RedCab- Futuristic business model for transportation industry
RedCab was founded in the year 2016 with an aim to revolutionize the peer-to-peer Transportation industry via means of understanding the root causes of riders’ and drivers’ actual needs. They aim to create a decentralized ecosystem that will reach global markets with a transparent approach.
Under this model, everyone will be in a position to freelance as integrated service providers. They use blockchain technology for cost efficient and secure transactions, thereby saving billions of dollars from transportation commission. The need for this business model arises from the social collateral damage that many other companies have created with their copycat business models.
The ecosystem and model
With consumer innovation and involvement on a constant rise, providing a consolidated service that is both transparent and secure is imperative. They have released an app that is available on both App store and Google play store to ease the process of paying for all transportation services, offering services like Car Hailing, Car Pooling, Hotel & Airport transportation, Pick up service etc.
They basically have four types of cabs namely the Economy Cab which focuses on affordability and low fuel consumptions, lower fares. This means these are ideal for short and quick everyday trips. Luxury cars for those who want to arrive in style and don’t mind the extra costs. Family Cabs are used for taking out the kids for a long trip or going out with the whole family. And the last are red cabs where users will pay a lot, and drivers will make more in tokens.
Since their main focus is on global penetration and reach, the app is available in multiple languages. They mainly focus on Deep learning and data analysis based on Geo Marketing from understanding the customer behavior, trends, trip route locations etc. Customers also have the option to link their social media handles to their Red Cab profile. They have successfully solved the problems that lie with bridging the gap between rides and available drivers, trying to minimize driver ideal time. Their new model is set to reach the perfect balance between supply and demand delivering a win-win situation.
They also are introducing an AI powered road assistant called Cabbi which works on neural network technology. Cabbi will act as the driver’s best friend who always has his back with next trip locations, trip ratings, emergencies, wallet transfers, token generation advice and so on. This innovation is considered game changing in the transportation space. They will also be introducing a proof of Driving concept which has taken inspiration from Proof of Work concept in cryptocurrency mining. Here, they will reward miners with fractions of the mined coin for their work and proof of driving concept will analyze network supply congestion and adjusts the token coin generation rate accordingly.
Conclusion
Their entire concept and business model is set to work on high quality service and exquisite customer experience based on a performance matrix, with feedback and continuous improvement processes. Their extremely talented is currently working on scaling up their operations.
For more details visit
Website: https://redcab.io/
Whitepaper: https://redcab.io/downloads/Whitepaper_EN_v1.0.pdf
Published By: karanj
Btalk Profile: https://bitcointalk.org/index.php?action=profile;u=1030341