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Move with the Times: How Coworking Spaces Might Benefit from Blockchain

During the past few years, we’ve seen numerous shifts in the way businesses develop. For example, a gig economy has already become a trend, and it continues to gain popularity. Every year, fewer and fewer people must visit an office building every day and follow the office dress code. There are several reasons why the definition of a job changes, including new technology, new methods of management and leadership, and economic uncertainty. The word “job” itself is used less and less frequently, being often replaced with such terms as a “gig” or a “project.”

However, projects are still based on collaborative efforts. Professionals from various areas, from designers to coders, need a workplace that will correspond to the new standards, and coworking spaces are a perfect solution. As coworking spaces become more and more popular, the importance of the technological element grows. We see how some technologies change numerous industries, and the best example of a truly disruptive technology is blockchain. Blockchain provides several functional benefits and tools for commercial property and workplace, which enable it to have a strong impact on coworking operators.

Why Blockchain Coworking Becomes a Trend

Although blockchain is a relatively new technology, it has already been adopted by various industries, and it’s already used in the workplace environment. For example, this technology allows companies to use a decentralized approach to recruitment. There’s no surprise that blockchain also becomes a discussed topic in the coworking world, for its ability to improve a number of typical processes.

Blockchain offers a more effective, secure, and less expensive system than traditional solutions. It can improve digital visibility and simplify membership agreements, as well as acquisition. Speaking in terms of property management, coworking spaces have certain specific features. For example, a high number of tenants and short lease lengths make coworking a dynamically configurable model. Thus, coworking operators can certainly benefit from adopting such a flexible technology as blockchain.

Benefits of Blockchain for Coworking Spaces

The main advantage of blockchain is smart contracts. Coworking operators use different kinds of software for electronic contracts or even create membership agreements in paper format. Smart contracts can execute membership agreements automatically if the necessary conditions are met. Thus, companies can automatically receive membership fees and manage deposits, using Bitcoin or other payment interfaces. Blockchain can save a lot of time and effort because your finance team and community managers won’t need to manage cash flows or to issue invoices. All transactions are also automatically recorded and protected. However, smart contracts can be used not only for membership contracts but also for labor or material procurement.

Smart contracts are not the only advantage of the blockchain technology. Users of a blockchain network have verified digital identities. Modern companies have to spend a lot of money and time trying to verify the identities of corporate entities and individuals. Smart identities allow companies to make signing tenancy agreements faster and easier than ever before. Coworking operators can also determine whether potential members are willing to pay membership fees by checking their records on the recent financial activity.

Another advantage of blockchain is the ability to provide data analysis in real time. Coworking operators can quickly improve their decision-making processes, being able to access data on transactions and payments in real time. Using blockchain along with analytics, co-working spaces can better understand their member demographics and adapt the workspace to the needs of their customers.

Blockchain also allows for multiple database modifications. Blockchain experts at Masterra emphasize the accessibility of a blockchain as data storage, which is especially beneficial for coworking operators: Contractors, service providers, landlords, and members can access all the necessary information at one place. There’s no need to duplicate documents, risking security.

Although the idea of blockchain-based coworking spaces is still new, they already appear around the world. For example, Full Node, which is located in Berlin, has become a popular place among developers looking for a job, as well as among recruiters searching for talent in Europe. In the US, there are such spaces as Crypto NYC, BuroHQ, and Starfish Coworking. In Asia, there are Korean MY WORKSPACE, Japanese Neutrino Tokyo, Malaysian Blockspace, etc. You can also find such coworking spaces in Australia (Blockchain Centre) and many other countries. Some companies open several centres around the world, to help developers from different countries cooperate with no need to worry about different payment systems or paper documents.

Conclusion

The modern workplace is no longer associated with traditional offices only. Professionals from many industries often work on short-term projects, or gigs, which makes coworking spaces the most relevant workplace model that meets the needs of the modern workforce. Coworking spaces also evolve and adopt new technology, including blockchain. Blockchain allows coworking operators to address many common problems, using smart contracts, smart identities, real-time data analysis, and other advantages of decentralization and crypto security.

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Disclaimer: This article should not be used as an investment or financial trading advice and reflects the personal views of the author. Please conduct careful due diligence before investing in any digital asset. The views, opinions, and positions expressed within guest posts are those of the author and do not represent those of Tokens24. The accuracy, completeness, and validity of any statements made within this article are not guaranteed. Tokens 24 accepts no liability for any errors, omissions or representations. The copyright of this content belongs to the author and any liability with regards to infringement of intellectual property rights remains with them.

 

About the author

Berta Melder is an experienced brand manager, currently associated with Masterra as a content marketing strategist. Being passionate about her job, she cooperates with different education courses as a guest...

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