The ride-hailing segment is already getting serious traction in terms of usage, competition, and overall revenue. As per the recent statistics, the ride-hailing revenue estimated to reach $83 billion in the year 2019. This market is not about to get saturated any time soon as the market is held to grow at a steady rate. The revenue estimates show a growth rate of increase of about 13% which results in the revenue estimate of $133 billion by the year 2023.
With this growing market revenue, there are some disadvantages/problems faced by entrepreneurs. Some of those problems,
In-sufficient date leading to complete loss in trust and the transparency
The ride-hailing companies don’t share the complete data either with the users nor with the drivers who are taking up the rides. This can cause serious ambiguity between the drivers, users and the business.
Regulations and compliance
The matching algorithms or the approval policy for the drivers are not strict and there are chances that the ride-hailing companies are not aware that they are giving access to take apart crimes and hazards to the users without their knowledge.
There isn’t a proper standard to the policies and the other agendas for the ride-hailing companies. Having a centralized thing for this will help all the parties involved.
The solution to these problems
Blockchain technology needs to be integrated with the ride-hailing application. Maintaining the data of drivers in a decentralized environment which resonates with the data from government and other related agencies can help in reducing the crime rate happening with the ride-hailing services.
Apart from that the real-time data like traffic and the accidents happened with the company vehicles can be easily be tracked with the usage of smart contracts. It’s a simple ledger with the things that need to happen in sequential order can be coded. Also, financial transactions can be standardized with this smart contract.
Some of the major players like Didi Chuxing, MixRent, DACSEE, Chasyr, and Arcade city have adopted the blockchain with their ride-hailing services. You can also do that with the help of ready-made Uber clone and get the blockchain integrated through the app.