Let me start off by telling you what bitcoin is all about. Bitcoin is the first cryptocurrency to have ever been invented in the world. It is also one of the best ones, when compared to the 5000 other cryptocurrencies that exist today.
Bitcoin is also the one that is most talked about. It is a decentralised digital currency that you can purchase and sale and also exchange directly without the help of a bank. There is no centralised authority that looks over the transactions. It is an electronic payment system which is completely dependable and instantaneous. Every single bitcoin transaction that has ever been made exists in a ledger.
By design, it is decentralised in nature and, bitcoins are not backed up by the government or any kind of issuing authority. That is why, no one can actually oversee any transactions. It is that secure. It was launched in the year 2009, and, it has dramatically risen in value. It used to be only $150 per bitcoin, but as of March in the year 2021, every single bitcoin is worth more than $50,000.
Blockchain is certainly one of the most promising technologies that have ever come into existence. It is making headlines in the taxi industry as well. Centralise companies like Uber and Lyft have actually already brought up a revolution in the taxi industry over the last couple of years, but some of the services suffer some problems. These problems relate to very high fees when it comes to the intermediary company and, in addition to providing absolutely no transparency when it comes to how the company functions. Blockchain is something that could improve upon this particular system by completely democratising the entire selection process by completely developing on the model that depends on the internet-of-things.
Another huge problem that Uber and Lyft are currently facing is ensuring the safety of the passenger and the driver that are using the service. These companies actually end up spending millions of dollars every single year, trying to verify the identity of the drivers and also to run some background checks, but even though the best efforts are put in, there is a lot of crime and fraudulent identity problems in the taxi industry. This is where Blockchain is something that can actually provide a very reliable and identity verification process which will end up bringing down the cost, which will help the companies make sure that the ride is safer and, they can actually save millions of dollars every single year.
Uber has become a huge name in the cab industry, and it reduces the barriers for both the users and the drivers, and it also brings down the costs. Uber is now valued at $70 billion, and Lyft is valued at $11 billion. These are incredibly huge markets.