The growth of the gig economy will change the way of life and work of the future, according to a report commissioned by a global gig platform App jobs and Vinter, a regulated index provider specializing in crypto assets and blockchain technology.
Thanks to the growth of blockchain technology and the gig economy over the past ten years, the change has been remarkable, according to Appjobs founder Alok Alsstrom.
“We believe that the advent of blockchain technology and the gig economy shows that cryptocurrency and the digitized gig market will soon converge and create the natural next step in the evolution of economies.”
Gig economy transactions are projected to reach $ 455 billion by 2023
The gig economy encompasses the exchange of labor and capital, also known as gig for money, between institutions and individuals via digital platforms that bring providers and customers together.
According to a study by Mastercard, global gig economy transactions are expected to grow 17% annually to around $ 455 billion through 2023.
Alsstrom believes that the gig economy offers people a flexible way of working and allows them to decide what to work and how much effort they put in. Alsstrom also believes that individuals would be more independent if they had more personal choices or options at work.
The emergence of a real internet-based economy
The report found that the convergence of blockchain technology and the gig economy would trigger a true internet-based economy.
Public blockchains are expected to become a truly global payments system, giving the gig economy access to a global financial network with low barriers to entry for customers, employees and platforms.
Meanwhile, the global Blockchain-as-a-Service (BaaS) sector is expected to reach $ 15.8 billion by 2026 from the current $ 2.31 billion, which is an average annual growth rate (CAGR) of 46.9%. High immutability and secure decentralization are expected to fuel this growth.
Image source: Shutterstock