Place/Date: Singapore - October 25th, 2018 at 6:35 pm UTC · 4 min read
Contact: YouDeal, Source: YouDeal
As a result, some of the world’s largest online communities are C2C platforms; Amazon is known and used worldwide whereas Craigslist and Taobao dominate their respective markets. YouDeal is a new player in the C2C platform industry and one that is set to change not only the service industry but the way we work forever.
YouDeal is a blockchain-based C2C personal and freelance services platform. It connects service providers, who are hired based on the services they offer and reviews of these services, to service buyers. Every user can both provide and hire services from the same account. The use of blockchain technology allows the platform to boast superior security and data privacy to its competitors, guaranteed and automatic payments through smart contracts, and legitimate, validated user reviews.
Blockchain application allows for the removal of traditional obstacles associated with C2C services platforms, but also allows for the creation of a tokenized payment method, in this case, ‘YD Token’. Tokenized payments benefit users through international, instantaneous transactions but are also the perfect way to combat the user leakage associated with service platform predecessors.
2015 saw YouDeal enter the market working with its strategic partner, YueDan. YueDan is China’s largest online C2C personal services marketplace and the company that gave the inspiration for YouDeal. Initially, the YueDan platform offered common services, such as personal training, cleaning, yoga instruction, and driving.
Now, the platform has expanded to provide the broader range of personal and freelancing services, from translation, virtual assistants, or household management to content creation and business consultancy. Users can find virtually any service they require from their mobile devices.
Through their strategic partnership, YouDeal and YueDan use similar features and share the same user ecosystem. This relationship gives YouDeal a vast source of users from its launch, while the application of blockchain technology removes the issues YueDan faced.
The use of decentralized technology has increased user privacy and lead to guaranteed payments, which can be made to any service provider instantaneously anywhere around the world. YouDeal also uses an advanced matching algorithm, to match service buyers with the best service providers for their needs.
The foundations laid by YueDan mean that YouDeal already has over 60 million users providing more than 300 service categories covering 400 cities. Such a strong community gives the platform the potential to become the largest of its kind globally and – with 30,000 new users every day – it can do so in the very near future.
Ken Dong, YouDeal Founder and CEO:
“YueDan focused on specific category types to drive revenue. That fit the China model, but we quickly realized that every market suits its own service mix. What is clear is that the overall need for services is very high. The digitization of our lives has resulted in a way to fulfil this need, and that’s what we can to achieve. Let’s say someone needs a cleaner, a language tutor or a business strategy consultant. They can hire them in the same place that they can sell their own personal services, which can be anything from freelance writing to gardening to website coding. Our platform bypasses the time and effort needed to source these services traditionally, and using blockchain technology means it’s also a super-secure process with minimal risk or need for third-party vetting. Everyone wins.”
YouDeal is perfectly positioned to take on the changing workforce dynamic, with freelancing and ‘gig work’ becoming a mainstay of the way we earn. On top of this, the potential for YouDeal to open up markets with high unemployment rates or poor business infrastructure is undeniable; people in developing countries can use the platform to leapfrog traditional work arrangements and start offering their services directly to consumers.
The technology backing the company removes data privacy concerns, which are becoming more and more important for users. Add this to YouDeal’s existing user database and it’s plain to see why investors like Node Capital, Genesis Capital and Grand Shores Fund are still investing in the project already, with an additional $8 million raised this year.
YouDeal is already making moves for an international launch and solidifying its position in the global freelancer revolution. YouDeal’s future aside, one thing is for sure: the service industry and the way we work will never again be the same.