Due to easy-to-use interfaces and fast processings, Web-based and mobile applications have become the current trend. Every industry is keenly involved in developing feature loaded apps aimed at attracting more customers and growing their businesses. After seeing tremendous success of app-based businesses such as Uber, Netflix, Zomato, etc., there has been a steep rise in the demand for app development companies.
These app-based businesses require a decentralized platform, which is now being made possible through decentralized apps (dApps). Entrepreneurs are quite fascinated towards the kind of innovation dApps are providing. Being precise, the transportation industry also has great scopes for dApps in the coming days. Let’s check out how dApp Development is going to revolutionize the future of the transportation industry.
Better Client & Service Provider Relationship
The transportation industry comprises of three participants, i.e. the transportation companies, transportation service providers and the passengers. It is commonly seen that the service providers are not very happy with their companies, which leads to strikes. This is where decentralized apps can walk in to change the scenario. By introducing dApps in the transportation industry, a transparent and trustworthy relationship could be built between the service providers and the passengers. A dApp can build a transparent ecosystem allowing the users to have a clear view of the service’s revenue model, so that the users build trust on their service providers.
Because of the third parties’ involvements, the service providers usually suffer from issues like late payments. As blockchain promises a completely streamlined and decentralized platform, transportation dApps can enable faster payment processing by eliminating the intermediaries. Also, it has the potential to improve the quality of services by offering transparency and seamless transactions. This will boost the business in turn.
Reduced Transaction Charges
With the peer-to-peer system of blockchain technology, it is claimed that transactions will be faster and cheaper. Also, the elimination of third party involvements would remove the intermediary charges, thereby reducing the overall cost per transaction. The reduction in costs will increase the profit for the involved party.
Privacy and security are the two most important concerns of people in every field. In blockhain-powered dApps, the peer-to-peer (P2P) system would allow users to keep their transactions hidden from third parties, thereby protecting their assets from possible cyber threats. Also, blockchain-based systems ensure enhanced security of personal data building greater trust in such ecosystems, thus allowing the transportation businesses to run smoothly.