How Might Coworking Spaces Benefit from Blockchain Development?
Productivity

How Might Coworking Spaces Benefit from Blockchain Development?

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Yana Lukianchuk

Coworking spaces are gradually beginning to replace traditional office settings because of the many benefits they amass. Coworking spaces allow for work-life balance and create a healthy environment for experts with complementary skills to connect with themselves. When we talk about coworking spaces today, we are not just talking about the excellent design of these spaces alone, but the purpose they serve as well.

However, with the introduction of coworking spaces came the need to integrate technology for better communication and effective delivery of tasks. While we have general technological devices like computers, mobile devices, routers, and printing equipment to be the most common, there are others. To avoid going through the endless list of these technological elements, let's categorize them into three broad headings, namely:

Over the years, we have seen several innovations in these categories that have made coworking spaces more effective and productive. But are that all the tools that coworking spaces can leverage?

No, because one important tool is causing a positive revolution in coworking spaces, and that's blockchain technology.

Blockchain Technology and Coworking Spaces

Since the introduction of blockchain technology, several sectors have adopted it for many benefits. Transparency and accountability are the major challenges faced in different sectors of life. Blockchain technology is designed on a system that is difficult to manipulate. Entries made on the blockchain cannot be easily manipulated by anyone and can be referenced anytime it is needed.

One major area we have seen the possibilities of blockchain technology maximized is in digital currencies. Many of the digital currencies we have today operate on the blockchain. With this, transactions carried out by users can be monitored, and the activities of hackers and crackers can be limited. However, beyond digital currencies, we have seen other sectors like gaming, e-commerce, gambling, and communication leverage the possibilities of the blockchain.

All of these are what don't make it surprising that blockchain technology is used in coworking spaces. A good example of a global company that has successfully integrated blockchain into its coworking spaces is LifeTask.

The recruitment system at LifeTask is decentralized and attracts the best talents in the job market because it uses blockchain technology. Other examples include Full Node, which is built for blockchain companies, and Tendermint—the parent company of Cosmos (a network of independent parallel blockchains).

Many processes go on in coworking spaces like membership agreements and procurement that all need to be built on trust. Interestingly, blockchain technology offers different tools that make these processes more effective and secure. Also, in recent times, we have seen some coworking spaces launch blockchain projects financed with digital tokens.

Coworking spaces can be rented, sold, and managed using cryptocurrency created with blockchain technology. For example, blockchain-based coworking spaces can buy Dogecoin and trade it for more gains.

As the coworking space embraces blockchain technology, there is a need to invest more in education and collaboration. Doing this will open up the minds of businesses, institutions, establishments to embrace blockchain technologies and the ideas that drive them. Leveraging blockchain technology when considering the prospects of coworking spaces will help you stay ahead of the competition.

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The Benefits of Blockchain Technology to Coworking Spaces

The major benefit of blockchain coworking spaces is that it brings about a radical shift from the traditional community-based ecosystems to more technologically inclined ones. Considering the digital age that we live in, one can tell that virtually everything can be done virtually now.

You don't need to be physically present in a place to carry out a task. Operating with blockchain technology, coworking spaces can enjoy more digital visibility, procurement processes can be faster, and communication can be more effective.

Another benefit of the growing interaction between coworking spaces and blockchain technology is that more opportunities can be explored. Full Node, as a coworking space, has been able to host several workshops across different quarters that have enhanced the overall development of blockchain as a whole.

Coworking spaces that use blockchain technology also promote collaboration over competition, making it possible for them to accelerate faster. It ensures that the workspaces are not just another space where people interact but a valuable development resource for individuals.

Finally, individuals and businesses setting up coworking spaces should note that blockchain, like crypto, is a global innovation. As such, there is no limit to who you can partner with. It is possible to partner with other coworking spaces outside your country and region. Cryptocurrencies like Dogecoin, Bitcoin, and Ethereum can also be created to facilitate financial transactions within these shared workspaces.

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