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(1)國立政治大學 企業管理研究所(MBA 學位學程) 碩士論文. 政 治 大. 立 分權共享經濟企業的經濟影響. ‧ 國. 學. Economic Impact of Decentralized Sharing Economy Businesses. ‧. n. er. io. sit. y. Nat. al. Ch. engchi. i n U. v. 指導教授:洪為璽 教授 研究生:那斯佳. 中華民國 108 年 9 月. DOI:10.6814/NCCU202000125.

(2) List of Tables List of Figures ............................................................................................................... 4. 摘要 ............................................................................................................................... 5 Abstract .......................................................................................................................... 6. 致謝 ............................................................................................................................... 7 Chapter 1 Introduction ................................................................................................. 8 Chapter 2 Literature Review ......................................................................................... 9 2.1 Current Sharing Economy Leaders ............................................................................ 9. 治 政 大 2.3 Introduction of Blockchain Technology .................................................................... 10 立 2.4 Sharing Economy Issues ............................................................................................. 11 2.2 Research Questions ..................................................................................................... 10. ‧ 國. 學. 2.4.1 Safety and Crime .................................................................................................................. 12 2.4.2 Data Security and Privacy .................................................................................................... 12. ‧. 2.4.3 Monopolies .......................................................................................................................... 12 2.4.4 Price Discrimination ............................................................................................................ 14. Nat. sit. y. Chapter 3 Research Methodology .............................................................................. 15. io. al. er. 3.1 Methods ........................................................................................................................ 15. v. n. 3.2 Case 1. Origin Protocol as a pioneer in decentralized sharing economy business. Ch. i n U. models................................................................................................................................. 15. engchi. 3.3 Case 2. Ainves as one of the first decentralized market places ............................... 17 3.4 Case 3. SALT as a leading North American Peer to Peer Lending Platform ........ 19. Chapter 4 Data Analysis and Results ......................................................................... 21 4.1 Sharing economy businesses potential and growth .................................................. 21 4.2 Sharing Economy Forecast Summary ....................................................................... 23 4.3 Sharing Economy Consumer Survey ........................................................................ 23 4.4 SME economic instability ........................................................................................... 24 4.5 Lack of funding for MSMEs ...................................................................................... 26 4.6 Lending sharing economy industry potential ........................................................... 27 4.7 Decentralized sharing economy leading model ........................................................ 28 2. DOI:10.6814/NCCU202000125.

(3) 4.8 Cross Comparison on Case Studies ........................................................................... 32. Chapter 5 Conclusion ................................................................................................. 34 References ................................................................................................................... 36. 立. 政 治 大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. i n U. v. 3. DOI:10.6814/NCCU202000125.

(4) List of Figures Figure 1. Increasing valuation of Uber and Airbnb (Niam & Shamika (2017). ..................................... 13 Figure 2. Blockchain Infrastructure Model (Menne A., 2018) ............................................................... 29. 立. 政 治 大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. i n U. v. 4. DOI:10.6814/NCCU202000125.

(5) 摘要 如今,共享經濟平台的作用在現代經濟中非常明顯。消費者不再需要親自 去市場或購物中心為自己購買東西,甚至不需要到銀行來管理他們的財務。一 切都是虛擬和在線完成的。共享經濟業務當然使消費者的生活變得非常便利。 然而,他們現在正在轉變為一種新形式,一種沒有控制公司的分散系統。 毫無疑問,這些平台創造了巨大的價值,但客戶和服務提供商不得不依賴 中間商來運營。這使得該過程更長,更昂貴,並且在諸如貸款,旅遊甚至運輸. 治 政 大 和客戶之間的互動更便宜,更直接和更完美來改變這種狀況。 立. 等許多經濟部門中效率低下。許多經濟領域的分散市場正在通過使服務提供商. 本研究探討了集中式和基於區塊鏈的共享經濟平台之間的差異,並評估了. ‧ 國. 學. 這種轉型的好處。. ‧. n. al. er. io. sit. y. Nat. 關鍵字:共享經濟、區塊鏈、平台、分權、經濟影響. Ch. engchi. i n U. v. 5. DOI:10.6814/NCCU202000125.

(6) Abstract Nowadays, the role of sharing economy platforms is very noticeable in the modern economy. Consumers no longer need to physically go to a market or shopping mall to buy things for themselves, or even to a bank to manage their finances. Everything is done virtually and online. Sharing economy businesses certainly made consumers’ lives very convenient. However, they are now transitioning into a new form, a decentralized system with no controlling company. These platforms undoubtedly created a tremendous value, however customers and. 政 治 大 longer, more expensive and立 prone to inefficiencies in many sectors of the economy like service providers had to rely on middlemen to operate. This had made the process. ‧ 國. 學. lending, tourism and even transportation. Decentralized marketplaces in many areas of the economy are changing this by making the interactions between the service providers. ‧. and customers less expensive, direct and flawless.. sit. y. Nat. This research looks into the differences between centralized and blockchain-based. n. al. er. io. sharing economy platforms and evaluates the benefits of such transition.. Ch. engchi. i n U. v. Keywords:Sharing Economy, Blockchain, Platform, Decentralization, Economy Impact. 6. DOI:10.6814/NCCU202000125.

(7) 致謝 首先,感謝指導教授洪為璽老師於論文、平時處事等各方的關照並給予學生 指導,且於學生不懂之處耐心的與學生進行討論,才能有今天的成果。感謝口試 委員們撥空參與,給予學生精闢見解及寶貴建議,使得學生的論文更加完善。 這兩年來時常一同闖關的 105 戰友們,與你們互相打氣及祝福,使得在每一 關卡上都能過關,感謝你們於平時、論文、課業或是在各類研究中的幫忙。. 政 治 大 在,完成論文、完成學業,謝謝你們。 立. 最後,感謝曾經幫助過我的人,有你/妳們的協助與包容,才能讓我走到現. ‧. ‧ 國. 學. 那斯佳 國立政治大學 企業管理研究所(MBA 學位學程) 中華民國 一○八年八月. n. er. io. sit. y. Nat. al. Ch. engchi. i n U. v. 7. DOI:10.6814/NCCU202000125.

(8) Chapter 1 Introduction This research has been conducted with the purpose of understanding the new type of sharing economy businesses that are evolving from their current state into a decentralized system with no controlling party. Decentralization is defined by a digital bank for digital assets called Baanx.com as “the process of dispersing and distributing control, power, ownership of data away from a central authority/entity” (“What Is Decentralisation and Why Is It Important?”, 2018). With this purpose, there have been data collected from publications and company blogs. 政 治 大 market place, peer to peer lending 立 and business crowdfunding industries, as well as the about blockchain technology in general and about its usage in the ecommerce and. ‧ 國. 學. background of the sharing economy industry. To support the research, three cases of decentralized sharing economy companies that are in their early startup stage have been. ‧. analyzed by interviewing their team members and working with marketing materials.. sit. y. Nat. The research process included answering the following questions: Is it better to build. n. al. er. io. sharing economy solutions on blockchain instead of centralization? What is the. i n U. v. economic and social impact of such switch? Who are the main leaders in this new. Ch. engchi. market of decentralized sharing economies and what is their typical model? The answers to these questions will be discussed in this thesis. This research aims at summarizing the leading model aspects for decentralized sharing economy businesses and pointing out the economic and social benefits of implementing the blockchain technology in the sharing economy space.. 8. DOI:10.6814/NCCU202000125.

(9) Chapter 2 Literature Review Sharing economy businesses are the new type of business model that has gained popularity in the past ten to fifteen years. The idea is that this type of company is a platform that connects multiple stakeholders. Such model is beneficial for both the product/service provider (supplier) and the consumer because they can freely perform peer to peer exchange of value. However, this process of exchange is regulated by the platform and both stakeholders need to pay fees to the company that connected them.. 政 治 大 provide. Furthermore, it is mostly the network operators that capture value, not the 立 Nowadays, value taken by intermediaries is not always aligned with the value they. network participants.. ‧ 國. 學. 2.1 Current Sharing Economy Leaders. ‧. In order to look deeply into this new business model, we can examine Airbnb, the most. sit. y. Nat. well-known housing search business at the moment having valuation at over $30 billion.. io. er. Airbnb has developed a technology product that facilitates online reviews and bookings. With local operations teams around the world, today this impressive startup boasts 4. n. al. Ch. million short-term rental listings.. engchi. i n U. v. The Airbnb market platform grows organically with new people coming to use the service, including hosts and tenants, both proactively searching for a good match on the platform. Airbnb fees structure includes 5-15% of every booking for hosts and 3-5% for guests. That being said, it can be observed that Airbnb captures up to 20% of the value created by every transaction, without performing any extra work. In addition, Airbnb automatically withholds local taxes which in some areas of the United States can reach 16% (Liu & Fraser, 2018).. 9. DOI:10.6814/NCCU202000125.

(10) Charging significant fees for its matching service is not unique to Airbnb, 15-30% of transaction value paid by affiliate hotels to the platform is very common among companies, such as Booking.com and Expedia.. 2.2 Research Questions This paper examines the influence of decentralization on the business model of sharing economy companies and their economic impact. The ultimate goal is to answer the questions: Is it better to build sharing economy solutions on blockchain instead of centralization? What is the economic impact of such switch? Who are the main leaders. 政 治 大 In order to start the topic立 of decentralization we need to introduce the blockchain. in this new market of decentralized sharing economies and what is their typical model?. ‧ 國. 學. technology and its use cases.. 2.3 Introduction of Blockchain Technology. ‧. A blockchain is a digital ledger technology that is used to record transactions across. sit. y. Nat. many users so that any involved record cannot be modified retroactively, without the. n. al. er. io. modification of all subsequent blocks, which allows for the public network to be. i n U. v. decentralized and distributed. Blockchain is highly related to cryptography and smart contracts.. Ch. engchi. Smart contracts are automated systems that enforce that on the occurrence of predetermined actions something else happens. Smart contracts are neither smart nor contracts, they are not smart because they are automated, they happen automatically, on the occurrence of some events. And they are not necessarily contracts from the legal perspective. Within this idea of blockchain, we can also add in a second important determination. Blockchains can either be permissionless, or permissioned. A permissionless. 10. DOI:10.6814/NCCU202000125.

(11) blockchain, like Bitcoin, means that it is open, anyone who downloads the software can participate. Users download the software, then become a node, and they have a full picture of the ledger, that distributed ledger is distributed to their node, and anyone can enter this process. However, there are also permissioned blockchains. A permissioned blockchain involves requirements or governance structures or restrictions on entry. In other words, only individuals, organizations, computers or devices which have been pre-approved can join into the network, can access the information and can potentially contribute transactions.. 立. 政 治 大. Blockchain does not necessarily involve cryptocurrencies. A blockchain based system. ‧ 國. 學. at its base is a distributed ledger which is encrypted, maybe with an additional layer of smart contracts on top. The individual data entries can be anything and the. ‧. communications between those data entries do not necessarily involve any sort of. er. io. sit. y. Nat. currency.. One of the most powerful applications for this technology is in production processes.. al. n. v i n C hof pork, or a bottleUof wine can be proven by the In the food market, the providence engchi. blockchain system from its creation, its history, its movements documented throughout that system. Therefore, any eventual possessor can document both the origin as well as the lifespan of that particular pork, bottle of wine, diamond, or artwork. The real power of blockchain is in building systems which are potentially highly secure, permanent and highly transparent.. 2.4 Sharing Economy Issues. 11. DOI:10.6814/NCCU202000125.

(12) Currently sharing economy companies and their users face several issues, most of which can be resolved with the use of blockchain technology.. 2.4.1 Safety and Crime While most of Airbnb and Uber users have positive experiences, some horrifying incidents still occur from time to time. According to reports from CNN, 103 American Uber drivers were accused of harassment or abuse and almost a third of them had criminal records before. Companies like Ola in India and Grab in Malaysia have similar. 政 治 大. stories in the news (Niam & Shamika, 2017).. 立. ‧ 國. 學. 2.4.2 Data Security and Privacy. As reported by Bloomberg in late 2017, Uber has experienced a massive customer data. ‧. breach. Despite security measures, hackers had gotten the data of over 57 million users.. y. Nat. io. sit. Uber’s Chief Security Officer was then laid off for having taken a part in making a. al. er. $100,000 silencing payment to the hackers (Niam & Shamika, 2017).. n. v i n C halso have the sameUdata security problem, which is Other sharing economy businesses engchi why it is more secure and helpful for avoiding some of the vulnerabilities of centralized servers to decentralize databases across multiple nodes. Even if an attack on a decentralized database happened, it would be difficult to hide this event from the public.. 2.4.3 Monopolies Consumers have shown a great interest in all types of services provided by sharing economy in short-term loans, hospitality, delivery, transportation, labor, consumer goods and retail. Decentralization helps take the control of the platforms like this from. 12. DOI:10.6814/NCCU202000125.

(13) the monopolies and give it back to the users. In the future, this crowd-based model is predicted to penetrate into many industries and the monopolies will have to adjust their business models. The valuation of Uber and Airbnb, two of the leading companies in the sharing economy industry, has grown significantly and indicated the potential of this sector. These significant increases state that these firms are still at the beginning of their life cycle. Only fundamental innovations integrated into the business operations can help them sustain this growth. Being global at their core, these firms depend on their ability. 政 治 大. to adapt to local conditions and new technologies in order to expand.. 立. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. i n U. v. Figure 1. Increasing valuation of Uber and Airbnb (Niam & Shamika (2017). One of the most valuable aspects of sharing economy businesses is the flexibility provided to their users. The U.S. Office of the Chief Economist focuses on this aspect of the sharing economy platforms and characterizes them as “digital matching firms” that use technology and online ratings to provide self-employed workers with flexible. 13. DOI:10.6814/NCCU202000125.

(14) schedules. According to Brookings Institution, “2.7 million Americans currently work as independent contractors (i.e., 15+ hours/week) via such firms, a 4,700 per cent increase since 2012. This massive growth is reflected in Uber’s 2015 valuation at $62.5 billion, which would have put it in the top 20 per cent of firms in the Standard and Poor’s 500 index had it gone public.” (Niam & Shamika, 2017). According to the research conducted by Jonathan Hall and Alan Krueger called “An Analysis of the Labor Market for Uber's Driver-Partners in the United States” uncovered significant demographic and earnings-related information. In comparison. 政 治 大 younger. Indeed, whereas Caucasians only make up 26 percent of taxi drivers, they 立. with regular taxi drivers, Uber drivers are, on average, better educated, less diverse and. make up 40 percent of Uber drivers. (Niam & Shamika, 2017). The Uber drivers’. ‧ 國. 學. average age is opposite that of taxi drivers, being rather young than old. It has been. ‧. found that women’s rate among Uber drivers, although being only 13.8 percent, is. sit. y. Nat. double of the female taxi drivers. (Niam & Shamika, 2017). In terms of earnings, the. io. er. researchers found that while over half of all Uber drivers across U.S. cities drive 1-15 hours/week, the greatest per-hour compensation is achieved when driving between 15. n. al. i n hours/week and 34 hours/week C (Niam & Shamika, 2017). hengchi U. v. 2.4.4 Price Discrimination. Price discrimination is something that is very hard to control. Even if it was illegal, firms like Uber and Lyft could charge everyone the same prices but offer discounts and coupons to some clients only. This would be an indirect form of price discrimination that is very difficult to prove illegal.. 14. DOI:10.6814/NCCU202000125.

(15) Chapter 3 Research Methodology In this chapter, three case studies will be introduced and analyzed from the perspective of economic impact of switching from centralized sharing economy solutions to blockchain-based decentralized businesses. In order to better understand the specifics of each business, firstly there will be case introduction presented, providing information on how a company functions and delivers its services, followed by introduction of the indicators and measurements of the impact of each case study company on the sharing economy industry.. 政 治 大 out and estimate company’s 立influence on fees and incomes of consumers, considering. Indicators and Measurements: research companies’ materials with the purpose to find. ‧. ‧ 國. 3.1 Methods. 學. the user base population of existing customers (Origin and SALT).. In order to perform this research on decentralized sharing economy businesses, the. sit. y. Nat. following secondary data analysis has been chosen as a method, together with company. al. er. io. interviews and survey. The secondary information has been collected from the. v. n. companies’ websites, white papers, marketing kits and online blogs (such as Medium).. Ch. engchi. i n U. The research data for the sharing economy market potential and economic impact have been gathered from articles and journals that engaged in similar studies. Key words for Google search were “decentralization”, “decentralized market place”, “fintech platforms”, “peer to peer platform”, “sharing economy business”, “blockchain based sharing economy platform”. After searching for the relevant information and collecting data samples there has been a process of screening and analysis performed with the following conclusions that are described in chapters 4 and 5.. 3.2 Case 1. Origin Protocol as a pioneer in decentralized sharing economy business models 15. DOI:10.6814/NCCU202000125.

(16) Origin is an open-source protocol that enables the creation of peer-to-peer marketplaces on blockchain. The Origin Platform allows buyers and sellers of fractional use goods and services (car-sharing, service-based tasks, propertysharing, etc.) to transact on the distributed, open web. In order to allow for the creation and booking of services and goods without traditional intermediaries, Origin uses the Ethereum blockchain and Interplanetary File System (IPFS). Origin Protocol aims at enabling a large-scale commerce network that: • Awards marketplace participants that contribute to growing the network (e.g.. 政 治 大 referring new users and businesses) 立. developing new technology, bootstrapping new product verticals, and. Airbnb to individual buyers and sellers. 學. ‧ 國. • Transfers listing, transaction, and service fees from large corporations like. y. Nat. from the same corporations to the entire ecosystem. ‧. • Transfers indirect financial and strategic value (such as transaction data). n. al. er. io. and collaboration. sit. • Is built on an open, distributed, and shared data layer to promote transparency. Ch. • Helps buyers and sellers across the world to conversions or tariffs. engchi. v i n avoid U difficult. currency. • Promotes personal liberty by not allowing a central corporation or government to impose rules on how to do business. The Origin decentralized app (DApp) is the main technological tool that users have to use to access the network. Users of Origin DApp can use their Ethereum wallet to transact between each other. With Origin decentralized market place, they can search for goods and services, create listings and accept payment.. 16. DOI:10.6814/NCCU202000125.

(17) It is important that the company doesn’t intend for the Origin DApp to be the only way to access user and transaction data. The code, protocols, and specifications will all be open-source, and it is expected that others will extend and fork the code to create their own frontend experiences. In this way, Origin DApp is created to be the first way to interact with data, but it is expected that third-party websites, mobile apps, and even APIs will be allowed to transact on the network. Blockchain and Distributed ledger technology are still very new for software. 政 治 大 use libraries for developers to simplify the process of creating third-party 立 engineers and challenging to work with. Therefore, Origin is creating easy-to-. DApps.. ‧ 國. 學. Using Origin Protocol for online commerce has multiple benefits. First, the. ‧. data is open and immutable, which means it can be trusted without requiring. sit. y. Nat. the traditional third-party intermediary that controls it. Second, it allows for. io. er. new teams of developers, business owners, and organizations to compete with each other off of this shared data, but ultimately creating greater value for the. n. al. platform.. Ch. engchi. i n U. v. Origin Protocol allows for creation of new type of businesses that will excel in the future. These businesses will serve a new type of client, a client that did not have access to e-commerce before due to economic or technological reasons, now will be able to consume and trade goods and services. Aiming at more than just profits, Origin enables credit score generation for unbanked people, improves economies with unstable currencies, teaching consumers about the use of crypto currencies.. 3.3 Case 2. Ainves as one of the first decentralized market places. 17. DOI:10.6814/NCCU202000125.

(18) Ainves is the next generation online marketplace that creates a collaborative economy by enabling financial benefits to all the users. It is a blockchain-based, peer-to-peer solution to small and medium-sized enterprises financing problem through profit-sharing smart contracts: •. Ainves enables users to sell, buy or invest in products on the same. platform, providing financial returns in real time •. Platform users are rewarded in tokens and earn business credits on a. secure blockchain. 政 治 大 when the products they invest in are purchased, while the sellers can easily 立 •. Users can make extra cash by getting a real-time return on investments. access capital on the platform to expand and grow sales.. ‧ 國. 學. Ainves solution is a blockchain based peer-to-peer online marketplace that. ‧. brings benefits to the three main stakeholders: SMEs that need capital, non-. y. Nat. al. er. io. money, buyers that look for products online.. sit. professional individual investors that look to make returns on their spare. n. v i n Cbenefits Ainves platform provides several globalUeconomy: h e ntogthe h c i •. Shared economy: Ainves enables users to empower each other and make. extra income in the process while they all create an income. •. Eliminating intermediaries: Ainves allows for faster financing process for. businesses by enabling direct investments without the need for third parties. •. Inclusive global economy: Ainves eliminates obstacles for small. businesses to participate in the wider global economy through easier access to customers online.. 18. DOI:10.6814/NCCU202000125.

(19) •. Ease of financing: Ainves facilitates access to financing for online sellers. without the need for collaterals, business credits or giving up equity. •. SME financing: Ainves is bridging the gap for the unmet $5.2 trillion that. exists between investors and SMEs by providing data to investors and enabling any buyer to be an investor as well.. 3.4 Case 3. SALT as a leading North American Peer to Peer Lending Platform The SALT Lending platform is a membership-based financial ecosystem that. 政 治 大. enables cryptocurrency holding individuals and companies to take out cash. 立. loans with competitive interest rates using their crypto as collateral during the. ‧ 國. 學. course of the loan.. The platform will require the necessary anti money laundering (AML) and. ‧. know your customer (KYC) verification steps to lend you money. However,. y. Nat. sit. the platform has a fast approval system to release loans as fast as possible, as. n. al. er. io. opposed to other attempts to peer-to-peer lending that happened before.. i n U. v. The company stores the collateral digital assets in a secure and fully audited. Ch. engchi. wallet to prevent hacks or cheating in the loan process. The interest is set by the blockchain provider who keeps the assets safe till the loan is repaid by the borrower. In 2018 SALT opened operations in 15 additional U.S. jurisdictions including New Jersey, Massachusetts, Washington and Texas, as well as an additional 7 territories including Brazil, Hong Kong, Switzerland, Bermuda, Vietnam, Puerto Rico and the United Arab Emirates. This rapid expansion of services brings the company closer to their goal of being fully operational in all 50 states. 19. DOI:10.6814/NCCU202000125.

(20) As SALT continue expanding globally and maintain the current position as market leader, their competitive offerings include: ·. Flexible loan terms. ·. No origination fees. ·. No prepayment fees. ·. No servicing fees. ·. No closing costs. On top of that, they are one of the few companies lending in traditional. 政 治 大. currency, which puts SALT in a unique position to increase loan access across the world.. 立. Between continued expansion and greater flexibility in loan terms, they are. ‧ 國. 學. supporting the mission to grant customers maximum utility of their assets.. ‧. With more than 60 percent of cryptocurrency trading in international. sit. y. Nat. currencies, SALT is seeking to expand their footprint to increase the number. io. er. of crypto holders they can service across the globe. As of today, SALT is getting closer to allowing financial inclusion for the unbanked, as well as. al. n. v i n C h institutions forUall users through their providing access to traditional financial engchi digital assets.. 20. DOI:10.6814/NCCU202000125.

(21) Chapter 4 Data Analysis and Results 4.1 Sharing economy businesses potential and growth Companies like Origin Protocol have a great potential to help other businesses succeed in building a new type of infrastructure for the future consumers. The research has indicated the following benefits of building sharing economy businesses on blockchain. Verification of identity is more effective on a blockchain platform and helps sharing economy platforms become more reliable and robust. It is notably beneficial for authorities to move in the direction of keeping record of things such as criminal offenses. 政 治 大 blockchain-based sharing 立 economy companies can make background checks and. and driver’s licensing and registration on immutable blockchains. In addition,. ‧. ‧ 國. blockchain.. 學. Know-Your-Customer processes more trusted and efficient if they make use of. The future development for sharing economy businesses seems to be very quick and. sit. y. Nat. scalable. Blockchain startups have been successful at developing decentralized. n. al. er. io. solutions and have been noticed by big sharing economy companies.. i n U. v. As revealed in the interview conducted by this thesis, Ainves co-founder and CEO. Ch. engchi. David Maduri said: “Decentralized marketplaces have a huge potential in redistributing value across the network and for the population while at the same time eliminating the traditionally manipulative central authorities or institutions. Take Ainves for instance, our aim is to promote a flawless interaction between shoppers and sellers in a peer-topeer platform where they do not have to rely on banks or financial institutions to get financed. The shoppers are able to directly invest in the products they like on the platform and get back their money plus a return on investment when the products are sold, creating a shared ecosystem where every user has the ability to make extra money.. 21. DOI:10.6814/NCCU202000125.

(22) The most important thing however is the distribution of support in the network to create value and redistribute the value among the users.” As the global sharing economy grows further, its impact on the way we think of parttime work becomes more significant. According to Brookings Institution, the number of non-employer businesses in the United States has grown from 15 million in 1997 to 24 million in 2014. According to researchers from PwC, within ten years, the five major sharing economy industries, including online hiring, peer-to-peer housing, peer-to-peer lending, car sharing, and music and video streaming, will generate more than 50 per. 政 治 大 (Vaughan & Hawksworth, 2014). While 68 per cent of the service providers in the 立 cent of the total revenue globally, up from only 5 per cent of their share in 2014. sharing economy are between eighteen years and 34 years old, the platforms consumers. ‧ 國. 學. are spread across all age ranges. According to Pew Research Center (Niam & Shamika,. ‧. 2017), 72 per cent of Americans believe that they will use a variety of different services. y. Nat. through the sharing economy platforms in the coming years. According to the UK. er. io. sit. Office for National Statistics, in 2015, 275 European “collaborative platforms” generated £4 billion in revenue and facilitated £28 billion of transactions, based on the. al. n. v i n value of online purchases andCamounts payable forUmarketing services (Niam & hengchi Shamika, 2017).. Consumers are ready for a new type of commerce that is based on blockchain and decentralization. The world is moving to a gig economy where more and more individuals earn their income by offering services to other peers. In 2016, more than 22 per cent of American adults have become suppliers to the sharing economy. An open network that does not charge exorbitant transaction and service fees is extremely beneficial for these people (Morency et al., 2015). Transportation economist Donald Shoup looked into the lifetime of private vehicles and estimated that they are not being used for 95 per cent of time. In a study of private 22. DOI:10.6814/NCCU202000125.

(23) vehicles usage in Montreal, it was estimated that 48 to 59 per cent of the current car fleet could satisfy the total demand for access (Morency et al., 2015).. 4.2 Sharing Economy Forecast Summary Juniper expects the sharing economy to go up from $18.6 billion in 2017 to $40.2 billion in 2022 (Juniper Research, 2017), in terms of platform provider revenues (mostly fees taken by the companies). Total bookings on those platforms are forecasted to go over $335B by 2025. The research revealed that since the last report (compiled in early 2016) car-sharing. 政 治 大 far being North America, where Uber dominates its main rival Lyft, earning 9 times 立 companies on average take closer to 30% of driver earnings, with the largest market by. more per year (Juniper Research, 2017).. ‧ 國. 學. North America has had the most rapid adoption of shared corporate space, with a. ‧. number of services seeing considerable investment and anticipated growth. These. sit. y. Nat. include PivotDesk (recently purchased by fellow shared space provider, Industrious). io. er. and WeWork which has been valued at $47 billion (Juniper Research, 2017). By 2022, Juniper forecasts the average corporate space rental monthly cost per desk, to. al. n. v i n increase to just under $487, in C line with expected price h e n g c h i U increases (Juniper Research,. 2017). Interestingly, the industry’s leading provider, TaskRabbit, is not seeing growth, that has been predicted in the previous Juniper research, as it increasingly comes under pressure from competitor, Thumbtack. As a result, the sector as a whole will suffer as its strongest player sees a decline in uptake.. 4.3 Sharing Economy Consumer Survey During this research, a report released in April by insurance company Lloyd's of London has been reviewed and the key findings from the report include the following. Nearly forty-nine per cent of US customers reported having never consumed a sharing economy product or service. Only eight per cent of US consumer respondents have used 23. DOI:10.6814/NCCU202000125.

(24) a sharing economy site to offer an asset or service to other peers. Global sharing economy consumers are skeptical. 52 per cent of them see personal safety as their main issue with sharing economy platforms. Other things that worry them include quality of service (42 per cent), damage to their belongings (42 per cent), theft (40 per cent), and lack of sufficient safeguards in the event something goes wrong (38 per cent) (Lloyd’s Innovation Report, 2018). Consumers and providers recognize the benefits of using goods and services provided on sharing economy platforms, including affordability and convenience, however 58. 政 治 大 Consumers expect to be protected, however sharing economy providers have other 立 per cent of consumers in the UK and US think there more risks than advantages.. views on who should be responsible in high risk situations. 97 per cent of survey. ‧ 國. 學. respondents assume some level of risk protection is offered for users, however, only 28. ‧. per cent (Lloyd’s Innovation Report, 2018) reported researching about the coverage for. sit. y. Nat. the things they purchase.. io. er. 53 per cent of users are expecting sharing economy platforms to offer protection, while most platforms surveyed assume that either the consumer (53 per cent) or provider (27. n. al. Ch. per cent) should bear responsibility.. engchi. i n U. v. Sharing economy growth opportunities could be unlocked by risk reduction. 71 per cent of consumers globally would be more comfortable using sharing economy services if insurance was provided and 70 per cent more likely to consider sharing or offering a service if insurance was offered. Most current providers (78 per cent) also think they would get more clients if insurance was provided (Lloyd’s Innovation Report, 2018).. 4.4 SME economic instability Platforms like Ainves target small and medium enterprises, because it is usually them who need help with funding the most. According to the research by the Fit Small. 24. DOI:10.6814/NCCU202000125.

(25) Business portal, the following are the most common reasons SMEs fail in the first year of operations (the data is about the US market). 30 per cent of businesses fail because they run out of money. 42 per cent of businesses fail because of not finding their customer. About 23 per cent fail because of the wrong team, 19 per cent got outcompeted, and 18 per cent said they have had difficulties with cost reduction or earning margins (Merkovich, 2019). Other top reasons for failure included inefficient marketing, user-unfriendly product, poor customer service and lost focus.. 政 治 大 loans. Big banks approved around 26.9 per cent of small business loans. Banks with a 立 Another significant reason for small businesses to stop operations is unavailability of. much higher approval rate were the smaller banks. A few companies also use the service. ‧ 國. 學. of credit unions, which have approved more than 40 per cent of applicants as of. ‧. November 2018 (Merkovich, 2019). Small banks approved 50.2 per cent of applicants. o. Institutional lenders approved 64.7 per cent of applicants. o. Alternative lenders approved 56.7 per cent of applicants. al. er. io. sit. y. Nat. o. n. v i n C h loans that areUbacked by the Small Business 1 out of 6 loans fail: lenders consider engchi Administration (SBA) less risky, however, borrowers still need to repay the loans on time. About 17.4 per cent of SBA loans awarded from 2006 to 2015 defaulted. It took 4.5 years on average borrowers to fail to repay after they took them out. Defining a budget before starting a business is essential, so that business owners can have a realistic idea of what funds they will have. Most microbusinesses can get started for $3,000 or less. According to the SBA, “most home-based franchises can be started for as little as $1,000 to $5,000” (Merkovich, 2019). The SBA and QuickBooks also stated that 64% of small enterprises are established with less than $10,000 (Merkovich, 2019). These amounts can easily be raised by crowd-funding social platforms like 25. DOI:10.6814/NCCU202000125.

(26) Ainves. While centralized Peer to Peer lending planforms are gaining popularity for SMEs, they charge high interest (Merkovich, 2019). Statistics show that only 40 per cent of small businesses are profitable, 30 per cent break even and 30 per cent are losing money. Building a website is essential for most small enterprises, not just to use it for content marketing, but to get an additional income stream from e-commerce. Only 28 per cent of small firms sell products or services online via their website (Merkovich, 2019).. 4.5 Lack of funding for MSMEs. 政 治 大 economy. They struggle to get funding hampering their growth and productivity. At the 立 Micro, Small and Medium Enterprises (MSMEs) account for a large part of the world. same time, these firms are strong drivers of economic prosperity, innovation growth. ‧ 國. 學. and employment supply. The funding gap is mainly caused by lack of access to credit,. ‧. weak cash flow, lack of collateral, banks fearing risk and the small loans they seek.. sit. y. Nat. The International Finance Corporation (IFC) and the World Bank research unit. io. er. produced an estimate of the financing gap for SMEs (International Finance Corporation (IFC) & World Bank, 2017). This study covers 128 countries, of which 112 are low-. al. n. v i n Cthe and-middle income countries. In economies that were researched, the h edeveloping ngchi U potential demand for loans is estimated at $ 8.9 trillion, compared to the current credit. supply of $3.7 trillion. The finance gap from formal MSMEs in these developing countries is valued at $5.2 trillion, which is equivalent to 19 percent of the gross domestic product (GDP) of countries analyzed in this research. This in turn amounts to 1.4 times the current level of MSME lending in these countries. Additionally, there has been estimated an equivalent of 10 percent of the GDP in developing countries ($2.9 trillion) as a potential demand for finance from informal enterprises. According to this research, there are 65 million formal micro, small and medium enterprises that are credit constrained, representing 40 percent of all enterprises in the 128 reviewed countries. 26. DOI:10.6814/NCCU202000125.

(27) 4.6 Lending sharing economy industry potential For companies like Salt there is very solid demand indicated by the current markets. Fintech credit refers to credit activity facilitated by electronic platforms. This presumes borrowers to be matched directly with lenders. Some platforms, however, use their own funds for lending. Forms of credit that can be facilitated by such electronic platforms include secured and unsecured lending, as well as non-loan debt funding. Aside from the peer-to-peer lending platform model that connects individual borrowers and lenders, lending business models include the notary, guaranteed return, balance sheet and invoice trading.. 政 治 大. Credit market size varies across different jurisdictions. The largest online credit market. 立. is China, followed by the US and the UK. Generally, credit provided by fintech. ‧ 國. 學. platforms accounts for a small fraction of overall credit, but it is growing quickly and may have more significant shares in specific credit market segments. The adoption of. ‧. these fintech solutions and greater decentralization are likely to have both positive and. y. Nat. io. sit. negative implications for financial stability.. n. al. er. By leveraging new technologies, lending platforms developed by the fintech industry. i n U. v. should be able to offer more competitive borrowing rates. FinTech credit can increase. Ch. engchi. competition in lending, which leads to increased overall degree of competition in credit markets. Such platforms may also pressure traditional financial institutions to be more efficient in their credit provision. New platforms can drive financial inclusion. While this is a great outcome on its own, an increased reach of financial services may also benefit the overall financial system, by providing investors with access to alternative products that are less correlated with other asset classes. Furthermore, small businesses and self-employed individuals with limited access to credit may be able to obtain working capital and the funding they need. 27. DOI:10.6814/NCCU202000125.

(28) for investment purposes. In emerging markets and developing economies, where financial inclusion is an evident problem, demand for fintech credit is especially strong. Decentralized fintech solutions allow for realization of wealth through the access and promotion of previously-untapped wells of wealth. For example, according to the World Bank, there are currently 1.7 billion unbanked people. These people have some personal wealth, however, it is not managed by any regional or national banks. In Southeast Asia, 73% of citizens (438 million people) are unbanked and are not currently customers of the financial industry (International Finance Corporation (IFC) & World. 政 治 大 If credit provided by fintech companies were to acquire a greater market share, this 立 Bank, 2017).. could benefit market structure in a few ways. Fintech credit platforms may help to. ‧ 國. 學. diversify sources of credit in the economy. A lower concentration of credit in the. ‧. banking sector might be beneficial in the event of financial crisis in the banking industry.. sit. y. Nat. Fintech credit platforms provide another way by which credit could flow to other parts. io. er. of the economy if bank lending were impaired. Therefore, the rapid development of peer to peer lending could play a useful complement to the role of traditional finance.. al. n. v i n C h are becoming a major However, in certain countries, banks supplier of funds to fintech engchi U. credit platforms thereby offsetting some of the potential benefits of the decentralization of credit provision. Finally, interconnectedness in the financial system could be lessened. As opposed to banks, fintech lending platforms are unlikely to have significant direct financial exposures to each other. Unless they are funded in large part by the banking sector, this could lead to a more resilient network and positive contribution to the diversification of risk across the financial system.. 4.7 Decentralized sharing economy leading model. 28. DOI:10.6814/NCCU202000125.

(29) In order to build a decentralized sharing economy infrastructure, a few choices need to be made regarding the IT design and platform features. The leading model is based on the Blockchain Market Engineering Framework by Notheisen et al, which provided support for researchers in analyzing the elements of blockchain-based platforms. The current research model includes two core layers: the infrastructure layer and the application layer. The infrastructure layer consists of a protocol layer and a hardware layer. It forms the core technology of the platform. The blockchain infrastructure is defined in the protocol layer, and is implemented by the. 政 治 大. interconnected devices in the hardware layer.. 立. Identity Verification. Review System. Payment Processing. Arbitration. ‧ 國. 學. Application Layer. ‧. Infrastructure Layer Protocol Layer. Smart Contract. User Interface. Transactional Confidentiality. Cryptographic Protocol. Consensus Mechanism. Hardware Layer. n. al. Ch. Full Nodes. sit. er. io. File Storage System. y. Nat. Distributed Database. i n U. v. IoT Devices. engchi. Figure 2. Blockchain Infrastructure Model (Menne, 2018) The application layer of this infrastructure represents the services offered to the users and the features of the platform. It includes the digital trust infrastructure which consists of trust building elements. The application layer and the infrastructure layer combined form the platform design which is influenced by the user requirements and the organization structure.. 29. DOI:10.6814/NCCU202000125.

(30) Regarding the protocol layer, there are several core decisions to be made on the fundamental design of the platform. The first decision is whether to use a widely adopted blockchain and build the platform on top of it (for example, on top of Origin Protocol that allows sharing platforms to be built on the Ethereum blockchain), or to create a completely new blockchain. Using an existing blockchain has the advantage that there are already significant number of users that guarantee the stability and security of the network. The most common choice for a decentralized sharing economy organization is the Ethereum blockchain. However, a significant disadvantage of. 政 治 大 customization to the specific needs of the company. In addition, the company needs to 立. adopting an existing blockchain is that it leads to less control, and less opportunities for. decide on whether to use a private, public, or a hybrid blockchain.. ‧ 國. 學. When building a completely new blockchain, it is important to make a deliberate choice. ‧. on using a suitable consensus mechanism and a cryptographic protocol. This has an. sit. y. Nat. influence on the security and the efficiency of the blockchain network. The two main. io. er. consensus mechanisms are Proof-of-Work (PoW) and Proof-of-Stake (PoS) (Menne, 2018). PoW is used by the Bitcoin blockchain and uses computational power as security. al. n. v i n C hmechanism is highlyUestablished, while being quite for the consensus. This consensus engchi inefficient and energy-consuming. PoS uses the balance of a certain miner as security. for the consensus, assuming that harming the network by manipulating the transaction flow would be against the miner’s self-interest. This mechanism is foreseen to be implemented in a future version of Ethereum, as it is less energy-consuming and reduces centralization risks. Therefore, for a platform with a high number of transactions that have to be processed in a timely manner, a better choice would be the PoS consensus mechanism. It is known that when sharing economy platforms offer a user interface with detailed profiles and listings, a number of non-transactional data such as reviews and photos 30. DOI:10.6814/NCCU202000125.

(31) have to be stored somewhere. At the moment storing these files on the blockchain is very inefficient as the scalability, and the low transaction throughput of blockchains is still a challenge. Using the Interplanetary File System (IPFS) can resolve this issue. When using the IPFS, only the hashes of the files are stored on the blockchain, which guarantees the authenticity of the files while not overloading the blockchain. As transactions on sharing economy platforms often involve privacy sensitive data, it is crucial for the blockchain company to guarantee transactional confidentiality.. 政 治 大 Therefore, the creation of a digital trust infrastructure for the users is very crucial. The 立. Gaining users’ trust is one of the main success factors for sharing economy platforms.. digital trust infrastructure is highly dependent on identity verification, which is why. ‧ 國. 學. using a global decentralized identity platform, as proposed by Goldman Sachs and IBM,. sit. y. Nat. makes the process more efficient and trustworthy.. ‧. is highly discussed. Despite giving up control of the identity verification process, this. io. er. Another important aspect of building a successful model for a decentralized sharing economy company is offering a proper payment processing and a user interface. When. al. n. v i n Cone implementing a payment system, things to decide on is whether to use U h eofnthegfirst i h c. an existing cryptocurrency or to offer a platform native token. A lot of blockchain startups choose to develop their own token, because that offers more control over the cryptocurrency and, most importantly, provides a way to raise funds for the project by means of an Initial Coin Offering (ICO). However, since users first would need to buy that token in order to be able to pay, using an own token could become a barrier for user acceptance, as well as cause high marketing expenses. As an incentive to attract first users of the platform, it is often considered to sell token at a reduced price first. Also, since cryptocurrencies tend to be volatile, it is important to achieve price stability on the platform by fixing the prices to a fiat currency like the USD. 31. DOI:10.6814/NCCU202000125.

(32) 4.8 Cross Comparison on Case Studies After analyzing the above information about the three companies in the case study, as well as the industry forecast and knowledge on the basics of sharing economy business model and blockchain based business structure, a cross comparison has been made between the three use cases. Despite the three companies being from three different industries and using the blockchain technology to decentralize the ecommerce, fundraising and lending services, there are a few main similarities that were observed in this research.. 政 治 大 business of the three case studies, is the removal of intermediaries such as brokers, 立. One of the core features of decentralization that plays an important role in building the. which could quickly make the roles of the traditional sharing economy companies. ‧ 國. 學. redundant. While for the past ten years the sharing economy platforms have guaranteed. ‧. the transparency and security of transactions, now that the blockchain technology. sit. y. Nat. allows for the same results, it is very likely that the whole business of such platforms. io. er. will need to adjust to these technological changes in the next few years. In a decentralized sharing economy platform, there is no central managing power that. al. n. v i n C transactions. decides on the fee structure for the the fees can be significantly h e n g cTherefore, hi U reduced, which will make decentralized platforms more attractive to users. Originally, decreased fees were one of the main benefits that early cryptocurrencies adopters recognized over using traditional bank services. Platforms such as Uber and Airbnb ultimately prevent communication between users and control the data flow within the sharing network. The removal of intermediaries gives control over personal data back to users and creates a true peer-to-peer connection, allowing them to make decisions about the value and terms of the product/service exchange. The elimination of intermediaries is possible with implementation of smart contracts technology that executes the terms of the agreement between users 32. DOI:10.6814/NCCU202000125.

(33) automatically. As David Maduri confirmed in the interview conducted by this thesis: “Take for instance the complicated value chains where customers and service providers had to rely on middlemen to operate. This had made the process longer, more expensive and prone to inefficiencies in many sectors of the economy like lending, tourism and even transportation. Decentralized marketplaces in many areas of the economy are changing this by making the interactions between the service providers and customers less expensive, direct and flawless.” Another additional benefit of decentralizing sharing economy platforms that has been. 政 治 大 happening in the global markets. The use of cryptocurrencies lowers transaction fees 立. observed during the research is related to the general fintech revolution that is. and does not require a bank account, which could enable the inclusion of unbanked,. ‧ 國. 學. under banked and low-income consumers.. ‧. n. er. io. sit. y. Nat. al. Ch. engchi. i n U. v. 33. DOI:10.6814/NCCU202000125.

(34) Chapter 5 Conclusion This research has been conducted with the purpose of answering the following questions: Is it better to build sharing economy solutions on blockchain instead of centralization? What is the economic and social impact of such switch? Who are the main leaders in this new market of decentralized sharing economies? With this purpose, there have been data collected from publications and company blogs about blockchain technology in general and about its usage in the ecommerce and market place, peer to peer lending and business crowdfunding. To support the research,. 政 治 大 companies that are in their立 early startup stage. The research included interviews with. there has been close work performed with three cases of decentralized sharing economy. ‧ 國. 學. team members and working with their marketing materials.. As can be observed from Chapter 4, decentralized sharing economy platforms like. ‧. Origin, Ainves and Salt are disrupting the space of online marketplace, P2P lending and. sit. y. Nat. crowdfunding. The main value that this new type of companies are bringing is the. al. n. should be.. er. io. transformation of the peer-to-corporate-monopoly-to-peer to just peer-to-peer, as it. Ch. engchi. i n U. v. During the research it has been observed and concluded that it is better to build sharing economy solutions on blockchain instead of centralization. The main economic and social impact of a decentralized sharing economy platforms are the following: •. the fees per each transaction can be significantly reduced, which will make. decentralized platforms more attractive to users •. sharing economy platforms can be safer and more transparent for users since their. personal information will no longer be stored with the monopoly company, but on the decentralized network. 34. DOI:10.6814/NCCU202000125.

(35) •. unbanked people will finally be able to participate in online commerce and spend. or invest their spare money •. Allowing the use of cryptocurrencies on the platforms will make transactions. much faster than the current system. Leading companies in the decentralized sharing economy industry will need to have certain infrastructure built in order to succeed. Based on the research results, the model of these new businesses should include two core layers: the infrastructure layer and the application layer. The infrastructure layer consists of a protocol layer and a hardware. 政 治 大 user interface and payment processing is key to building a sophisticated platform for 立. layer. The choice of the blockchain platform is also very important. In addition, a proper. transactions.. ‧ 國. 學. Based on this research, it has been concluded that modern entrepreneurs that seek to. ‧. build an online platform business that involves peer-to-peer goods or services exchange. sit. y. Nat. should consider building it on top of blockchain technology. This will allow them to. io. n. al. er. provide more benefits to their users and meet expectations of the modern consumers.. Ch. engchi. i n U. v. 35. DOI:10.6814/NCCU202000125.

(36) References Board, F. S. (2017). Financial Stability Implications from FinTech: Supervisory and Regulatory Issues that Merit Authorities’ Attention. June, Basel. Retrieved from https://pdfs.semanticscholar.org/f4be/e5e8eeacfd6abb059c901c19155da385861b .pdf?_ga=2.117645441.924139614.1578822968-1665820553.1578822968 Buckley, R. P., & Webster, S. (2016). Fintech in developing countries: charting new customer journeys. Journal of Financial Transformation, 44, 151-159. Foye L. (2017, July). Sharing economy 3 industries ripe for disruption. Juniper Research. 1-4. International Finance Corporation (IFC), World Bank. (2017). MSME Finance Gap. Assessment of the Shortfalls and Opportunities in Financing Micro, Small and Medium Enterprises in Emerging Markets. Retrieved from http://documents.worldbank.org/curated/en/653831510568517947/MSMEfinance-gap-assessment-of-the-shortfalls-and-opportunities-in-financing-microsmall-and-medium-enterprises-in-emerging-markets Juniper Research. (2017, July). Sharing Economy Revenues to Double by 2022, Reaching Over $40 billion. Retrieved from https://www.juniperresearch.com/press/press-releases/sharing-economyrevenues-to-double-by-2022 Liu M., Fraser J. (2018). Origin Protocol Brief. Retrieved from https://www.originprotocol.com/en. 立. 政 治 大. ‧. ‧ 國. 學. sit. y. Nat. n. al. er. io. Lloyd’s, Innovation report. (2018). Sharing Risks, Sharing Rewards: Who Should Bear the Risk in the Sharing Economy? Retrieved from https://www.lloyds.com/newsand-risk-insight/risk-reports/library/technology/sharing-risks-sharing-rewards Lubin J. (2019). Advancing Capital Markets with Blockchain Technology. Retrieved from https://pages.consensys.net/advancing-capital-markets-with-blockchaintechnology Menne, A. (2018). Blockchain in the Sharing Economy: Will Blockchain Disrupt Today’s Winning Business Models? (Bachelor's thesis, University of Twente). Retrieved from https://essay.utwente.nl/76517/1/Menne_BA_EEMCS.pdf Merkovich A. (2019, March 20). Small Business Finance Statistics. Retrieved from. Ch. engchi. i n U. v. https://fitsmallbusiness.com/small-business-finance-statistics/ Morency, C., Verreault, H., & Demers, M. (2015). Identification of the minimum size of the shared-car fleet required to satisfy car-driving trips in Montreal. Transportation, 42(3), 435-447. Niam Y., Shamika R. (2017, March). The Current and Future State of the Sharing Economy. Brookings India Report. Retrieved from 36. DOI:10.6814/NCCU202000125.

(37) https://www.brookings.edu/wpcontent/uploads/2016/12/sharingeconomy_03201 7final.pdf Notheisen, B., Hawlitschek, F., & Weinhardt, C. (2017). Breaking Down the Blockchain Hype–Towards a Blockchain Market Engineering Approach. Retrieved from https://pdfs.semanticscholar.org/9f21/9d266984bcf1589c77080439f06d49465c6 9.pdf (2) Rothrie S. (2018, July 31). Sharing Economy Companies Are Set to Be Disrupted by Blockchain. Retrieved from https://coincentral.com/sharing-economy-companiesare-set-to-be-disrupted-by-blockchain/ Shoup, D. (2017). The high cost of free parking: Updated edition. Routledge. Vaughan, R., & Hawksworth, J. (2014). The Sharing Economy: How Will It Disrupt Your Business. London: PriceWaterhouseCoopers. Retrieved from https://pwc.blogs.com/files/sharing-economy-final_0814.pdf West A. (2019, April 23). Origin Protocol Returns Economic Power to the People by Enabling Free Creation of Decentralized Marketplaces for Various Industries. Retrieved from https://www.cardrates.com/news/origin-protocol-enables-freecreation-of-decentralized-marketplaces/ What Is Decentralisation and Why Is It Important? (2018, May 2). Retrieved from https://medium.com/@baanx/what-is-decentralisation-and-why-is-it-important378e0d2fa03b. 立. 政 治 大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. i n U. v. 37. DOI:10.6814/NCCU202000125.

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