystem.
For more information about Uchain you can access the following links.
Medium Blog: https://medium.com/uchain
Telegram Invite: https://t.me/UchainEcosystem