Whereas Blockchain has been round for greater than 14 years, thus far its software on a mass scale has nonetheless been restricted, this is the reason DRIFE with its first decentralized ride-hailing platform has gone dwell in Dubai UAE, to deliver blockchain enabled functions to the plenty.
Constructed on Sui Blockchain, DRIFE has gone dwell in Dubai with its pilot launch. The blockchain-enabled ride-hailing functions obtained its license earlier this 12 months, two years after it started operations in India.
Cryptopolitan interviewed Firdosh Sheikh, founder and CEO of DRIFE, to study extra about how DRIFE is rising within the MENA area and making blockchain an invisible expertise for industrial functions.
Firdosh Sheikh believes that each taxi drivers and their riders deserve a extra clear, safe, cost-effective system that advantages each events.
In response to Firdosh, it began throughout an Uber journey to an airport in India. As Firdosh explains, “I’ve all the time been a consumer of taxis as my technique of transportation beginning early on once I moved to Delhi for my research, after which afterwards in Bangalore whereas I used to be working as a monetary analyst. But one midnight drive to an airport modified all the things.”
It was on that night that the Uber driver had requested her to cancel the journey telling her he would take her at a a lot cheaper price. Asking him why, she found that Uber was taking 35% fee leaving him with a revenue of lower than 50% after price.
That is when Firdosh determined to create an software that may supply drivers the cost they deserve, whereas serving riders with transparency and high quality.
The following billion customers won’t come from crypto tasks
By providing a extra clear, honest, and direct relationship between the rider and driver, DRIFE is in search of to combine blockchain seamlessly into individuals’s lives. Firdosh explains, “One of many predominant points with blockchain is the dearth of a large consumer base, most blockchain tasks are geared in the direction of crypto fairly than sectors comparable to transportation and others. The following billion consumer adoption won’t be from crypto or buying and selling tasks however from real-life every day functions the place the patron isn’t even conscious of the expertise.”
DRIFE is making an attempt to supply riders and drivers the liberty to determine how a lot to pay for a journey in addition to how a lot to cost. This can be a far cry from the present centralized digital mannequin provided by the Ubers and Lyft’s of the world.
Firdosh explains, “A driver will get what he/she deserves as an alternative of the platform deciding and taking the remaining as fee which generally reached 45%.”
In response to Firdosh, the crypto and blockchain neighborhood has sophisticated the trade forcing individuals to discover ways to create wallets, and perceive blockchain. She believes there must be a easy approach to onboard customers.
DRIFE goes dwell in Dubai
DRIFE is now dwell in its pilot section with 1,000 drivers in Dubai. Quickly it can go full-fledged dwell throughout Dubai.
Firdosh notes that UAE drivers who’ve already signed up with DRIFE are completely happy as a result of they’re getting the cash they deserve. She notes, “I can’t in the mean time make large generalizations since we’re nonetheless in pilot section, nevertheless we imagine a cheerful driver equals a cheerful rider.”
She has observed a distinction between riders in India and within the UAE. Riders within the UAE care extra about contributing to the life of those drivers given that the majority residents in Dubai are expats working to supply for his or her households again residence, whereas riders in India care extra about the price of the journey and financial savings.
The place do you assume is best?👀…Our drivers share all the explanations they love Dubai🙌🏻#drife #dubai #uae #dxb #cab #driver #moral #high quality #fyp #e book #NewYork #London pic.twitter.com/7M2z4rqg28
— Drifeuae (@drifeuae) October 15, 2024
Blockchain transport apps are troublesome to construct
Whereas many have tried to include blockchain into the transportation sector, there are lots of entry obstacles particularly for the reason that ride-hailing sector is advanced, with a couple of social gathering concerned.
In response to Firdosh, ride-hailing apps should not an easy functions focusing on shoppers like social media platforms or crypto exchanges. As a substitute, they require integrating two events, a driver and rider, in addition to geolocation providers and a matchmaking system between the 2.
In response to DRIFE, whereas crypto exchanges are solely competing with others like them, Web3 blockchain ride-hailing apps are competing with firms like Uber, Lyft and Careem.
She explains, “After we are competing with Uber additionally it is about constructing an actual world software.”
DRIFE riders get pleasure from secure journeys, as all drivers are KYC verified, making certain safe journeys by way of id and automobile verification.
DRIFE to combine AED regulated stablecoins
Because the UAE Central Financial institution not too long ago introduced the regulation of AED stablecoins, which can be utilized to pay for services and products throughout the nation, DRIFE intends to combine the AED stablecoin as a type of cost.
Sheikh explains, “By using a regulated AED stablecoin in our DRIFE software we will probably be constructing the utilization of stablecoins within the retail financial system. This will even resolve bank card commissions which at instances attain 3.5% and take days for settlement.”
She believes that it will add lots of worth if and when applied, as it can enable for immediate cost settlement and make it cheaper, particularly on a decentralized platform.
Future growth plans
Exterior of Dubai and the cities in India, DRIFE is trying to receive licenses in Saudi Arabia, given the massive market and the developments occurring there.
Firdosh states, “We’re exploring Saudi in the mean time, whereas inside Dubai we purpose to develop our driver base from 1,000 to five,000 by the top of this 12 months.”
DRIFE additionally has plans to broaden internationally into Europe.
