Booking a cab is not as easy as it seems. Lack of availability, price surge, cancellations, and other issues always persist. New technologies keep coming to create innovative ways to bring the best alternative. A Bengaluru-based ride-hailing platform DRIFE has started its operations in Namma Bengaluru to transform the mobility industry technically as well as operationally.
NFT-driven mobility service
DRIFE is a one-of-its-kind blockchain-based mobility platform. Firdosh Sheikh founded the project in 2021 with co-founders Surya Ranjith and Mudit Marda. DRIFE is a franchise model in the mobility industry, which is enabled by NFT technology. The technology is being used for the first time in the industry in India to transform the way of business in the transportation industry.
According to co-founder Firdosh Sheikh, blockchain technology is the most helpful way to sail through the problems affecting the industry. The decentralized platform came into effect three months after their native token $DRF token.
Smart drive with multiple benefits
Drivers associated with cab platforms like Ola and Uber have to pay commissions to their companies, which leaves them with little benefits. However, DRIFE gives them a commission-free experience and a lot of other benefits like pricing determined by the market and transparent governance.
The platform works transparently with a true marketplace where the community of riders and drivers set the fare. There is no surge pricing and commission fees on drivers. It has really proved to be the cab for the smart cities with an emphasis on technology-driven solutions providing quality service, affordable prices, and better wages.
Talking about the idea behind the project at the launch event, Sheikh said that today drivers cannot work profitably, and here comes DRIFE to build a system of better wages and high demand for drivers. The system has dual advantages for both drivers and riders. Drivers get to have 100% profits and riders get quality rides. The system has a subscription-based economic model rather than the commission-based platforms used by other cab aggregators.
In Bengaluru, the company has maximum services at the Kempegowda International Airport. Currently, in its early stage, it will cover other cities as well.
How it works & earns revenue:
To identify the closest drivers, a user on DRIFE must enter a pickup and drop location. Our special matching system (based on ratings) searches for all qualified drivers nearby the consumer and displays the user’s request to them.
DRIFE earns revenue from other ways, with no commission charges from drivers. For a small monthly subscription cost of Rs 2,500, it charges its driver-partners access to the network so they can accept, bid on, and complete journeys.
The varied uses of the new tech
It is a novel auction system that uses blockchain technology and gives riders and drivers control over their travels.
Receive reductions on rider prices and driver platform subscription costs. The local government’s tariff rate, along with the travel time and distance, is used to determine the base wage. The amount is independent of the supply-demand dynamics at any moment.
DRIFE’s Blockchain advantages
Users can gain from its blockchain-based loyalty and incentive program by using the native token DRF. Blockchain technology makes trustlessness possible through the use of automated self-executing smart contracts. The users have the advantage of trading DRF tokens on exchanges. In addition, the drivers can earn the same by executing multiple completing various activities on the platform. The token is redeemable for discounts on subscription fees. The drivers have the advantage of staking their earned DRF tokens to get micro-loans.
Following the announcement of the pilot launch, DRIFE has experienced a tremendous rise in investment in its native $DRF coin, exhibiting a 1000 percent growth. DRIFE takes pride in providing a practical and simple utility for the DRF token. It is traded on the PancakeSwap decentralized exchange and the MEXC centralized exchange. With over 120,000 users spread across all social media platforms, DRIFE has one of the largest blockchain communities. With the way things are going, DRIFE will be prepared to compete with Uber and Lyft within the next ten years.
DRIFE has brought a blockchain-driven mobility platform into our everyday lives. However, in the initial stage, its challenge remains to gain demand and supply.