What are the main problems faced by participants of current P2P marketplace platform models?

In a previous blog post, we explored how Distributed Ledger Technology (DLT) can help solve many of the issues experienced by participants of the sharing economy. To recap; currently, we are in the middle of a global digital transformation; new advances in technology have been able to increase the speed and flow of data. This has resulted in a shift away from the top-down, centralized economic models of the industrial age, and instead, we are exploring new decentralized models. P2P marketplaces have become very popular for both buyers/sellers of products and services; and while they have created a ‘micromarket’ which fosters a stable, healthy, and competitive ecosystem. There are still many problems and issues faced by participants of current peer-to-peer models. We briefly mentioned these in the previous blog but thought it would be helpful to unpack some of these problems in more detail.

High Transaction fees

Security

Privacy

Trust and Fraud

The Future

Written by: Hugh Flood

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Magna Numeris is a startup developing solutions for cryptocurrency users, pushing the boundaries of conventional platforms to help grow the peer-to-peer economy