There are a lot of calendar products out there that help with the ease of scheduling. They save lots of wasted back and forth communication coordinating a time that works, automatically pull events into calendars, and send reminders to make sure events happen. They make it a lot easier to coordinate calls, and do what they can to make sure calls happen, but all too often, people book calls and meeting and then need to reschedule last minute or just don’t show up.
In the past, the solution to this was a system of annoying reminders. Harassing someone in the lead up to try and make sure they don’t forget, but there is a better way.
With the help of cryptocurrency, you could stop the destruction of value caused by missed meetings by upping the financial stakes and making sure people are incentivized to show up.
Imagine, you book through an application similar to Calendly, but before booking, you have to put up a small deposit. You send the money into escrow, and if the call goes off as planned you get your money back in full. If you need to reschedule, you have to sacrifice part of your deposit which is sent to the person you are meeting with. The payment to reschedule would increase slowly over time so that it is cheap to reschedule 24 hours before and very expensive 30 minutes before. If you no-show your meeting, your full deposit is sent to the other party.
This would also be applied in reverse. You could set it up so that both sides have to put up a deposit, and charge a small amount for being late. After the call, the deposits are both refunded to the refund addresses, less any late, reschedule, or no show fees.
Using a traditional payment model would make this overly complicated. Processing payments and refunds with PayPal or credit card would be expensive and complicated. If you had to preload a balance onto the platform, it would be a barrier and force whoever made the calendar to build payment infrastructure while making it harder to attract people to the service.
But in a few years when there is more adoption of cryptocurrency, and more people have a wallet on their phone, it would make it possible to allow anyone to schedule a call and pay a deposit with ease. All you would need is their email address to send the call link to, and a refund address.
Right now we have technology that makes it very easy to setup and execute meeting. But a lot of people miss calls that they have set up. This costs them social capital, but it is easy to be oblivious to social capital that you are burning, and for the party who actually shows up, there is no compensation for the wasted time.
Creating a system where a small amount of capital is on the line for the meeting would allow for incentives that make planned meetings more certain and make sure that if a call is missed the party who fulfilled their end of the deal does not walk away empty-handed. In the end, less time is wasted, more value is created, and everyone wins.
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