Eversince the cab services have come into existence technology been utilized to make it better for the users. Blockchain is the new addition in this list which, according to many, is more promising than any other technology used to straighten out this service. It has brought in the disruption that was never experienced before.
The fundamental reason behind this disruption is believed to be smart contracts and decentralized distributed ledger. Its self-governed framework brings more transparency in this service which involves various channels through which mobility is served to the customers. It is also believed to bring fair pricing, better remuneration to drivers.
A few incidents occurred recently show us the inefficiency of the existing system used by ride-hailing companies. Most of the issues concerned drivers and involves lack of information coupled with serious consequences to them and users as well. The question is, does blockchain provide a solution to this problem? According to experts, it is the best solution that drivers and cab users can get. With blockchain network, not only the information will be disseminated properly, it would also expedite the services.
Blockchain begins a new era with decentralization and transparency
Blockchain is a shared database which keeps all its members on the same page, which brings transparency and ease of access. It can also be integrated with more features which would only make the services faster and safer. Many such safety measures can be integrated such as voice/facial recognition, biometric access etc. The real-time updates would be faster and payments would also process fast. With the help of this technology, cab service would see a new upheaval which cannot happen otherwise.
Besides all this, safety is the biggest measure that blockchain takes care of. There are many cab hailing services active today and most of them follow a top down management which makes the system slower. Blockchain will disrupt this system and bring everyone on the same page. This means that every process will get streamlined starting from registration to shelling out of payments. It is not only fair to cab drivers, but also makes the whole mechanism of cab hailing companies easy. It would also help in keeping track of gas price, traffic and various things that impact the experience of cab users. Integration of smart contract will bring validation to every process and it would help companies track the data easily.
The biggest benefit of blockchain is the control gets distributed. This means more access to information to every member in the blockchain network. It means the services that cab hailing company wants its users to get will reach them seamlessly. It can be mingled with other technologies and provide better privileges to the users. With increased transparency and better access to information, this service would see the best days for sure.
The upshot is that blockchain technology will work the best for cab services. It would optimize this whole industry by making rides easier for users and more remunerative for drivers. It would also help them controlling the unnecessary costs that are incurred all the same.
However, it is hard to tell how exactly this would be implemented. It could be a single blockchain-based portal used by everyone or different platforms used by different service providers.
