The Dubai Road & Transport Authority has licensed the first Web3 Blockchain enabled Taxi platform in the UAE, DRIFE. DRIFE 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.

DRIFE in in cooperation with its local franchise partner, AASA Passenger Mobility Services LLC, 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 Taxi 3.0 service is set to disrupt the Taxi 2.0 such as UBER, Lyft, and Careem. These companies pioneered the use of mobile apps to connect passengers and drivers conveniently and affordably, yet their centralization has slowly eroded the benefits, and earnings of drivers due to high commission rates, while controlling the price customers pay.

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, “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.

According to a recent report published by Allied Market Research, titled, “Ride Sharing Market by Booking Type, Commute Type, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2020–2027,” the global ride-sharing market was valued at $59.53 billion in 2020, and is projected to reach $205.83 billion by 2030, registering a CAGR of 13.2% from 2021 to 2030.

Firdosh adds, “In Taxi 3.0, the community, the market and the driver is in control not anyone else. The market sets the prices; there are no commissions, and only a subscription fee for drivers to use the platform. Every ride, the money belongs to the drivers. This direct connection allows for more personalized and customized ride-hailing experiences, where riders can choose drivers based on specific criteria, such as driver rating, car type, and other preferences.”

The use of blockchain technology, specifically Sui Blockchain in DRIFE’s platform further enhances the transparency of the pricing system, ensuring that riders and drivers can trust the pricing mechanisms. The blockchain also enables DRIFE to operate with a zero-commission structure.

Firdosh explains, “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.

In November 2023, DRIFE welcomed Johan Persson, the former COO of UAE based Careem, as an advisor.

In 2023 DRIFE achieved pivotal successes with licenses in various cities across India including Karnataka. At the end of 2023, DRIFE had over 350,000 users and 30,000+ drivers.