Estimates show that online transactions cost users at least 12%. In some occasions, businesses lose over 5% of their value when making online payments. Through the use of blockchain technology, cryptocurrencies like bitcoin and ethereum are increasingly filling this gap. Currently, digital currencies are used in more than 40 national currencies, about a quarter of all currencies recognized by the United Nations as legal tender.
As a global ledger, blockchain technology records transactions made using digital currency securely and without being controlled by a central authority. This has created a wide range of application possibilities. One of these possibilities is global accessibility where businesses or individuals can make or receive payments with or without bank accounts. Blockchain eliminates middlemen and makes transactions more cost effective. Since it’s not possible to counterfeit digital currencies like bitcoins, users are guaranteed security and enjoy complete control over their funds.
Furthermore, blockchain protects users from fraud and allows them to encrypt their wallets for security measures. The expanding application possibilities of digital currencies are now making it feasible for businesses and individuals to make micropayments, mainly because bitcoins are efficient and flexible enough to allow for this to happen. Several companies are already using blockchain technology to transact using cryptocurrencies.
Problem + Advice = Experty, a Skype-like app for paid calls
Experty.io, a blockchain-backed platform is unlocking people’s potential through the transfer of knowledge, rather than physical assets. The platform addresses a common problem consultants across the board face.
According to Experty Founder and CEO, Kamil Przeorski, "One of the major challenges is that there is not much incentive for experts to provide consulting over applications such as Skype, where there is no simple way for them to receive money for ad hoc micro consultations."
The platform allows knowledge providers to earn revenue by providing advice to their contacts via calls. Experts in different fields set their rates per one minute of call and offer consultation services to clients on the phone or desktop. They then receive instant payment from their clients through the ethereum cryptocurrency. Experty.io is bound to transform the way professionals offer expert advice to those who need it most.
“Experty.io is a platform that will bring some balance to the world because people who are disconnected from other parts of the world will now be able to join the global market. Think of medical doctors in Venezuela who earn $20/month or other specialists in Africa or India who are very underpaid for their knowledge and expertise because they have no access to the financial instruments like people from the western world,” Przeorski explains.
Kamil Przeorski, founder and CEO of Experty.io, and David Drake of LDJ Capital at the BlockchainDC event
There is no doubt that the secure, efficient and flexible features underpinning the blockchain technology are changing the way people invest and transact online. Experty.io is leading the way in identifying and implementing creative blockchain solutions in the face of investing and transaction problems. This makes cryptocurrency an interesting industry to watch, not only for investors, but for innovators as well.