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Veelancing Leverages Modex’s Technology To Reinvigorate The Freelancing Sector

Modex, one of the earliest players in the blockchain technology market, is providing its trademark Blockchain Database (BCDB) technological layer to Veelancing to set the foundation of a new type of freelancing ecosystem that aims to bridge the gap between freelancers and employers while addressing some of the pain points that have stained the image of modern freelancing. By leveraging the Modex BCDB solution, Veelancing strives to reinvent the concept of freelancing by facilitating a direct interaction and complete transparency between employers who are searching for skilled professionals and freelancers who are actively searching for a way to monetize their skills without needing to worry about long customer support delays, uncertain dispute resolution mechanisms and hidden fees.

It’s well known that blockchain is a technology that is easy to understand by veteran programmers, but quite elusive and difficult to master, nonetheless. When talking about how blockchain acts as a central component for his innovative freelancing platform, Stefan Vanea, Veelancing CEO, also highlighted the fact that it was quintessential to scout the market for a well-established company that could fill in the role of technology provider while also taking on the mantle of mentor to provide guidance during the implementation process. “As a small business with lofty goals, Veelancing has been looking for a well-established partner to provide expertise on the cornerstone of our approach to freelancing: namely, blockchain. We are confident in the notion that we’ll soon be serving a sizable sector of the market we are targeting – and as such, we are glad to be benefiting from Modex’s highly scalable and time-tested blockchain solutions. Not only are we glad to be collaborating with a blockchain firm as well-established as Modex – We also look forward to growing together and providing mutual advice wherever it is needed. With a secure and easy to use software solution that fits the needs of an enterprise big or small, we are proud to be going forward with Modex as a business partner.”

During the early pen and paper stage, the Veelancing team decided to rely solely on the Ethereum network for their blockchain-related needs, but as the project started to take shape, they concluded that a platformed backed only by Ethereum would eventually present in the long run, a series of friction points that would place additional burdens on the two main actors of the platform, the freelancers and the employers. To provide a more streamlined experience for their users, enhanced privacy and competitive costs, Veelancing has decided to use the Modex Blockchain Database solution. The Modex technological layer will act as a solid foundation for the Veelancing platform that will provide the following key functionalities and features:

  • Data integrity and immutability – the BCDB layer will provide data integrity and immutability to the personally identifiable information and other sensitive data such as ID and proof of income submitted to the Veelancing platform for the customer verification process
  • API gateway authentication – Veelancing utilizes an additional layer for requests that connects the user interface with the backend. This layer is called API gateway. The current iteration of the platform employs a standard authentication model, but by implementing Modex BCDB, Veelancing will make the shift to OAuth authentication
  • Streamlined smart contracts between freelancers and employers – in this dimension, the BCDB layer is going to be correlated with the Ethereum Virtual Machine (EVM), making Veelancing a hybrid solution. The freelancing platform will use Ethereum as a transparent transaction medium and generate VEE, the tokens that will govern the platform. The Modex technological layer will be employed to achieve consensus, generate smart contracts, eliminate third-party intermediaries and as a validation mechanism for the jobs completed by freelancers.

A quick look at freelancing and why people choose a freelance career

Although it comes with its unique set of challenges and responsibilities, for a significant segment of the workforce, freelancing represents the embodiment of freedom as it removes the need of people who embrace this work model to tie themselves to a specific company, workplace, office or employer. Freelancing is also a great way to polish up your skills and expand your portfolio of projects to add some extra weight to your CV, all while generating some extra income.

If you are a disciplined and organized individual, freelancing can pave the way towards a healthier work-life balance because it reinforces people’s idea of control over their identity, who they are, what their priorities are and what they want to do. As opposed to traditional jobs, as a freelancer, you have the freedom to press the shuffle button and change when you work as well as your workplace according to your mood and preference (as long as you get the job done). You can trade the office for the comfortable and lazy feeling of your pyjamas and work on the sofa in your living room or you can don a slick pair of jeans and a shirt and make your favourite coffee shop your office for the day. If you’re well off, a beach or a mountain resort are also passable options. Besides catering to people who have a strong desire to be their own boss, freelancing offers the flexibility to choose projects that resonate with your mindset that add a sense of satisfaction to your work, an aspect which more often than not is absent when you are working full time for your employer when you may be assigned to a lacklustre project. Many studies also showcase the fact that working from home has a positive impact on the productivity and creativity of employees. Freelancing can also have a positive impact on your family life as it can help people save time by removing the time consuming and often stressful daily commute that has ingrained itself as a morning and afternoon ritual for the average employee, giving people more time to spend on building and nurturing a healthy relationship with their family.

The downside of freelancing

Although freelancing promises a greater degree of job flexibility and a healthier work-life balance, modern freelancing is plagued by a series of problems and inconsistencies that more often than not place the freelancer at a disadvantage. At its core, freelancing was developed to make it easier for the parties involved to get in touch, set some terms, and make the payment/service exchange. Originally designed as a peer-to-peer concept, current freelancing platforms were transformed by big companies into the same difficult and bureaucratic process that freelancers originally fled from. Surveys show that around 44% of freelancers had at least one instance of non-payment by a client. Furthermore, evidence points that a significant segment of freelancing platforms is plagued by poor community service, scammers, delays and a general lack of transparency.

Some of the most common and difficult to manage problems from the freelancer’s side present on popular freelancing platforms are:

  • spam/fake jobs posts – on many freelance platforms, clients aren’t required to pay a fee for posting a project listing which leads to an abundance of spam or fake job posts. Admins periodically conduct quality control checks for job posts. Even so, the issue is still prevalent.
  • vague requests – veteran freelancers can attest to the fact that ambiguous request from clients often translates to problems in the long run, that could lead to numerous project revisions and iterations, which may lead to a conflict between the two parties. Even clients that seem to have a clear view of what they require may deviate from their original concept or idea.
  • payment issues – late payments or no payment at all is one of the worst things that can happen to a freelancer. Due to the lack of protection mechanisms, freelancers are often forced to settle the matter by pleading their case to the admins of the platform or by taking the client to court.
  • non-existent dispute resolution mechanism – probably the biggest appeal of a freelancing platform is the idea that they can help streamline contract disputes, but in reality, this isn’t always the case. This issue seems to be somewhat one-sided. If a freelancer doesn’t deliver his work or does a poor job, clients are usually protected by the platform. In the worst-case scenario, the funds placed by the client in an escrow account are returned after a few weeks. The issue becomes more complicated when a freelancer delivers the project on time, but the client doesn’t approve the work and does not release the escrow funds, or even worse, the freelancer gets ghosted by the client, who gets to keep and use the work without paying.

Enter Veelancing, a blockchain-based freelancing platform

Veelancing is aiming to address some of the prevalent issues that have defaced the freelancing model by focusing on providing a new type of freelancing platform based on blockchain, a technology capable of delivering enhanced transparency, decentralization and data security. At its core, Veelancing is a decentralized, blockchain-based marketplace, centred around smart contracts technology, for freelancers and customers worldwide, that aims to eliminate long customer support delays and resolve all payment, mediation and safety issues. The main goal of Veelancing is to bring the freelancing concept back to its origins, by breaking the barriers between people, and enabling real peer-to-peer interactions between the parties involved.

The platform developed by Veelancing is structured in two main components: the marketplace that encompasses a myriad of tools designed to answer the needs of the community, including a chat through which the employer can communicate with his hired professional as well as a milestones road map where the freelancer can submit his progress to his employer, accompanied by a description and other useful information. The second component of the platform is an exchange that allows users to convert their VEE tokens to other cryptocurrencies or in fiat. The team behind Veelancing believes that adhering to your preferred work environment maximizes your output and creativity. To follow up on this idea, it has implemented a voting mechanism through which users can vote on how to update the platform (terms of service, tools, functionalities, etc.)

Veelancing enlisted the help of Modex and its Blockchain Database solution to set a solid foundation for their platform and to achieve their goal of delivering a streamlined freelancing platform that offers enhanced services to the freelancing community.

By implementing Modex BCDB in their existing technological stack, Veelancing unlocked a slew of benefits and functionalities that enhance the internal flow of the platform, augment user experience while also boosting security.