The definition of work has changed and evolved. The challenges encountered by freelancers and part-time workers such as the lack of security, and the insecurity of self-employment will only worsen. It not only affects the growing mass of freelancers but also breaks the social contract between workers and governments.Consumer protections have also failed because of the dismal legal relationship between freelancers and their host platforms. This simmering discontent has created a widespread backlash, as concerned governments in several countries such as France have begun to crack down on platforms like Uber and AirBnB.Despite these worrying trends, no useful remedy has been proposed until now.
According to Forbes, freelancers will contribute to 53 percent of the US workforce in just a decade, meaning a revolutionary rethink on how workers are treated is required. A report by McKinsey & Company “A labor market that works: Connecting talent with opportunity in the digital age” indicates that the matching activity conducted by such digital marketplace platforms are projected to add $2.7 trillion to global GDP by 2025. This is about the size of the entire UK’s GDP or the entire South East Asia GDP.
The Blue Whale Foundation’s blockchain-based “WORK” System of smart contracts is the only resolution on the market designed to mitigate not only the financial and the legal problems with the gig economy but also the uneven concentration of power in the hands of a few tech behemoths.
The Blue Whale Foundation’s ICO is set to shake the boat of the gig/sharing economy by leveraging on blockchain as a service to give freelancers with employment benefits such as paid-time-off, and retirement pensions traditionally available only to salaried employees. The Blue Whale Ad Network allows the service providers (e.g., freelancers) to push their own services for free by using the SaaS tools provided by the Blue Whale Foundation. The providers on the network can use the various participants’ social media accounts to promote their own goods/services. When this leads to purchases, the participants will be rewarded.
The Blue Whale Foundation aspires to give freelancers the opportunity to grow – working independently while having similar benefits to those working in traditional employment. Meanwhile, customers benefit from verification and auditing systems which help them obtain proper service from rated professionals. It has forged a partnership with a marketplace known as Verlocal, which is already in use in the US, Canada, and Singapore. It allows SMEs to lower their monthly advertising bills considerably – from $70,000 to $4,000 in some circumstances.