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TEHRAN – A group of Blockchain experts from Sharif University of Technology in Tehran is developing a startup that will introduce the first taxi app based on the Iranian Blockchain, reported by Shanbepress this week.
The startup aims to launch Initial Coin Offering (ICO), said its founder, Amir Abbas Emami.
ICO is a type of funding that uses cryptocurrencies. In an ICO, a quantity of cryptocurrency is sold as "token" ("coins") to speculators or investors in exchange for legal tender or other cryptocurrencies.
Through decentralization, which still exists in internet taxi services, commuting salaries may even drop to less than 5%, he explained.
The Blockchain platform for taxi apps also provides a pricing mechanism based on demand and supply, explained
Blockchain in the taxi industry
According to the Cointelegraph website, Blockchain technology in the transport or taxi sector is just the continuation of an evolution that has been going on for centuries.
The introduction of partially decentralized taxi systems such as Uber and Lyft has introduced some competition in the taxi industries. This provided the commuters more options, leading to reduced fares and better quality service.
The implementation of the tokenisation concept, or the use of Blockchain-based apps to manage local transport systems is a development that has been ongoing for some time. It is likely that many taxi services based on Blockchain and tokenization are born.
The Blockchain implementation will automatically allow a transparent industry; unions and opaque associations will no longer replace the will of taxi drivers and commuters. Instead, anyone holding a Blockchain token will retain full control of all the benefits associated with these tokens, be it in exchange for other tokens or fiat, or for payment of taxi fares.
SB / MQ / MG
