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Table of Content Abstract Introduction Problem Statement Bitdrive - A first of its kind Specialized Blockchain-based Ridesharing service Common issues that still plague the ridesharing industry. How will Blockchain based Bitdrive offer the Perfect solution to today s Ridesharing industry Intricate features of Bitdrive BitDrive Autosurance Why choose ERC20 tokens Token Details Roadmap Team behind this Vision Legal 2 3 5 8 10 13 16 19 22 24 25 1 27technology has created a ripple effect on all the industries and many of them are adapting to these changes by incorporating this ingenious concept in their business processes. As an evolutionary measure, we ourselves are in the process of initiating an all- exclusive blockchain based ridesharing services which will function through our own crypto coin. The of solution we envisioned is Bitdrive, a blockchain based ridesharing service which is designed to make the likes of Uber and Lyft obsolete. In this Whitepaper we will discuss about the present day market trends, the problems that plague the current industry and how our unique plat will help in negating these issues in the future and the principle technology behind it.Technology has increasingly influenced our daily lives and significantly upgraded our Abstract lifestyle. The evolution of BlockchainAs Blockchain continues to expand and venture into unknown territories, its uses are spreading to areas that were previously thought inconceivable. In the past few months there has been a rise in the idea of utilizing blockchain based services within the ridesharing industry. Over the years, the landscape of the commuting industry has gone through various changes from booking a ride through a call call to booking your ride by just a click, this particular industry has seen a lot of changes to suit the demands of the ever-growing list of commuters. This gradual change was expected as Blockchain technology is the only way the ridesharing industry can get upgraded to compensate the increasing demand for these ridesharing services. Today independent and organized ride-hailing services exist in almost every town and major city across the globe and they are proving to be very essential for our modern life. Due to the importance of commuting in our daily life, it’s unsurprising that taxis and other easy means of transport are very much in demand these days and the industry has become extremely competitive in the recent years. Currently it is estimated that the global ridesharing market is fluctuating between 50 to 100 million dollars every year. Lately Goldman sachs’s survey on ride-sharing industry sheds new light about how this industry is going to boom in a few years. If the growth rate is set at a constant pace, by the year of 2030 ride-hailing industries such as Uber and Lyft will balloon upto 285 billion dollars. This roughly translates to around 65 billion dollars in revenue for the ride sharing companies by 2030, but this is entirely based on the assumption that they would gain 23 commission on the gross market sales. According to Wall Street Journal Uber is currently the most high-valued private ride-hailing firm and it currently has a stock valuation of 68 billion. Compared to Uber, Lyft commands a valuation of just 7.5 billion. Both the valuations of these companies are seemingly not profitable as they spend a bulk of their resources on subsidizing ride rates and attracting new drivers. Interestingly, retaining drivers and expansion of the driver network are the parameters considered for the company’s growth and unfortunately that still remains the ultimate challenge for these companies as they are constantly embroiled in negotiations with the drivers. The drivers are often angered by the centralized nature of the operations and they are often felt they are being treated as independent contractors. With errors commonly stewed upon the payment process, drivers are unsatisfied with the base model of the present day ride-hailing industries. Traditionally ride-sharing industries have revolved around centralized organizational structures. It’s still a norm in many countries that every driver who wishes to be registered in an association needs to go through rigorous payment procedures. This is basically due to the centralized way most of the companies operate. This certainly delays the registration process and also leaves room for mis-management. However, with the inception of Blockchain technology companies are finding various s to reduce the centralization factor and to provide a much streamlined business process. The concept of tokenizing and using Blockchain based applications can assist ride-hailing based services to have more control over their personal data and instill a decentralized theme to their work ology. In many ways Blockchain is labelled as the technology designed for ‘the common man’. This is an apt description as regular people will have more control over their resources. Implementation of Blockchain technology will inspire the growth of a transparent industry and opaque unions or associations will no longer interfere between the drivers and the commuters. Instead, any individual who holds a Blockchain token will be able to retain the complete control of all the benefits associated with such tokens, be it in exchange for other tokens or fiat, or just for the payment of ride fares. IntroductionDriver based applications are becoming popular all across the World. But the rising popularity has also hampered the need for drivers, as automation concepts are being explored. On the other hand, most of these organizations hire unprofessional drivers who often drive unlicensed and faulty vehicles. Most of the organizations are operating by taking advantage of the legal loopholes which allows them to avoid expensive procedures necessary for providing high-quality ridesharing services. Not to mention that passengers face hurdles in the centralized booking system and are charged sky-high rates for even short distances. In most of these situations, the passengers are losing a lot of money and are not at all satisfied with the service. This includes drivers cheating on users by taking longer routes because of the pricing policy. Also, there is absolutely no transparency in the organization’s policies which have forced passengers to try alternate modes of transportation which is a growing concern for the organizations trying to maximize their profits. Challenges faced in the current market Over the course of time, the idea behind ride sharing has definitely changed, with a diverse list of companies jumping in queue to offer their own version of specialized ridesharing services. This is essentially a positive development, as it is bound to create more employment opportunities, will save a lot of time for the user and will also be more accessible. But surprisingly most of the ride-sharing companies are coming under scrutiny and are at the receiving end from both the drivers and the passengers due to negligence and over exploitation of the company’s task-force. As mentioned earlier, one of the main reasons behind this is due to the reliance of centralized systems and centralized operations. This has stagnated the wealth and the resources in the centre. The policy makers of the industry clearly don’t understand the contingencies behind this and are ignorant of the complications involved as their general perception is that the taskforce is expendable and there is always someone ready to take up that job. Most of the drivers join these organizations based on their initial lucrative offers, but later learn about the transient nature of these offers. Recently, one of the reputed ridesharing companies revised their fares since they were facing severe competition their rivals. This was followed by other firms as well in order to adapt to the circumstances. The drivers often face the excessive brunt of the fare revision as their fares were being revised and despite repeated protests the companies never budged. This is because the companies are completely aware that they can always replace a disgruntled driver. However, there are even more complications faced by the ridesharing companies. Insufficient remuneration The number one issue faced by most of the companies in today’s market. Ridesharing companies are least bothered about the welfare of the drivers, they mostly concentrate their efforts on making profits leaving their drivers out for dry with nothing much to sustain for long term. Problem StatementHighly Centralized systems Most of these companies have a centralized way of operating as they have instilled centralized systems. Centralized transactions are a lengthy and cumbersome process for both the driver as well as the passenger as they have to process their transactions through a third-party or an intermediary and this will result in accumulation of extra fees. Inflated fee structure In a centralized system there is always some hidden and unknown user fees attached to the main fee. This becomes worse when the user is paying through credit/debit card. In that case even the bank rates will apply. Lack of concern for the drivers or the passengers There have been numerous incidents where the ridesharing companies withdrew their service from certain locations leaving many drivers in those particular locations without any jobs. This certainly impacts the commuting of passengers who depend on these ridesharing services. Zero incentives for the drivers to stay The annual turn-over rate for the drivers in most of the ridesharing companies comes in between 40 to 50 and this could be before the drivers actually signed up. The ridesharing companies attract the drivers initially by advertising an hourly rate varying from 25 to 35 per hour, this is including the commission. However, in reality each driver gets an average rate of 10 to 20 per hour. The only thing that motivates the drivers are the bonuses received on completing their targets, most of the time these targets are completely unrealistic. Apart from that most of the drivers don’t see any incentive for them to make them stay. Regular fare cuts Frequent wage revision and fare cuts do not affect anyone else in the organization except the drivers, their incomes are gravely reduced and they have to put in more effort to earn what they will earned prior to the fare cuts. Faulty policies and zero transparency The organizational structure of a ridesharing company is designed specifically to maximize the driver’s work whereas the promoters and the company enjoy the lion’s share of benefits. This is because their plat is completely centralized, which means the company is in total control of the business operations and will come up with policies without consulting their drivers. Another concerning factor is the lack of transparency in the company’s user policies. The passenger in many scenarios are unable to get the trip fare details or how they were subjected to an expensive fare. , /J --- UITUUI\ Bitdrive - A first of its kind Specialized Blockchain- based Ridesharing service Transportation is one segment that has never remained stagnant and one of the great innovations that have recently reshaped how things are done is the phenomenon that is Ridesharing. Ridesharing was created and popularized by Uber, who still remains the King of this brave new industry. They were able to redefine the way we look at transportation. But over the years since the market has become extremely saturated and is in danger from Uber itself. Ridesharing is a phenomenal concept that is just too good, too crucial and too embedded in the modern psyche to be allowed to go down the drain. But Uber and other centralized organizations that have consistently abused the industry and the trust that the passengers and driver vest in them pose the greatest threat to ridesharing and this is why a team of visionary tech experts with decade’s worth of experience at the highest levels have come together to create Bitdrive, the blockchain based revolutionary plat that is set to disrupt the disruptor and make the present ridesharing giants obsolete in an industry where consumer satisfaction should be driver of innovation. PASSENGER COMPLETED RIDES SMART-TOKEN HOLDER DRIVERS REVENUE COLLECTED BOOKINGS PASSENGERS VEHICLE REGISTRATION DETAILS TRACKING SYSTEM FOR SAFETY NEW PASSENGER NEW RIDE REQUEST Bitdrive is based on the revolutionary Blockchain Technology which is perhaps the most innovative and versatile technology that mankind has ever known. It’s slowly diverging into different verticals and is providing custom-made solutions for a whole list of complicated problems. From finance to the supply chain and Smart energy grids, the blockchain technology is reshaping the way we do things and the Bitdrive which we have developed is all set to rebrand and redefine the industry and save it from n impending collapse. BitDrive Blockchain Utlilization® UITIJ I\ I\ J,; Getting Started with BitdriveOne of the most intractable problems of the present ridesharing plats has always been the opaqueness and absolute arbitrariness of how they run their business. Drivers working with both Uber and Lyft are forced to take whatever deal both plats choose to give them during as they work hard trying to earn a dignified living. Both plats advertise a mind-boggling 25 as their share of revenue from the driver’s hard work. That is a WHOLE QUARTER of every dime they earned As a facilitator and not the actual provider of this service, Bitdrive believes these numbers are outrageous and only end up being borne by the most important people in the equation, the driver, and passenger. What is more worrying in all this is that the 25 charge as advertised is just the tip of the iceberg for drivers, as careful investigations have shown that adding up booking fees and other hidden charges, Uber and Lyft actually end up taking as much as 42.75 of what the driver earns. If you subtract the actual cost of what the driver spends on gas and other expenses to run their car, the driver ends up with less than 20 of the total revenue from their hard work. A Break from Tyranny Bitdrive’s choice of using the blockchain technology to deliver ridesharing to a truly global audience is a deliberate one. We want to break from an unenviable past of the ridesharing industry which is tyrannical, apathetic and does not consider the hard work of the drivers or comfort of passengers that spend their money utilizing them. Bitdrive is a completely transparent plat as all transactions will be visible with the aid of the blockchain. There will be no hidden charges or opaque practices. The promise of the Bitdrive plat to put the driver, and the rider at the center of all things will be demonstrated by the level of transparency which will see the plat charge a flat 13 of the revenue and not 42.75 like the pres
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