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Uwerx Information
  • 🌐Uwerx
  • [1] Overview
    • Data Driven Demand
    • Current State of Freelance Industry
    • Advantages of using blockchain technology
      • Trust & Security
      • Substantially Lower Fees
      • Verifiable Stored Records
      • Protected Intellectual Property Rights
  • [2] The Uwerx Freelancing Platform
    • Reserved
    • Reserved
    • Reserved
    • Reserved
    • Reserved
  • [3] Uwerx Marketplace Structure, Features & Advantages
    • Structure
    • Unique Features
      • User Webinars
      • Joining Incentives
      • Performance & Activity Incentives
      • Integration with productivity tools
    • WERX's Role / Use Cases
  • [4] Tokenomics
    • Of Supply
    • Of the WERX token
    • Vesting Period for Sustainability
  • [5] Roadmap
    • Vision
  • [6] Safeguards and Security
    • Audits
    • Liquidity Lock
    • Contract Renouncement
  • [7] WERX Token Details
    • Contract Address
    • Setting up WERX token in your DeFi wallet
  • [8] Social Media Links
    • Official Links
    • Moderators
    • Social Media Etiquette
  • [9] The Uwerx Team
  • [10] Frequently Asked Questions (FAQs)
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  1. [1] Overview
  2. Advantages of using blockchain technology

Trust & Security

Increased Trust and Security

Blockchain facilitates peer-to-peer transactions, thus excluding a third party necessary to approve them. However, freelancer platforms can migrate to blockchain and still play a significant role. After all, freelancers and buyers still need a venue to meet, discuss business, and exchange skills for money.

Two parties can use smart contracts to exchange money for freelance work on the blockchain. A smart contract is a self-executing and self-enforcing agreement containing terms and conditions. Once both parties agree on something, the blockchain stores the contract making it almost risk-free to modification or hacking. A smart contract can store assets securely until both parties meet the predetermined requirements. For instance, it won't release a freelancer's pay until they deliver the work per their agreement with the buyer. Conversely, it doesn't release the work to the buyer if the latter doesn't make proof of payment. Simply put, a smart contract can act as a peer-to-peer escrow service between two parties without third-party involvement. Lastly, smart contracts do not have fine printing. All their conditions are transparent and available for every relevant party to see. Therefore, businesses and freelancers cannot scam each other or include hidden terms in their agreements. In return, they both benefit from a more trusting and secure work relationship.

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Last updated 1 year ago