iRide — Trust in the Ride Share Option
With the inevitable rise in ride share services like Uber and Lyft, a trust issue has come to the forefront making both drivers and users understandably weary of the future. Riders want a service with consistent rates so they aren’t gouged during peak times and fully vetted, safe drivers, whereas drivers don’t want to be obligated to pay out upwards of 40% in commissions to centralized organizations. iRide provides a solution to the trust issue via blockchain. By utilizing the Ethereum blockchain, iRide seeks to normalize and legitimize the quality control process for drivers, while keeping commission fees lower than any other ride sharing option available today.
The demand for ride shares is increasing rapidly. It is estimated that by 2020, there will be 20.4 million ride sharers in the US alone. That equates to $6.5 billion in revenue for the ride share market. Based on this, it is easy to see why refinement is needed to ensure that this industry runs as efficiently as possible.
Why blockchain for ride share? Blockchain technology exemplifies efficiency. This blockchain based platform will be fair and transparent as all the rules and conditions will be coded in smart contracts, ensuring that no changes can be made without consent of all involved parties. Also, the cost of running such a decentralized organization is minimal as most decision will be made smart contracts. As a result, late-night ride shares home will be less intimidating, peak hour premium rates just to get around a parade can be eliminated, and the comfort of a personal ride to your destination can be enjoyed with far less worries that are common to the ride share experience.
IRide offers several features that highlight its practical functionality. First, after a user requests a ride via the mobile app, an Ethereum smart contract is executed to assign the ride to a driver. Customers gain incentive by earning customer loyalty points for using iRide tokens. Second, drivers can choose to pay their fees in fiat currency or iRide tokens. Of course, using the iRide tokens increases the value of the token. Also, decentralized identity platforms like Civic will be used to ascertain the identity of drivers working on the iRide platform.
iRide offers tremendous benefits for drivers. Maybe the most beneficial feature of the iRide platform is that it will have partnerships with pension plans provided by wealth management companies like Betterment. iRide is the first ride-sharing platform to offer this. Low commission rates dip as low as 2% after four years of use. As mentioned previously, drivers can also utilize the pension program offered by the platform in the form of an IRA where drivers choose exactly how much they deposit each month.
In summary, iRide is a blockchain solution to the trust issue raised by ride shares. It lowers the cost of travel, offers the most dependable drivers, provides a pension plan for drivers, and delivers composure to otherwise nervous drivers who might be new to the ride share experience.
This write-up is a paid objective review of this project. Crypto of Korea is not affiliated with nor necessarily promoting this project.