One2Buzz!!!!: DRIFE: A Nexgen decentralized ride hailing platform

What is DRIFE
DRIFE is a decentralized ride-hailing platform powered by blockchain with the intent of empowering value creators within our ecosystem – these include the drivers, commuters, and community developers. DRIFE plans to disrupt the existing business model and remove the corporate intermediaries involved in the transactions. Our ride-hailing platform has created a new paradigm for the ride-hailing industry. We are the first platform in this niche to express the full features of the decentralized ride-hailing economy. With the power of the Blockchain technology, the DRIFE platform strives to bring a new paradigm to the ride-hailing platform and solve the horde of issues that have emerged from the current model of centralized business. The growth of the platform not only contributes to the objective of DRIFE but also enhance the overall value provided to all the stakeholders concerned like driver’s income, commuters fare, cybersecurity and transparent governance.

Why DRIFE?
In less than a decade, over 1600+ cryptocurrency platforms built on the premise of the blockchain technology now exist. New startup enterprises, great innovative technologies, and improved scalability features from the original blockchain have elicited awe. However, more than 90% of these projects lack practical application or utility. Most of them are created as sub-chains or sidechains leveraging the power of more efficient systems. Despite the opportunities being accorded by the blockchain enterprise, adoption for most of these platforms is still out of reach because: “Not many real-world use cases have been fully disrupted”

What are the problems?

Centralization: The problem percolates, as taxi aggregators and ride-hailing platforms rely on a centralised system for their transport model. With centralization, the growth stifles and the control converges to larger corporations, thus creating a void of rights and less income for other value creators.
Low Driver Income: From the initial 15%-18% range, existing aggregators commission increases to 20%-30% of the trip value. This creates trouble for drivers who end up losing money on costs (insurance, maintenance and others), leading to concerns over labour standards and drivers competing frantically for every ride to make a living.
Surge Factor: With high demand and low supply surge pricing becomes infamous amongst customers. Sometimes these charges are too expensive, leaving customers dissatisfied with zero alternatives.
No 3-way Incentives: With attempts of creating a blockchain solution for the problems, other value creators get ignored and become reluctant to participate in the ecosystem. This rippling effect concerns sustainability with many platforms having minor differences.

What is the solution?

No Commission: Shifting the focus from the existing commission-based platforms to a new economic model, where 100% of the fare paid by ‘Commuters’ goes directly to the ‘Drivers’.
No Surge Price: An ecosystem with 'No Surge Price' model to sustain the rider's loyalty and create sustainable income for drivers by paying them additional incentive during surge time.
Badge of Honour: Unlike the rating and evaluation systems employed by incumbent players, we bring in an innovative and holistic approach to assess the services provided by drivers and reward them subsequently.
Incentive for All: Provides additional incentives to its network users contributing to the platform’s betterment through social interaction and network building.

Check Drife website for more ways Drife can benefit you.