Sharing Economy: The Circular Way Forward

Building a circular economy means changing many of the fundamental ways we do business. This blog post is the second in our series that explains the different models that embody one of the purposes of?Nexity Network: to encourage businesses of any size to reduce, reuse and recycle waste.

By becoming more efficient and focusing on gaining the most value possible from goods, resources, and waste, we stand a much better chance to fight for a sustainable future, protecting our limited resources against overexploitation.

Circular-Shared Business Models

Nexity Network makes production more efficient and less dependent on new, virgin natural resources. We concentrate on converting waste from one process into feedstock, fuel for another, or creating fewer products by having B2B renting as the ethos of efficiency for using assets instead of paying for the goods themselves.?

However, there is also a much more accessible way that we are introducing for a more efficient, circular system:?We, as consumers,?share the products we already own.

The Blockchain-Enabled Sharing Economy

In the real-world economy, Nexity Network is introducing circular-shared business models in which businesses promote collaborative-operation among users to increase product usage and value. This model currently underutilizes assets, whether those assets are skills, products, or spaces, for monetary or non-monetary benefits.

Having sharing economy as one of the main pillars of Nexity’s Ecosystem shows that open source innovation is the best way to attract external contributors into the ecosystem. On top of this, we are keen on creating a network of ambassadors and resellers that can scale our ecosystem global with Referral, Reward & Affiliate Programs.

The only way we can unlock the full potential of a circular blockchain business ecosystem is to generate a network effect in the supply chain and connect as many entities as possible from all consumption stages, plus NGOs, research bodies, and the heart of the economy:?customers.?

Therefore, we are introducing?Circular Chain Alliance?– to build partnerships and innovation through knowledge and collaborative operation while generating new business models with high industry adoption and redesigning the supply chains. We are doing that by integrating the concept of DAO into one of the biggest pain points of the information flow within the value chain: Supply Chain Governance. Our focus is to create councils in each market vertical to guide the future of digital impact and zero-carbon emissions by proposing, developing new applications, and accessing new collaboration environments between internal and external governance.

Benefits of a Shared Economy: The value Nexity brings

Implementing a sharing model in the economy creates several key benefits for all parties involved and society.

• Owners of goods?– Homeowners, car owners, or owners of other goods benefit from sharing platforms because they can receive monetary compensation for allowing others to use their goods or products when they aren’t using them.?

• Temporary users of goods?– The owners of goods benefit because they can use something without the cost of buying and owning it, eliminating overhead costs and ownership responsibilities. Smart contracts on the blockchain secure the exchange between peers.

• Sharing platform –?By adding their product, enterprises can receive a fee by connecting to a pool in their industry. Startups and different partners do not need to own the IP or develop the service they sell. Rent is the future of scaling.

Conclusion

We are at the beginning of a major shift toward a circular-shared economy. Making this conversion will help ensure our economy is as efficient as possible, serves customers best, and reduces our dependence on new resources. This model optimizes the use of existing products instead of focusing on creating new ones, leading to more sustainable use of materials. It also dramatically lowers the operating costs for companies that adopt it.

We all must work together to determine the best ways of developing solutions for our current, more wasteful approaches toward how we are using products. We need to create ways to reduce or eliminate our dependence on virgin resources that become our standard ways of operating going forward to reduce concerns about resources disappearing or becoming prohibitively expensive.

What about the next week?

The supply chain is one of the most important components of the economy. This is why our mission is to accelerate the shift to circular supply chains. Next week, we will learn more about:

• Circular Supply Chains;
• Circular Product Design;
• Digital Twins;
• The Recycled World;

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