The Ride-Hailing Blockchain
All eyes have been on Bitcoin reaching record highs in 2017 of $19,000, with the mainstream media asking: Will Bitcoin crash? What will be in the price at the end of 2018? Will Ethereum catch Bitcoin? I wanted to move my discussion away from the trending topic of price. I wanted to highlight how the blockchain is more than just a ‘digital currency’.
I predict the rate of Fortune companies adopting Blockchain to rapidly increase in 2018 and beyond. By 2020, Blockchain technologies that are currently being created, will be adopted in a number of major business sectors, such as Insurance and Finance.
The Enterprise Ethereum Alliance ( https://entethalliance.org/members/) is a great example of how Fortune 500 companies are embracing the Ethereum blockchain and smart contract functionality, and their 200+ members are growing. Members include industry giants: Accenture, BNY Melon, Deloitte and Microsoft to name but a few.
One of the biggest issues faced by ride-hailing industry giants: Addison Lee, Didi Chuxing, Lyft and Uber is ensuring the safety of both the passenger and the driver using their service.
These companies spend millions of dollars annually running criminal background checks and trying to verify the identities of their drivers. Despite their best efforts, incidences of crime and fraudulent identities in the ride-hailing industry are still high.
When Chasyr driver’s identity, insurance details, criminal background checks and medical records are available on the Blockchain, through internal implementation, and as adoption becomes more wide-spread through industries, this data can then be shared with zero knowledge proofs (i.e. allows a “prover” to assure a “verifier” that they have knowledge of a secret or statement without revealing the secret itself.) This should facilitate a move towards greater decentralisation. Chasyr understands that duty of care, to both passenger and driver, this due diligence is of paramount importance and can be achieved in a more efficient manner.
Today the process of purchasing and administering insurance, for example, involves a large number of parties and processes. There is often a lot of duplication and delay in the process. The blockchain will significantly reduce costs and speed up the process for Chasyr, rather than having to do this ‘manually’.
Civic ( https://www.civic.com/) is a pioneer in the identity management arena, providing businesses and individuals the tools to control and protect their identities. This should reduce the rate of increase in insurance costs, which are rising year-on-year for drivers.
Overall this is a unique aspect of Blockchain technology. Once implemented by Chasyr, this will allow greater decentralization and the reduction of costs not only for Chasyr but the driver and the end user.
By Nav Dhinsa
Nav resides in London, England and has a degree in Economics. Nav is the Co-Founder of Chasyr and has a cross-functional role to help engage our user base and drivers.
He has over a decade long successful career in ride-hailing corporate sales . He has won numerous large contracts with leading FTSE and Fortune companies.
He is a avid Blockchain enthusiast and has a passion for the technologies and Cryptoeconomics.