Industries That Blockchain Will Radically Transform Ride Sharing
A common misconception, held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money.
Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry.
Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as follows:
A lot has been said about the monopoly of Uber.
Chances are you’ve come across an Uber driver who clearly struggles to make a living from the job. Earnings are disproportionately in favor of the company and drivers have to complete a large number of trips to earn a healthy wage. A decentralized system could change all of that.
Imagine a system where each driver could establish their own rate, offer additional services like deliveries and receive payment in a variety of methods. That’s what Arcade City is trying to do with their platform. Unlike Uber, none of the driver’s earnings goes to the company. They receive their fare entirely, interacting with no middleman.
Drivers can also team up to form guilds and operate on larger scale, allowing for better coverage and building trust. Perhaps most importantly, they can also build a recurring list of customers whom they can count on for regular income. The customers themselves will have a driver that they can trust. The whole platform is constructing itself strongly around the idea of community. The California-based startup Chasyr is attempting the same with its platform. However, Arcade City does seem to have a headstart, and possesses a more fleshed-out platform and roadmap.
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