Can Bitcoin Technology Revolutionize Crowdsourced Outsourcing?


Indian Business WomanThe problem with current outsourcing is that there is a one-to-one correlation between the client and the outsourced company or the freelancer. If the freelancer or company decides to bail out, the client at the other end is left high and dry. This happens all the time. This can actually make outsourcing more expensive than hiring locally. Moreover, quality issues crop up time and time again due to breakdowns in this one-to-one outsourcing model. One key solution to fixing this perennial outsourcing headache is crowdsourcing.


Instead of using a one-to-one model, you put out a project and cut it up into many small parts and present it to a wide range of people. These are individuals that are paid based on a first-come, first-served basis. They can take little bits of the project and when they complete it, they get a credit or payout. The problem with this is that if people take bits that they can’t solve and hang on to it, the whole project is left hanging because it remains incomplete. While enough chunks are completed, there are still a few chunks left missing and this holds up the whole project.


The good news is that Bitcoin’s blockchain technology can be useful here. Bitcoin uses a blockchain accounting system where each computer that runs the Bitcoin software tries to solve a very complex mathematical problem. This mathematical problem is actually linked to keeping track of all Bitcoin transactions. These computations serve to verify whether a Bitcoin transaction is legitimate or not.


The same group computing technology can be applied to crowdsourced outsourcing. The individuals who are trying to do certain chunks of the distributed project tasks don’t get credit if they don’t complete it within a certain amount of time. Instead, the distribution system will only recognize correct solutions. This cuts down on wasted time and also increases the speed at which the project is completed. The best way to access a huge population of problem solvers is through mobile apps. This is a great way of benefiting from blockchain technology because of its dynamic approach to group-based problem solving.


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