Design and Modelling of Ride-Booking Platform Using Ethereum Blockchain

Abstract

Ride Booking platforms have become increasingly popular due to their convenience and other benefits. Taxi-service giants have dominated the market with the increasing demands and have introduced predatory practices such as surge-pricing in order to maintain the demand-supply balance, while providing drastically poor levels of reliability and responsiveness in majority of the cities. The existing solutions still face problems such as lack of privacy, control by intermediaries and centralization. In this paper, we propose a Blockchain-based Ride Booking platform built using Ethereum Smart Contracts and novel features such as an Optimal Price Calculation algorithm and Ride Fare Bidding. The platform leverages the inherent advantages of blockchain technology, such as decentralization, transparency, and immutability, to solve these problems. Blockchain technology also aids in increasing security and eliminating the single point of failure. The use of smart contracts enables the platform to execute transactions automatically and transparently, eliminating the need for intermediaries and reducing costs. The proposed solution demonstrates characteristics such as fairness, accountability, and privacy in the ride booking industry. In summary, our decentralized ride booking platform represents a significant step towards a fairer and more efficient ride booking ecosystem.