How To Help 314.03 Million People Access The Gig Economy?

TL;DR

> Web 2.0 system has payment restrictions that block people from earning online;

> Blockchain and Web 3.0 make payments accessible to every country in the world;

> Web 3.0 enables 3rd world countries to improve their living standards;

> Blockchain helps people to save on transaction fees, attracting more people to the gig economy.

Country Restrictions: PayPal Case

Labor force — the total number of people either in employment or in unemployment (looking for work). Data taken from Worldbank.

From 27 countries with payment restrictions, around 314.03 million people worldwide are partially or entirely blocked from using PayPal, losing access to earning opportunities.

  • Individuals: the people affected are from countries with difficult economic or political conditions. Earning online would be very helpful for people to support themselves;
  • Companies: businesses worldwide are facing higher labor costs, which means their efficiency is reduced, and they have to increase the prices of their products;
  • Countries: as individuals are restricted from earning opportunities, there is less spending in weaker economies, which hurts their development and growth;
  • The World: as 3rd world country development is slowed down, the wealth gap between developed and developing countries keeps increasing, hurting global growth.

Web 3.0 Solution

  • Freelancers: People from any country can access a global payment system as long as they have internet access. This would bring more earning opportunities to people from 3rd world countries, helping with their financial wellbeing;
  • Companies: With a frictionless payment system, companies could hire people from a global pool of freelancers. This unlocks the untapped potential to reach more people, resulting in cost-saving for businesses and lower product costs for people.
  • Accessibility: People from any country can access a global payment system as long as they have internet access. This would bring more earning opportunities to people from 3rd world countries, helping with their financial wellbeing.
  • Cost efficiency: Both businesses and freelancers would save a significant amount of money currently used for transaction fees. This increases profits for both parties and contributes to the overall gig economy growth.

You can learn how blockchain helps freelancers to save money in our previous article:

Country Restrictions: Swagbucks Case

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JumpTask

JumpTask

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JumpTask - the gig economy-based marketplace that allows companies to make the most out of the collective skills possessed by a globally dispersed workforce.