Promoting Trust, Transparency, Efficiency
With smart contracts and blockchain technology, DRIFE is working to build trust and transparency in ride transactions, reducing the likelihood of fraudulent behaviour. How are they doing it? Well, the company tells BW Businessworld that it takes proactive measures to prevent fraud and ensure the integrity of its platform. It implements mechanisms to detect and mitigate fraudulent activities such as fake rides, payment fraud, or driver misconduct.
With an aim to revolutionise the traditional ride-hailing industry by introducing a decentralised platform that eliminates intermediaries and promotes peer-to-peer interactions, DRIFE utilises blockchain's inherent security features to protect user data and privacy. By storing data on a distributed ledger, it reduces the risk of data breaches and unauthorised access.
Mudit Marda, Chief Technology Officer (CTO) and Co-founder, DRIFE Technologies says, “Security is always a big concern. Web 3 is both a solution and a box of more problems for decentralisation. It does solve a lot of security concerns that Web 2 did not but it also brings its own challenges. It needs to be applauded for the things it has solved and we need to be careful of the security aspects such as cryptographic security that people do not understand.”
To escape the fraud and security concerns which are extremely prevalent in the current world with the rise of technology, Marda pitches for education and literacy. He says, it is very important and there is a need to focus more on cybersecurity and cryptographic security.
Contributing to the Web 3.0 space
As a blockchain-based ride-hailing platform, DRIFE is always working on one goal which is to contribute to the Web 3.0 space. Often referred to as the decentralised arena, Web 3.0 aims to build a more transparent, secure, and user-centric internet infrastructure by leveraging blockchain technology and decentralised principles.
The company in a statement says, “Overall, DRIFE's contribution to the Web 3.0 space lies in its commitment to decentralisation, transparency, security, and user empowerment. By leveraging blockchain technology and implementing innovative features, DRIFE aims to disrupt the traditional ride-hailing industry and create a more efficient, fair, and user-centric transportation ecosystem.”
Revenue, Growth, Fundings
Talking about the organisation's financial performance in terms of revenue and profit, its primary source of revenue comes from charging a subscription fee to its driver partners. This has proven to be a significant stream of income for the company. Notably, DRIFE has reported significant year-on-year (YoY) growth, with a 15 per cent month-over-month (MoM) increase and an outstanding 180 per cent growth compared to the previous year.
Furthermore, in 2021, it raised a substantial amount of funding, accumulating a total of USD 2.7 million. This injection of capital has contributed to the company’s growth and has provided it with the necessary resources to expand its operations.
Meanwhile, by implementing several initiatives, DRIFE aims to achieve scalability, sustainability, and social impact. The platform envisions a future where ride-hailing is not only efficient and profitable but also socially responsible and beneficial for all stakeholders involved.
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