Block2 Builds Blockchain-Based Solution For SMEs with EY
‘Block2’, a Sydney-based peer-to-peer human capital firm, has brought ‘EY’ on board to assist in developing a new blockchain solution. ‘2Mota’ is expected to be Block2’s new peer-to-peer marketplace, designed to support SMEs (small and medium enterprises) with its supply chain and resource management.
Block2 is a startup born in the sharing economy model. For SMEs that frequently find themselves in a resource crunch, Block2 offers a sharing mechanism for one of the most valuable contemporary resources, human capital. Full-time and part-time staff can be shared and managed using Block2’s infrastructure.
Standard of most modern systems that require multiple, cross-channel stakeholder participation, Block2’s designs are housed on the blockchain. EY, that is one of the big four accounting and advisory firm, is set to use its blockchain expertise to help develop 2Mota, a solution with a broad range of applications.
Two defining features of 2Mota are that it provides for the introduction and management of new customers while concurrently allowing resource optimization in a variety of domains, including employees, equipment, and workspaces.
The SME sector, which constitutes a crucial part of Australia’s economy, is increasingly adopting innovative digital avenues to navigate present-day challenges. 2Mota not only enables SMEs to share resources but also has broader implications for resource optimization and sustainability. The solution is being developed for the automotive sector, with expectations of being implemented in other areas in the long run.
“Small and medium-sized businesses, like automotive repair companies, must manage demand to guarantee success in an ever-increasing competitive environment. Block2’s peer-to-peer marketplace addresses hurdles in Australia’s automotive repair industry, how the lack of supply and demand management is affecting business productivity, investment planning, and growth,” commented Eden Spencer, founder, and chief executive of Block2.
EY Global Blockchain Leader Paul Brody added. “As blockchain technology proceeds to develop around the world, we can find new ways to increase efficiency and limit undesirable losses. The application of a blockchain-based peer-to-peer marketplace is an effective means of injecting elasticity into sectors where traditional fixed ownership presents a hindrance to profitability.
Block2’s marketplace will permit companies, particularly SMEs, to optimize resources and make the best use of the human capital available to them.”
EY’s digital team in Australia is well-established and expanding. Over the last year, the firm’s practice has supported its digital know-how through two major digital takeovers, beginning with the Adelphi Digital Consulting Group in November last year, followed by PlautIT earlier this year.