Decentralized Ride-Sharing

Companies are moving toward blockchain-based solutions. A Solana-based protocol is aiming to revolutionize the ride-sharing industry. If successful, this disruption in an already existing market will demonstrate the real-world applicability and functionality of blockchain technology.

• The Solana-based protocol, TRIP, has raised $9 million. This protocol allows drivers and ride-sharing companies to compete for riders by bidding for rides using a matching algorithm, according to the Decentralized Engineering Corporation.
• This protocol would reward active participants (both drivers and customers) with a stake in its governance.
• DEC CEO, Paul Bohm, said that TRIP will aim to replace “closed platforms run by corporate monopolies with decentralized protocols that are open source, competitive, and fair for everyone.“
• Because this would use the blockchain, riders would pay using USDC on Solana and fiat currencies through Apple Pay. Drivers would have the option to deposit payments straight into their bank accounts or into their wallets.

The ride-sharing industry is expected to grow to a $344.4 billion operation by 2030. If this protocol can succeed, this will only accelerate everyone’s knowledge of the blockchain (and crypto by default). We will have to keep a close eye on how ride-sharing companies respond to this.