The Dubai Road & Transport Authority (RTA) has licensed the first Web3 Blockchain-enabled Taxi platform in the UAE, DRIFE.
The DRIFE platform is a decentralized ride-hailing platform that uses blockchain technology to create a transparent, secure, and cost-effective peer-to-peer network for both drivers and riders.
According to the statement, “DRIFE in in cooperation with its local franchise partner, AASA Passenger Mobility Services, a subsidiary of AASA Group, an affiliate of EII Capital (formerly known as EMAAR Industries and Investments) worked to achieve this groundbreaking license. AASA Passenger Mobility Services LLC played a pivotal role.”
DRIFE is entering the market offering an innovative, transparent fair solution that empowers both drivers and riders. The DRIFE platform offers a zero-commission fee structure which allows drivers to earn more income and pass on the benefits to riders in the form of savings.
Firdosh Sheikh, Founder of DRIFE, said that, “We are very proud and pleased to be offering our Taxi Web3.0 platform in Dubai UAE. We thank the RTA for their diligence and strive to bring secure, innovative mobility services to Dubai and the UAE in general. Our Blockchain-enabled DRIFE platform will bring ownership and freedom back to both drivers and riders while offering the same great service through the simplicity of a mobile application.”
The DRIFE platform utilizes an auction-based unique dynamic pricing model removing the middlemen’s profit which ultimately contributes to lower prices for riders and higher income for drivers.
“Additionally, riders have more control and customization options, such as the ability to choose drivers based on specific criteria. Both drivers and riders can earn incentives within the platform for their active participation and engagement, creating an incentivized participation model. The platform’s goal is to create a community-driven network that benefits all stakeholders,” as per the statement.
Firdosh further added that, “To start with, we will work with Dubai’s Limousine drivers, and then eventually we hope to onboard RTA taxis. Riders can hail a DRIFE Taxi from Dubai and travel anywhere in the UAE.”
In the future, users of DRIFE will be able to utilize the DRF token, which serves as the native currency for transacting on the platform, once it is approved by Dubai’s Virtual Asset Regulatory Authority, as per the statement.
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