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Can India be ignored when it comes to blockchain

Dec 09, 2017 Posted /  1517 Views

Can India be ignored when it comes to blockchain

Transport industry has gone through several changes in its history. From the primeval form of vehicles that included trekking, using animals to move carts, to the intricacy of current machines, the transportation industry has developed into a structured ecosystem with the basic organizational section.

Blockchain in the taxi business is simply an experiment to benefit the existing taxi industry, which went through several changes in last few years. This is the idiosyncrasy of the humans to seek for more resourceful technologies in every sector they intend to work. Blockchain technology is a disruptive technology, which can be utilized for both the transport service as well as for the industrial supervision.

The local taxi structure that exists in approximately every main town as well as city across the world has proven to be quite indispensable to contemporary life. Given the significance of commuting in daily life, it’s predictable that taxis are in soaring in demand as well as the industry is becoming exceptionally competitive. It is predictable that the global taxi market fluctuations will result something between fifty and hundred billion dollars.

But the conventional taxi system and concerning organizations follow predominantly the centralized management style. It is assumed that this management style can facilitate in ensuring proper licensing of taxi drivers. However, the centralized character of the management leaves room for misappropriation leading to poor management.

Advantages of decentralization-

The beginning of moderately decentralized taxi systems like Uber introduced some essential competition into the taxi industries. This provided commuters with additional options, leading to cheap fares plus improved quality service. On the other hand, despite the decentralization introduced by these systems, they are still ruled by a single database also run by the company itself.

Blockchain moving ahead-

As Blockchain solutions are quickly sweeping every industry, it indicates that the technology is not only operational in the taxi industry but have far excelled the working every sector where it had been implemented. For an industry like taxi that has evolved in just recent past, moving into an innovative stage will not be an astonishing growth at all. Executing the idea of tokenization or else using Blockchain-based apps to handle local transportation systems is a development that has been long awaited. It’s has been speculated that many taxi services based on Blockchain and tokenization will be considerably adopted by the industry in coming years. This is principally due to the diverse advantages presented by the Blockchain, particularly in the area of personnel management as well as decentralization. In many disciplines, Blockchain is explained as the technique for the ordinary man.

Blockchain seems to be an answer to the centralized authorities. The technology is proving its worth by giving ordinary people considerable power over their resources. It also provides an opportunity to enlarge its market in varied industries while allowing an equal playing field for everyone who is engaged. Blockchain implementation will permit a transparency in the industry and obscure unions as well as associations, which will no longer supersede the will of taxi drivers and commuters. Anybody having a Blockchain token will have full access to all the advantages associated with these- be it in exchange for other tokens or traditional currencies, or even for the payment of taxi tariff.


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Tags: comes to blockchain blockchain Blockchain solutions Blockchain-based apps Blockchain token blockchain technology using Blockchain

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