Blockchain in Taxi: New Technology for Common People

Nishanth Shetty

Nishanth Shetty

December 2, 2017 10:31 am

13120 Total Views

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Blockchain technology in the local transportation or taxi industry is only the constant of the evolution that has gone for centuries. People are seeking for more efficient technologies both in transport service providing and industrial administration.

From old forms of transportation that are involved in trekking, the use of animal and carts, to the complexity of present-day machines, the transportation industry has developed into an organized ecosystem with the basic administrative departments.

Taxis are everywhere

The existing local taxi industry in every major town and city around the world has proven to be of great importance to modern life. Due to the importance of passengers in everyday life, taxis are in high demand and it is not surprising that the industry is more competitive. The global taxi market is estimated to be between $ 50 billion and $ 100 billion.

Traditional taxi management systems revolve around focused organizations. For example, Lagos, Nigeria, local unions, and associations are required to register every taxi operator in the city and force payrolls and levies to run the association. It should be a way to ensure proper licensing of taxi drivers, but the centralized nature of its management leaves the room for abuse and poor performance.

The advantages of the decentralization

Partially decentralized taxi systems, the introduction to uber and lift introduced some necessary competition in taxi industries. It provides passengers with more options, which is responsible for low rates and high-quality service. Anyhow, despite the coverage of decentralization introduced by these systems, they are still governed by a single database and run by a single company.

Blockchain takes it a step forward

Blockchain technologies are growing fast sweeping around every industry, the signs of the technology is overtaking the taxi industry are clearly ready. For an industry that has been frequently requiring over time across ages, moving into a new phase will not be a surprising development.

Tomas Peleckas, Founder of A2B Taxi Says:

“Licensed taxi drivers are essential to the industry for purposes such as security and appraisals. The situation in the market is an inspiration towards the creation of a platform designed to connect customers with professional and accredited drivers directly. Providing a mobile application for customers to find a licensed driver, as well as drivers to manage their business more efficiently will go a long way in creating a sanitized taxi industry. It is an essential tool for both the security of commuters and motivation towards quality services.”

 

Long-term development is the use of blockchain-based applications to implement the concept of Tokenization or to manage local transport systems. Many taxi services are based on blockchain and tokenization. This is largely due to the benefits of blockchain offers, especially in areas of personal control and decentralization.

For example, imagine traveling to a new city where the local currency is totally different from where you are coming from, and you require a taxi to drop you to the hotel from the airport. This is largely due to the benefits of blockchain offers, especially in areas of personal control and decentralization.

A new technology for the common man

In many circles, the blockchain is described as a common man’s technology. The explanation is to prove the correct position by giving regular people greater control over their resources. It helps open the market in many industries and enables everyone to play a level playground.

Blockchain implementation automatically enables the transparent industry; Opposite unions and associations do not override taxi drivers and travelers’ will. Instead, anyone with a blockchain token retains full control of all the benefits associated with these tokens, with exchange for other tokens or fiat or taxi rates.

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