Uber is doing quite well. In fact, it is one of the most successful business out there but looks like there’s danger looming up there.
Believe it or not, many experts are of the idea that blockchain could put businesses like Uber at risk. Imagine a world where passengers could get in touch with drivers directly with the help of an extensive blockchain network.
While we’re far from such happenings, there’s potential. Let’s get to know more about how blockchain could be the death of Uber.
The Uber System
Uber currently uses a centralized system to link drivers and passengers. However, it appears quite like a decentralized system due to how it’s presented. It gives users the feel of directly getting in touch with the provider, whereas you’re actually using a server and Uber controls the entire system.
When you open the app to find a ride, you basically request Uber to find you a service provider. The system scans available options and links you to a suitable provider. Moreover, the system also takes care of the payments. You pay Uber, and then it pays the driver after charging the required fee.
This gives Uber great power to dictate and decide. Hence, not many users are happy with the system, primarily due to its vulnerability. In addition, the prices are subject to high volatility, which is entirely controlled by the server.
How Blockchain Can Help
Let’s talk about the capabilities of blockchain. It offers a decentralized and secure ledger of chained records thanks to high-level encryption. The technology can also provide both the parties with the option to exchange money without having to worry about any other party having control.
How Is This a Bad News For Uber?
It may not necessarily happen, but there’s a possibility of blockchain giving competition to Uber and other similar platforms.
The peer-to-peer network can make the process easy as there will be no other party handling any of the tasks and everything will be done on the blockchain. Moreover, it can also provide riders with details about a driver including reviews.
If this happens, the user may prefer to quit Uber as they’d not only save on fee but may also feel more secure since there’s little to no risk of their personal information reaching unsafe hands.
What’s Uber Doing About It?
Many experts predict that Uber may have to change how it does business to fight the challenge. In fact, many believe that even Uber may begin to use blockchain in some way.
The company faced a considerable challenge when one of its former drivers, Christopher David, got frustrated due to the company’s policies and gave birth to Arcade City, which is essentially Uber on the blockchain network.
Arcade City uses Ethereum and appears to be quite a success, but it’s not yet big enough to pose any significant threat to Uber. However, Uber may soon see some major challenges as blockchain grows even more.
Related article:
I would like to point out my admiration for your kindness in support of those individuals that really need help with your idea. Your real commitment to passing the message all-around had become especially productive and have frequently enabled most people like me to get to their pursuits. Your own warm and helpful facts can mean a lot a person like me and further more to my office colleagues. Many thanks; from everyone of us.
I’ve been browsing online more than 3 hours today, but I by no means found any attention-grabbing article like yours. It is lovely price enough for me. In my view, if all website owners and bloggers made good content as you probably did, the internet will probably be much more helpful than ever before.
buy clonidine clonidine 0.1 mg brand buy tiotropium bromide
It’s nearly impossible to find educated people on this subject, however, you seem like you know what you’re talking about! Thanks
I have realized some significant things through your website post. One other thing I would like to state is that there are numerous games that you can buy which are designed in particular for toddler age children. They include things like pattern recognition, colors, animals, and models. These typically focus on familiarization as an alternative to memorization. This makes little kids engaged without having a sensation like they are studying. Thanks
Hmm is anyone else encountering problems withthe images on this blog loading? I’m trying to figureout if its a problem on my end or if it’s the blog. Any suggestionswould be greatly appreciated.
Nothing is more admirable than the fortitude with which millionaires tolerate the disadvantages of their wealth..
Fantastic blog post.Much thanks again. Awesome.Loading…
buy generic suhagra for sale sildalis price sildenafil viagra
oral minomycin terazosin us order pioglitazone 15mg