Application of blockchain in the sharing economy: Use case of ride-sharing platform

Abstract

Applications based on the business model of the sharing economy, which rely on traditional technologies, have trouble ensuring information traceability, transparency, and trust between their participants. Blockchain technology and smart contracts can help in overcoming these problems and improve efficiency. In this paper, the benefits that this technology can provide in support of sharing economy applications are presented. It also addresses which existing problems and challenges it can solve. The paper includes a use case of blockchain technology using the example of a ride-sharing platform. Although the participants and transactions in the described model are simplified, they are an excellent demonstration of how these technologies can improve the efficiency of the described system.