Rideshare Industry Under Fire

The rideshare industry has faced increasing scrutiny due to the low earnings of drivers, despite the high costs borne by passengers.

Drivers often feel undervalued by platforms like Uber and Lyft, leading to mounting frustration within the community.

Prices continue to rise as both ridesharing giants prioritise revenue growth.

According to a recent letter from the United States (US) Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs to both companies, Uber's prices increased by 83 percent between 2018 and 2022.

Brown emphasized:

“Using algorithms to set prices, including dynamic pricing, abuses consumer data and suppresses competition, making prices unpredictable and taking away people’s ability to find the lowest price. Under these shifting conditions, fare rates are highly volatile, making it difficult for consumers to predict how much they will pay for a given ride.”

Despite the lack of alternatives to the dominant duopoly, new startup REVO is exploring the use of blockchain technology to potentially enhance network efficiencies.

What is REVO Rideshare?

REVO Rideshare is a startup aimed at addressing the disparities in earnings between rideshare drivers and the high costs paid by passengers.

Unlike traditional rideshare platforms, which often face criticism for low driver compensation despite high passenger fares, REVO Rideshare seeks to leverage blockchain technology to enhance network efficiencies.

This approach can potentially improve transparency and fairness in how earnings are distributed.

By prioritising drivers' needs and using blockchain to streamline operations and reduce costs, REVO aims to offer a more equitable model compared to conventional rideshare services.

REVO Rideshare Focuses on Drivers' Needs

Influencer Paul Cuffaro shared his personal experiences that brought him face-to-face with the financial struggles of rideshare drivers.

Cuffaro noted:

“When I got in [the Uber], I go to the guy, I'm like, 'Hey man, this is an expensive ride.' The ride was $176, and he got, I think it was like 40 bucks.”

The driver's frustration was palpable, prompting Cuffaro to contemplate alternative solutions.

This was the second such interaction he had encountered within a week:

“He looked at me and said, 'Do you mind canceling the ride and just paying me directly?'"

Curious about potential better solutions, Cuffaro reached out to REVO Rideshare CEO Paul Mikel.

To his surprise, Mikel was already working on a solution, leading to their collaboration on REVO Rideshare.

Mikel explained how REVO aims to differentiate itself from traditional platforms by prioritising drivers' needs:

“We're able to compete because, from the beginning, we started it out to give our drivers the ability to not only drive, but also bring in other customers.”

This approach could potentially allow drivers to earn more, even when they're not actively driving.

He elaborated:

“They could have customers doing rides all over the country. They may not even be doing the ride, but they can still earn from it.”

The discussion underscored the dissatisfaction many drivers feel with the current rideshare model and how some, like REVO, are exploring innovative ways to address these issues.

Mikel wrote on EVO's website:

"Innovation drives us. Value guides us. Together, let's pave the way for smarter, fairer transportation."