Blockchain is an emerging technology, and while it has been around for the last decade, it is still an abstract concept for most everyday users. However, blockchain brings many opportunities for “real-world” businesses and for consumers. In this article, we’re having a look at the overall future of blockchain as predicted by experts. After which, we will explore how DRIFE utilizes blockchain technology as an opportunity to introduce the next best thing: decentralized ride-hailing services.
In a June 2018 study by TechRepublic, 70% of the participating professionals said that they had never used blockchain for anything in their life. However, 64% said that they expect blockchain to affect their industry in some way, and most predict that it will bring a positive influence. That illustrates that while many people might not have heard or used blockchain before, the market sentiment and willingness to understand and use blockchain is there.
Blockchain’s popularity has grown significantly as a result of the successful implementation of its applications in a variety of industries. The foundation of distributed digital ledger technology provides numerous advantages by documenting all transactions involving data or money. Transaction records between any two parties can be stored safely with transparency, security, and integrity.
When you understand the current state of blockchain technology, you can form a detailed opinion about its future. In fact, the present state of blockchain technology can demonstrate how it will develop in the future. As a result, it is critical to supplement any discussion of blockchain’s future potential with a brief overview of its definition, operation, and critical characteristics. Have a look at our previous articles here, for a better understanding of blockchain.
When looking at the implementation of blockchain, one can see why the banking and financial industry would be the first to be affected by this upcoming technology. Adopting blockchain technology does not necessitate a radical overhaul of existing processes in the banking and finance industries. For traditional banking operations, financial institutions are readily accepting the use of blockchain in finance. In fact, Gartner predicted that the banking industry would use blockchain to generate more than $1 billion in business value by 2022. So, with its exceptional prospects, it is easy to say that blockchain is the future of the banking and finance industry.
Secondly, there is the demand for blockchain expertise. As the world recognizes the potential of blockchain technology, businesses will require blockchain professionals with the necessary skills and knowledge. The popularity of blockchain as a technology, on the other hand, has had no effect on the supply of blockchain talent. Upwork, an online freelancing platform, recently reported a dramatic increase in demand for people with blockchain expertise. Because blockchain technology is still relatively new and has a low level of awareness, it is difficult to find many blockchain engineers.
Third, the new governance models that the blockchain space offers are increasing in demand by the hour. These blockchain-based governance models can enable massive and diverse joint ventures for improved decision-making, payment, and permission schemes. By ensuring the standardization of information from various sources, the new governance models will rightfully be the future of blockchain technology. Furthermore, the new governance models can aid in the collection of new and more resilient data sets. Therefore, the scalable governance model will be a required feature in the blockchain environment of organizations in the coming years.
Then there are smart contracts, interconnectivity, and crucial integration options with the Internet of Things. Blockchain can provide reliable data that can inform and strengthen the underlying algorithms of other technologies. Moreover, it is far too early to declare that we have reached the pinnacle of interconnectivity when it comes to blockchain. As blockchain interconnectivity grows, so do its implementation options for real-world solutions.
DRIFE and Blockchain
As a company, DRIFE stands behind the use of blockchain technology within our ecosystem and app for many reasons. First, blockchain delivers transparency; via smart contracts, all ride-hailing fares can be fixed based on specific preset criteria. Thus, bringing trust and clarity to the system.
Moreover, leveraging smart contracts can also support fair negotiations, governance of the app and ecosystem, managing stake-based services and privileges. For those of you who are more unfamiliar with the term, IBM describes smart contracts as: “Smart contracts are digital contracts stored on a blockchain that is automatically executed when predetermined terms and conditions are met”. That description directly illustrates why the use of smart contracts in ride-hailing services is such a great opportunity.
Of course, there is also the matter of peer-to-peer networks. With blockchain, an existing peer-to-peer network in which the two main stakeholders communicate and interact is possible without a third party for regulation. With DRIFE, the driver and rider directly benefit from the underlying blockchain technology and smart contracts.
Finally, the tokenized economy within the ecosystem with fungible and non-fungible assets as a reward, and currency options gives a new way to incentivize the app and ecosystem and ride-hailing with ride-hailing fair prices. While no one can look into the future, at DRIFE, we believe that blockchain technology will only bring more opportunities for us and our users as time goes on. That is why we are thrilled to be the first decentralized ride-hailing service.
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