The gig economy’s growth will reshape the way of living and working style in the future, according to a report commissioned by a global gig platform Appjobs and Vinter, a regulated index provider specialised in crypto assets & blockchain technology.

Thanks to the growth of blockchain technology and the gig economy over the last decade, the change has been remarkable, according to Appjobs founder Alok Alstrom.

He stated:

“We believe the emergence of blockchain technology and the gig economy show that cryptocurrency and the digitised gig market will soon converge and create the natural next step in the evolution of economic systems.”

Gig economy transactions are expected to hit $455 billion by 2023

The gig economy comprises labour and capital exchange, known as a gig for money, between institutions and individuals through digital platforms which match providers and customers. 

According to a study by Mastercard, worldwide gig economy transactions are anticipated to record a 17% annual growth to around the $455 billion levels by 2023.

Alstrom believes that the gig economy gives people a flexible way of working and enables them to decide what to work and how much effort to input. Alstrom also thinks that individuals would be more independent by enjoying more personal choices or options at work. 

The emergence of a true internet-based economy

The report noted that the convergence of blockchain technology and the gig economy would prompt a real internet-based economy.

Public blockchains are expected to become a truly global payment system, enabling the gig economy to access a global financial network with low entry barriers for clients, workers, and platforms. 

Meanwhile, the global blockchain-as-a-service (BaaS) sector is anticipated to reach $15.8 billion by 2026 from the current $2.31 billion, recording a compound annual growth rate (CAGR) of 46.9%. High immutability and secure decentralisation are expected to enhance this growth.