Bitdrive – A first of its kind Specialized Blockchainbased Ridesharing Service

Introduction

As Blockchain continues to expand and venture into unknown territories, its uses are spreading to areas that were previously thought inconceivable. In the past few months there has been a rise in the idea of utilizing blockchain based services within the ridesharing industry. Over the years, the landscape of the commuting industry has gone through various changes from booking a ride through a call call to booking your ride by just a click, this particular industry has seen a lot of changes to suit the demands of the ever-growing list of commuters. This gradual change was expected as Blockchain technology is the only way the ridesharing industry can get upgraded to compensate the increasing demand for these ridesharing services.

Today independent and organized ride-hailing services exist in almost every town and major city across the globe and they are proving to be very essential for our modern life. Due to the importance of commuting in our daily life, it’s unsurprising that taxis and other easy means of transport are very much in demand these days and the industry has become extremely competitive in the recent years. Currently it is estimated that the global ridesharing market is fluctuating between 50 to 100 million dollars every year. Lately Goldman sachs’s survey on ride-sharing industry sheds new light about how this industry is going to boom in a few years. If the growth rate is set at a constant pace, by the year of 2030 ride-hailing industries such as Uber and Lyft will balloon upto 285 billion dollars. This roughly translates to around 65 billion dollars in revenue for the ride sharing companies by 2030, but this is entirely based on the assumption that they would gain 23% commission on the gross market sales.

According to Wall Street Journal Uber is currently the most high-valued private ride-hailing firm and it currently has a stock valuation of $68 billion. Compared to Uber, Lyft commands a valuation of just $7.5 billion. Both the valuations of these companies are seemingly not profitable as they spend a bulk of their resources on subsidizing ride rates and attracting new drivers. Interestingly, retaining drivers and expansion of the driver network are the parameters considered for the company’s growth and unfortunately that still remains the ultimate challenge for these companies as they are constantly embroiled in negotiations with the drivers. The drivers are often angered by the centralized nature of the operations and they are often felt they are being treated as independent contractors. With errors commonly stewed upon the payment process, drivers are unsatisfied with the base model of the present day ride-hailing industries.

Traditionally ride-sharing industries have revolved around centralized organizational structures. It’s still a norm in many countries that every driver who wishes to be registered in an association needs to go through rigorous payment procedures. This is basically due to the centralized way most of the companies operate. This certainly delays the registration process and also leaves room for mis-management. However, with the inception of Blockchain technology companies are finding various methods to reduce the centralization factor and to provide a much streamlined business process. The concept of tokenizing and using Blockchain based applications can assist ride-hailing based services to have more control over their personal data and instill a decentralized theme to their work methodology. In many ways Blockchain is labelled as the technology designed for ‘the common man’. This is an apt description as regular people will have more control over their resources. Implementation of Blockchain technology will inspire the growth of a transparent industry and opaque unions or associations will no longer interfere between the drivers and the commuters. Instead, any individual who holds a Blockchain token will be able to retain the complete control of all the benefits associated with such tokens, be it in exchange for other tokens or fiat, or just for the payment of ride fares.

Bitdrive – A first of its kind Specialized Blockchainbased Ridesharing service

Transportation is one segment that has never remained stagnant and one of the great innovations that have recently reshaped how things are done is the phenomenon that is Ridesharing. Ridesharing was created and popularized by Uber, who still remains the King of this brave new industry. They were able to redefine the way we look at transportation. But over the years since the market has become extremely saturated and is in danger from Uber itself. Ridesharing is a phenomenal concept that is just too good, too crucial and too embedded in the modern psyche to be allowed to go down the drain. But Uber and other centralized organizations that have consistently abused the industry and the trust that the passengers and driver vest in them pose the greatest threat to ridesharing and this is why a team of visionary tech experts with decade’s worth of experience at the highest levels have come together to create Bitdrive, the blockchain based revolutionary platform that is set to disrupt the disruptor and make the present ridesharing giants obsolete in an industry where consumer satisfaction should be driver of innovation.

Bitdrive is based on the revolutionary Blockchain Technology which is perhaps the most innovative and versatile technology that mankind has ever known. It’s slowly diverging into different verticals and is providing custom-made solutions for a whole list of complicated problems. From finance to the supply chain and Smart energy grids, the blockchain technology is reshaping the way we do things and the Bitdrive which we have developed is all set to rebrand and redefine the industry and save it from n impending collapse.

BitDrive and transparency of the Blockchain technology.

One of the most intractable problems of the present ridesharing platforms has always been the opaqueness and absolute arbitrariness of how they run their business. Drivers working with both Uber and Lyft are forced to take whatever deal both platforms choose to give them during as they work hard trying to earn a dignified living. Both platforms advertise a mind-boggling 25% as their share of revenue from the driver’s hard work. That is a WHOLE QUARTER of every dime they earned! As a facilitator and not the actual provider of this service, Bitdrive believes these numbers are outrageous and only end up being borne by the most important people in the equation, the driver, and passenger. What is more worrying in all this is that the 25% charge as advertised is just the tip of the iceberg for drivers, as careful investigations have shown that adding up booking fees and other hidden charges, Uber and Lyft actually end up taking as much as 42.75% of what the driver earns. If you subtract the actual cost of what the driver spends on gas and other expenses to run their car, the driver ends up with less than 20% of the total revenue from their hard work.

A Break from Tyranny

Bitdrive’s choice of using the blockchain technology to deliver ridesharing to a truly global audience is a deliberate one. We want to break from an unenviable past of the ridesharing industry which is tyrannical, apathetic and does not consider the hard work of the drivers or comfort of passengers that spend their money utilizing them. Bitdrive is a completely transparent platform as all transactions will be visible with the aid of the blockchain. There will be no hidden charges or opaque practices. The promise of the Bitdrive platform to put the driver, and the rider at the center of all things will be demonstrated by the level of transparency which will see the platform charge a flat 13% of the revenue and not 42.75% like the present ones. We at Bitdrive appreciate the hard work that drivers put into making ridesharing possible, and we believe they deserve a better deal. With zero middlemen or unfriendly payment modes, a truly affordable ridesharing experience for riders, and a highly profitable one for drivers is now finally going to become a reality.

Our Vision

Common Issues that still plague the ridesharing industry
Unwarranted Cover-ups
Poor passenger safety records
Poor security
Meagre wages

How will Blockchain based Bitdrive offer the Perfect solution to today’s Ridesharing industry?

The versatility and application of Blockchain technology is endless and its importance in the structuring of business models cannot be overemphasized. We developed this unique vision to solve the problems faced by ride-sharing industries by following these outlines mentioned below.

Well-structured Business model

Impeccable Competitor analysis
Decentra Ii zed system
Crisp market analysis

Incentives for Milestone completion
Extensive Value Proposition
Efficient Core team
Approximate investment required for Prototype creation

Why choose ERC20 tokens

Since our platform operates using Ethereum currency, will be using ERC20 tokens. ERC stands for Ethereum request for Comments Ethereum gave out technical specifications for the Ethereum tokens in the year of 2015. These tokens will function exclusively on the Ethereum Blockchain.

Tokens which adhere to these conformations are known as ERC20 tokens. These are essentially smart contracts which function within the framework that is set by the Ethereum team. The framework is wide enough to allow developers who can modify the design and the functionality of these tokens. The majority of tokens that are offered through ICOs on Ethereum are ERC20 compliant. The ERC20 standard which has totally six functions and two events was created predominantly to allow operations within these applications, exchanges, and interfaces. These functions describe sheds light on how these tokens can be transferred and how these token related data can be accessed.