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PeakChain Ridesharing Platform: Uber on Cardano

PeakChain Ridesharing Platform: Uber on Cardano

Ridesharing companies like Uber offer a significant mobility solution for millions of global users.

The market size of ridesharing services is increasing worldwide: in 2021, this was 58 billion USD, to an estimated 185 billion USD in 2026 .

The demand for cost and time effective mobility solutions justifies the massive number of ridesharing users. These figures are estimated at more than half a billion in 2021; meanwhile, users of such services are spread across 85 countries.

1. Drawbacks of current centralized Solutions

1.1 Privacy issues:

Sensitive user data like travel trajectory and personal data could be tracked or abused by the service provider. However, through the use of the Blockchain, all user data will be hashed and remain safe. This means only permitted actors have the right to decode such data using their private keys.

1.2. Security challenges

User data is stored in centralized servers, which leaves it open to hacking or manipulation. But a decentralized solution will address this issue. In fact, the Cardano blockchain, as a platform, and by design, will ensure the security of this mobility solution: there is no single point of failure.

1.3. High fees:

Users are paying high fees to service providers. Still, the impact of these fees could be lessened through a decentralized solution.

In fact, most blockchain industry DApps represent serious competition to similar centralized solutions. This is due to cutting centralized management and governance costs, as well as the business model transparency.

1.4. Governance:

The problem of all Web2 solutions, such as Uber, is that they are managed by centralized entities. Sadly, this can lead to an abuse of power and the enforcement of any rule changes without warning — this could include, for example, fee changes.

Blockchain solutions mean we can build decentralized solutions which could be governed exclusively by the service users. So, users could suggest improvements in the platform. Such improvements should be formulated in an improvement proposal and voted by the community.

2. Building the Solution:

We will build the entire solution:

2.1. Building the platform:

Using our experience as a software development company, we can comfortably conceptualize and build any Web Application. We will design the solution architecture and build both the web application and apps (Android/iOS).

2.2. Conceptualize the economic model:

Looking at present centralized ridesharing solutions, we will look to create and deploy an economic model that provides true value and competitivity to users — one way we will do this is through a Cardano native token. The project’s first phase will, therefore, propel users to utilize the platform, as well as refer other users, expanding the customer base.

Ultimately, we plan to ideate and then develop the solution’s Tokenomics. Then, we will host discussions with our community concerning whether to pursue an ICO or ISPO. This will only happen when the technical capabilities have been readied.

2. 3. Building the community and Marketing activities

Building the community is one major success factor of the solution. We will focus on building a sustainable community by incentivizing users and solution contributors.

2.4. Test the solution with real users

Upon completing the technical solution, we will proceed to test through various global users, beginning with our location in Germany. We will incentivize the first testers and users of the solution and communicate the testing experience and reports, and marketing campaigns.

2.5. Embed the Hardware to assure the decentralization of the solution

Once the hardware device described in the proposal is ready, we will integrate it with the platform to assure the decentralization of the solution.

3. Connected Car Blockchain Solutions MUST be genuine Web3 solutions

The blockchain solutions for the automotive sector must be real Web3 decentralized solutions. Furthermore, no centralized servers should interrupt the vehicle data that is transmitted to the Blockchain.

Unfortunately, currently, several Blockchain solutions are claiming to be real Web3 solutions. Still, the truth is that such solutions are fully centralized and utilize Web2 that is masked behind Web3 marketing. These tools are managed by centralized entities. Moxie Marlinspike’s recent blog post dives further into this problem in the blockchain industry using concrete examples.

Meanwhile, though, PeakChain is focusing on configuring a genuine Web3 outcome for the vehicle industry. This way, centralized servers cannot be hacked or interfered with. At the same time, there will be no centralized entity management.

4. Increasing the adoption of the Cardano Blockchain

As a sector, mobility is one of the world’s largest, fastest-growing. This is indicated by market size and the increasing user numbers.

We are homing in on a huge target audience by building a ridesharing solution on Cardano. In fact, as mentioned previously, the number of ridesharing users is estimated by more than half a billion in 2021, and the user base is spread in over 85 countries. As such, there is expected to be significantly increased demand in the number of Cardano Wallets and transactions, as well as the demand of ADA. The Cardano native Token, used to pay fees, will create this huge demand for ADA.

Ultimately, this will lead to increased demand for the Cardano blockchain and boost both retail and institutional adoption.

Original article published in PeakChain Medium Publication under this link

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Support also our PeakChain Automotive Solutions in Project Catalyst Fund 9!

1- PeakChain Car Wallet Device

2- PeakChain Uber on Cardano

3- PeakChain Fleet Management Platform

4- PeakChain Car-Sharing Platform

Author: Oussama Benmahmoud, CEO of PeakSoft GmbH and Founder of PeakChain