Toronto-based ride-sharing app InstaRyde has expressed interest in using blockchain to become more transparent and speed up transactions.
While the company is likely still a year away from implementing the technology, InstaRyde co-founder Karim Sumar says that he has been interested in the technology since Bitcoin rose to popularity around 2011.
“In theory it seems like something that could have a lot of potential uses for a lot of people and within the ride-sharing world as well,” said Sumar.
“There is a lot of potential use cases but there hasn’t been much actual user adoption,” said Sumar “We want to research, build a little bit, research and then build some more.”
Creating a formal ledger in blockchain helps with transparency, making it easier for customers to see where their money goes.
“Right now for us we’re evaluating different kinds [of blockchains] and the main issues we would like to solve is payments, trying to find a faster way to make payments instantly and tokenize them so there’s zero chance of fraud,” said Sumar.
Being able to have transaction on a blockchain could increase transaction speeds between riders and drivers and those transactions could be verified in a blockchain, as opposed to through InstaRyde.
Most data is already tracked by InstaRyde, but making it work automatically in a blockchain could help with transparency and speed at the company.
InstaRyde wants to take a cautious approach so that at the end of all their work they have built a product that performs the way they want it to.