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Ride sharing and carpooling are becoming increasingly popular in large cities suffering from traffic jams and congestion.
Taxi aggregation services have capitalized on this trend by providing taxi sharing options to their users. The concept of vehicle sharing can be further improved by implementing blockchain in ride sharing services.
Implementing the blockchain in ridesharing removes the middlemen and allows for direct transactions between the rider and the driver. It has the potential to get more people to adopt ridesharing, which is both financially and environmentally beneficial. The use of blockchain in ridesharing can not only benefit but also completely revolutionize the market.
How Implementing Blockchain in Ridesharing Is Beneficial
Blockchain is the main engine for increasing race sharing services. Implementing blockchain in ridesharing will completely change the way the industry works. The following are the benefits of using blockchain technology in ridesharing services:
1. Peer-to-peer ridesharing
Today’s taxi service providers use a centralized strategy to carry out their operations. Each service provider has its own terms and conditions which the driver and driver must abide by. Furthermore, the taxi booking process requires intermediaries such as third party payment platforms, and this lack of transparency leads to more problems. The blockchain is a decentralized ledger in which all information is stored on computers around the world that can be accessed and tracked publicly. A mechanism is incorporated into the ledger that allows participants to do business with each other and minimizes the need for mutual trust. The need to go through an intermediary is eliminated. Blockchain allows short or long term vehicle leasing between two directly involved parties. Users can search for rental services according to their needs without depending on intermediaries and choose accordingly. Users can also rent their vehicles and connect directly with people in need.
2. Customer identification
Due to the availability of data on a public platform, it provides transparent verification of the pilot and driver. Users can be sure of the identity of the people who use or provide services on platforms that use blockchain technology. Blockchain helps curb identity theft as it provides strong cryptographic keys for security against potential attacks and data manipulation. People can be confident of identity when renting or renting vehicles.
3. Secure payments
The blockchain can be used to sign digital contracts and make payments directly between the parties involved. The most crucial benefit of the blockchain is direct payments between the parties involved, without the need for a third party payment gateway. Blockchain-based services use cryptocurrencies for transactions. This eliminates the need for real money and third party payment platforms to execute the transaction.
4. Data protection
The use of blockchain technology can protect traveler information from data pirates. The resulting platforms act as blockchain-based Uber or Lyft alternatives. On these platforms, information is stored on a decentralized ledger. This information is only accessible by Dapps (decentralized apps) which facilitate transactions between drivers and motorcyclists. This way, there is no central database to hack. Many ridesharing apps such as those based on blockchain technology are pushing the ridesharing industry forward.
The use of blockchain in ridesharing helps bring all stakeholders involved in the ridesharing platform closer together. It will pave the way for a safe and efficient ridesharing service. However, a comprehensive blockchain policy framework is needed to regulate and encourage people to adopt a blockchain-based ridesharing system.
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