Ride sharing has become the most common industry almost in every part of the world. Today, more number of people choose to hire or rent a car for their travel. This has given raise to companies like Uber. At present, Uber serves as a middleman between the driver and the rider. The business operations are managed in a centralized hub and it has certain drawbacks too. Alike other industries, Blockchain is all set to disrupt car sharing industry like Uber. Implementing blockchain will benefit both the riders and drivers by creating a decentralized platform to connect with eachother directly without any intermediary.
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The present Uber system is centralized and there is no direct dealing between the rider and the driver. This has brought some challenges to the industry and the participants involved (rider and driver). To enhance the security and privacy, the existing system invests a huge millions of amount for various innovations, but it doesn’t yield the desired result. The current working ecosystem of cab services is centralized and the process is as follows.
Cab services are in high demand in the today’s market and more advancements are introduced to give a better and secure experience for the riders and drivers. Despite making changes to bring high security, this ride sharing industry has some loopholes. Here are some of the major problems that exists in a ride sharing platform.
At present, when a rider books a cab, the cab company receives notification and they will allot a driver for the ride. In this case, the company charges certain share in the total ride’s price, hence customer will be charged more. In short, cab company serves as an intermediary between the driver and rider, resulting additional cost.
There is no transparency in the working process. The riders are not clearly said about how the cab company works and functions. There might be problems like sudden hike in price and the riders don’t get a clear understanding for surge in price.
The existing system doesn’t have a proper mechanism to take care of the safety of rider and driver. The chance for fraudulent activities and crime are high, despite having numerous verification.
When a rider books a cab, it first goes to the service providers like Uber, and those providers will then assign a car for the rider. Though the process is easy, it involves middleman and might take few minutes for processing.
Implementing blockchain to the current cab sharing ecosystem would eliminate the need for a third party in the process. Smart Contract embedded with all the rules, regulations and required information will execute as per the functions defined.
Blockchain enables the rider to connect with the driver through decentralized platform in Blockchain. Smart Contract simplifies the entire process will no complexity in the ecosystem. The following are the advantages of integrating blockchain at your cab services.
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