Ride hailing on a blockchain
Introduction of internet and mobile applications introduced a wave of new type companies that are in fact providers of service for users, but only in a segment to bundle requests from users with existing companies’ offers. For example, AirBnb does not have their accommodation capabilities; they are allowing registration for two types of users on their website first is service providers or accommodation owners and second is Clients or users that will rent registered apartments and hotels. AirBnb introduced home owners as service providers, and improved offer that already existed and was offered by booking.com, and that is a service, made for a provision, that is usually charged from service providers. This service transformed many industries, including vacation companies, taxi services, human resources and others. Nowadays, there is a bunch of websites that offer services based on a same pattern, there is a side for service provider, and other side with users that request service, and website companies are only charging provisions for coupling the two.
Ride hailing companies that disrupted taxi service marketplace are using the same pattern, with additional advantages, such as geo-positioning and tracking, with pre-defined route and price for each service drive. Since ride hailing companies do not need their own vehicles to offer the service, there is a question do we need those companies, or service can be automated in an application. Automatization is made possible by introduction of blockchain and ETH oracles and smart contracts that do the job instead of ride hailing companies.
Ride-node is proposing just that, smart contract and digital currency apparatus that leverages blockchain in ride and transportation sector, and want to offer new level in ride hailing industry. Important obstacle that most of ride hailing companies are currently facing is that they are using labour that is under-paid, especially drivers and there is a movement that want to force them out of business due to the fact that they are not in line with labour law in many countries in which they are doing business. Proprietary technology provided from BayRide company shall enforce that drivers are paid in line with expectations and that users are safe during their ride, with 0% commission for drivers, that will have mutual benefits for drivers that will earn more and passengers that will pay less.
Main issue with ride hailing companies is that they do not generate profits, despite the number of rides in a day, which exceeds 15 million in case of Uber. Their business model is not solvent, and non-sustainable in long term. Blockchain service will involve low cost service without middleman, immutability of ride sharing ledger, transparency, irreversibility, pseudonimity and security. BayRide will also offer advantage in term of global currency, since there will be no need for currency exchange and rides will be paid with crypto currencies and profitability service per route/vehicle/time of day. Services like SmartChain, SmartFare, RidePAL, RideEx, RideGuard are additional advantages and a means of profit for Ride Node, and as such will be offered with a goal for Ride Node to be profitable, not on a basis of provision for driver payment.
RIDE token will empower the tokenomics, with 25 billion tokens generated. Soft cap is set on 25000 ETH and hard cap on whopping 2,5 million ETH.
Project website: https://ridenode.io/
Project whitepaper: https://www.ridenode.io/wp-content/uploads/2019/11/RideToken-WhitePaper-Version3.0.pdf
Author: https://bitcointalk.org/index.php?action=profile;u=1573369