Gone are the days when one had to hail and wave at a taxi in order to avail of a ride and to their dismay not find rides at all. Thus to provide convenient rides to the riders the new service solution also popularly known as the ridesharing service solution came into creation. This gained even more popularity with the inception of Uber in 2009.

Ever since the ridesharing service provider came into creation it has played an active role in innovating and transforming the overall ride experience of the riders. It also ensures at the same time to keep the driver and their safety in strict observation as well at the same time and as per statistical figures the revenue generated by this ridesharing platform would be close to 133 billion dollars around 2023 approximately.

However in the recent years the ridesharing platform got into trouble. Riders complained that the entire information related to the driver weren’t shared with them. Some even went on to claim that the price was not constant and sometimes would be quite high and so on and so forth. Thus to ensure that information related to all these aspects is fully provided and offered many new ridesharing solutions have incorporated blockchain technology and cryptocurrency into its services so as to ensure transparency and genuineness in relation to rides and thereupon earn a good name so as to say.

Cryptocurrency – Definition

Before we understand the meaning of cryptocurrency, let me first tell you, when you usually pay for a ride through any ridesharing platform you mostly do so through the card which may be your debit or credit card. Thus, in short, you have a financial institution involved which means when you pay digitally through the app some amount also gets deducted from the app.

Thus to ensure a virtual payment chain whereby you have a very lesser amount getting deducted or no requirement of a bank account on a whole, these cryptocurrency solutions are there. You can also compare it with Google Docs where when you create a doc, you can share it through the same platform with a large number of people included in your list thereby creating a chain and ensuring transparency in short.

So you see, altogether, this is an extremely useful as well as innovative concept that will ensure transparency in relation to data, information, payment to name a few. Now you may be wondering then how can you create a successful cryptocurrency harnessed ridesharing service so that you can ensure transparency in relation to rides provided by you on a whole. To explain the same, we have listed some points below. This will give you a basic idea of the steps you can follow in order to do so.

Steps You Should Follow to Introduce a Cryptocurrency Powered Ridesharing Business to Riders

Integrate a built-in cryptocurrency wallet to ensure the currency can be easily transferred from the app itself Build separate solutions for the rider and driver so that both can seamlessly operate through it and transfer virtual currencies to and from each other Provide a detailed receipt related to the rides, etc to ensure transparency Offer full information in regards to the details of driver and rider in order to promise genuineness and trust.

 So make sure to follow these steps before you set out on having a cryptocurrency powered ridesharing business. This will ensure you provide smooth rides to your riders and ensure riders rely upon you when they need rides.