TaxiCash: How Blockchain Could Change Taxi Services
In every major city or town more often, the taxi system is a significant system of transit for a good number of the population. The majority of these taxis rely on the traditional centralized system of management which works under unions and associations. Typically, that means the taxis are under registration and administration of the organizations which also levy and tax them. However, the most significant challenge with such a system is that it often leaves room for misappropriation of funds and poor management.
That is where the partially centralized taxi sites such as Uber came in with their online applications to bring competition to the traditional taxi system. These software apps would provide commuters with an option to choose the taxi straight from their smartphone at reduced fares and under quality services. However, the likes of Uber are still facing their challenges as they always do act for a centralized company. Fortunately, blockchain technology is presenting one of the best solutions to problems how we get to commute with a secure and decentralized structure. Here's one venture that is set to implement the blockchain concept to our taxis.
Taxicash is an upcoming blockchain-based payment platform that will enable commuters to pay for taxi services and eliminate the usual inefficiencies with our existing system. Consequently, their adoption of blockchain will hopefully create a transparent, cashless and trustworthy portal to process transactions within the taxi industry and ultimate other allied transport modes.
The Taxicash platform will have users to first download the official Taxicash mobile app for both the drivers and riders. The next option is for the commuter to purchase the Taxicash token from the provided exchanges or wallets
The passengers then use this Taxicash token as the fare when they are commuting. They pay through the mobile app directly to their driver, who receives the due immediately on their account. Additionally, the drivers can cash out the token to fiat.
TAXICASHᵀᴹ mobile device interface development has been progressed to a beta version and will be released soon. The patented technology is distilled to a simple interface for drivers and passengers to use. pic.twitter.com/JWE1wOQ67J
— TaxiCash (@TaxiCashIO_) April 4, 2018
Is TaxiCash Beneficial?
The TaxiCash mission is to merely create a taxi system for the future passenger looking for a trustless system. Ultimately, these could present several benefits including
- A fast transaction processing and settlement system
- Advanced blockchain applications to help you rideshare and hire commuter services
- Potential to work with a legitimate legal entity
- Engage with leading taxi industry experts through the applications
The Risks Involved With TaxiCash (TXC Token)
Competition from other taxi blockchain ventures looking to utilize blockchain technology on a global scale for the sector.
- Drivers or riders can fail to feel passionate about the taxi payment service
- Capturing a global market is not easy even for a blockchain venture as it will need massive population adoption
- TaxiCash claims of being the world's first taxi crypto but this goes without saying that it is an outright lie.
- Taxicash is also subject to regulations as it is evident with their barrier for entry to United States investors and entities.
TaxiCash (TXC Token) ICO
- Symbol: TXC
- $1 USD = 1 TXC
- 1 ETH = 600 TXC
- 1 BTC = 6300 TXC
- Token Supply:
- Total: 100,000,000
- Public Sale: 80,000,000
- Retained: 20,000,000
The Verdict on TaxiCash
The initial reaction to TaxiCash is similar to most of the blockchain ventures that end up becoming somewhat unsuccessful. While the payment process might seem helpful for the transportation process, I don't think the project commands any credit based on the ICO evaluation purposes. However, that does not mean that blockchain technology is not useless in the taxi industry.