Dubai’s Road & Transport Authority Pioneers the First Web3 Taxi Platform Licensing in the UAE

The Dubai Road & Transport Authority has taken a major step by licensing the first Web3 Blockchain enabled Taxi platform in the UAE, known as DRIFE. DRIFE, a decentralized ride-hailing platform, harnesses blockchain technology to establish a transparent, secure, and cost-effective peer-to-peer network for both drivers and riders.

This project was achieved through the collaboration of DRIFE and its local franchise partner, AASA Passenger Mobility Services LLC, a subsidiary of AASA Group, an affiliate of EII Capital (formerly known as EMAAR Industries and Investments). AASA Passenger Mobility Services LLC played a big role in this achievement.

The introduction of DRIFE Taxi 3.0 service marks a disruption to the Taxi 2.0 model, represented by industry giants like UBER, Lyft, and Careem. While these companies initially revolutionized passenger transportation through mobile apps, their centralized structure has gradually decreased the benefits for both drivers and riders, primarily due to high commission rates and price control.

In contrast, DRIFE enters the market with an innovative and transparent solution that empowers both drivers and riders. The platform’s zero commission fee structure allows drivers to increase their earnings while passing on the benefits to riders in the form of savings.

In fact, the unique dynamic pricing model of the DRIFE platform, based on auctions, eliminates middlemen’s profits, resulting in lower prices for riders and higher income for drivers. Moreover, riders enjoy increased control and customization options, such as selecting drivers based on specific criteria. Both drivers and riders are incentivized for active participation and engagement within the platform, fostering a community-driven network that benefits all stakeholders.

According to a report by Allied Market Research, the global ride-sharing market is projected to reach $205.83 billion by 2030, indicating significant growth opportunities for innovative platforms like DRIFE.

The utilization of blockchain technology, specifically Sui Blockchain, enhances the transparency of DRIFE’s pricing system, ensuring trust between riders and drivers. Furthermore, the blockchain enables DRIFE to operate with a zero-commission structure.

Looking ahead, DRIFE plans to collaborate with Dubai’s Limousine drivers initially and subsequently aims to onboard RTA taxis. Users will soon be able to transact on the platform using the DRF token, subject to approval by Dubai’s Virtual Asset Regulatory authority.

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