Hi there everyone, TheRingMaster is back with another exciting Web 3.0 based blog and this one is going to be pretty exciting for anyone that owns a car or is planning on buying one in the near or distant future.
No doubt things are really changing in terms of technology in our world and we see right before our very eyes the rise of AI and Robots. This technology will be integrated into all aspects of our society including transportation.
There are those that fear AI and robots would replace humans leading to loss of jobs but I actually believe it may end up making the same job a whole lot easier and give newer opportunities to us.
Just imagine a future where the car you own is not only a means of transportation from point A to point B but also a literal revenue generating asset.
It's funny to use the word asset and cars in the same sentence. We all know our cars are usually liabilities. We pay to get them and pay to operate or service them as well. You car is a huge expense but what if it could actually be making you more money than it's taking from you.
This technology is called RoboTaxi
When you are at the office or perhaps at home resting, your car is on the road transporting people or delivering packages independently. Every service or errand your car goes on brings you money.
- Now how many of you would trade your vehicle for a robotaxi? - I'd probably be the first
The interesting thing is that this dream is not far fetched and infact is already happening.
Emergence of Autonomous Cars
A couple years back Elon Musk, CEO of Tesla announced the release of Tesla RoboTaxi. Elon is always big on announcements and you could see the excitement in his expressions.
The even more interesting thing about this is that before Tesla announced the release of their RobotTaxi, a company called Waymo was already operating RoboTaxi. Waymo has been on the forefront in this particular sector, having already launched its robotaxi service called Waymo One in some cities where it operates. This really shows to us what lies ahead for transport systems.
Of course these RoboTaxi companies have a vision of building the cars to operate and generate revenue for them but there's certainly going to be individually owned RobotTaxi which will generate income for people.
The main point of today's blog is how does Web 3.0 come into play here and how can it be used to make money from your car? However before we get into that, let me paint a scenario of how RoboTaxi will work in our lives
Monetizing Your Car Scenario
- I would love to paint this picture to let you fully understand the experience.
Let's say you're in the future where RoboTaxi are selling. You go to the car showroom and Purchase one for yourself. Of course the car can be driven by you to any where you would like to go.
However when you are at work, your car goes on its own to pick up people and drop them off where they want. Each ride that is completed sends an alert to your Web 3.0 wallet of how much you earned.
This means you're earning from your work and earning from the car's work. Now that's what I call epic level passive income.
We would probably need to develop Web 3.0 or decentralized ride-sharing platforms.
From that platform you can determine the availability, pricing as well as preferred routes of the vehicle. You're going to be in full control over the operation of the vehicle.
In addition to being used for transporting people, the RobotTaxi can also be used as a delivery vehicle for e-commerce platforms or local businesses. Let's say there are businesses that would need their products sent from their stores to customers.
You can accept to send your car to deliver the package to the customer on behalf of that local business and the business would send you payments automatically in your wallets.
All you would probably do is to plug into decentralized delivery networks and your robotaxi car can start receiving delivery requests, find both the pickup and drop-off locations and transact. All of this will be done autonomously. Your only role in this process will be to pick up your phone and check the payment received. Sounds like a sweet life to me, hehehe.
We will finally be making more money when we buy cars, who would have thought this day would come where you make the money an Uber driver makes without actually being one.
Web 3.0 - A Game Changer In the RobotTaxi Industry
Web 3.0 which is built on Blockchain Technology with all its attributes can play a great role in making the experience of owning and operating a robotaxi much better. The way cars will be monetized in the autonomous vehicle industry can be improved using Web 3.0 to ensure a smooth, equitable and profitable experience for the car owners.
- I put together a few aspects of Web 3.0 that would make the whole RoboTaxi monetization experience improved
Decentralized Ride - A Sharing Platforms
Anyone that's familiar with Uber, Tango or Lyft would know a bit about ride sharing where more than one person can order a ride. The issue with this situation is that these ride ordering platforms like Uber charge some pretty hefty price for the rides and obviously control the whole transaction process. The organizations that built these services determine the prices as middlemen in the process.
One advantage of Web 3.0 services is how it cuts the middlemen in transaction processes
- Why is this important?
Well when you decide to buy a RoboTaxi in the near future, there's a good chance the system or technology to send the car on errands is built by a centralized organization. This organization will probably charge a high fee for you operating their technology and will be middlemen in the whole process which means less money for you in operating a robotaxi you purchased with you own cash.
Web 3.0 can build projects connected to the robotaxi experience which means no organization will get to control that and take a part of the income generated by your robotaxi.
Smart Contracts
Smart Contracts are more like legal documents in which the terms of agreement are written directly into code. Since the agreement is programmed, it enforces and executes itself without any intermediaries.
You can click the Smart Contracts link to learn more about them in the Leo Glossary just in case you don't fully understand it.
So how can this feature help make RoboTaxi operation better?
Smart contracts will be able to handle everything from processing payments to resolving disputes that may happen and enable it to be operational at its level best. So we can have smoothness and efficiency in all transactions.
Since you're not in the RobotTaxi that's running on your behalf, you would need an automatic system to operate it. Once the car finishes the ride, passengers will have been charged automatically by a smart contract and earnings deposited into your crypto wallet.
Imagine you can own one of these RoboTaxi and get paid in HBD automatically when a ride is completed. That would serve as another income through the Hive network. Web 3.0 can be integrated in all aspects of our lives.
Stablecoin Payments
One of the main problems with conventional payment methods is that they unfortunately require banks and other financial intermediaries who might cause delays and incur extra charges. So I'm guessing those that would operate their RobotTaxi with Web 2.0 platforms will probably face these sorts of issues
However since Web 3.0 which is built on Blockchain seamlessly integrates cryptocurrency, we can easily use stable coins.
Stablecoins rely on Web 3.0 technology as a tool for instant low-cost transactions that transfer value across blockchains using cryptocurrencies.
The special thing with Stable Coins is that their exchange rate is stabilized against the US dollar or another major fiat currency. In simple language, they're as stable as the currency they're pegged to.
So passengers can use stablecoins to make their payments for rides while owners of cars would receive their earnings without the fear that comes with crypto volatility or worrying about forex market fluctuations or even delayed transactions. We all know how quick crypto transactions are. I personally prefer payments with stable coins anyday anytime.
Data Ownership And Privacy
When you own a RobotTaxi which operates and brings income to you, it means your financial details may be exposed if you're using Web 2.0 platforms for this operation. Since Web 2.0 based RoboTaxi platforms will record all payments done by passengers that used the vehicle, your data can be access and manipulated.
Web 3.0 will allow RoboTaxi owners to take possession of their data just like it does here on Hive.
For instance, you could choose to disclose the car's operational information either to the manufacturers, insurance firms as well as any other stakeholders that are willing to pay some money..
This way your information will remain very secured because you would be relying on blockchain technology.
Car Sharing or Renting
Thanks to both the Robotaxi innovation and Web 3.0 technology we can be able to rent the cars out to friends or client and still be able to earn from that.
Let's say instead of a short ride, a client wants the services of your car for a week and you're probably in another city or country for vacation.
You could rent it out to the client or friend via peer-to-peer car sharing platforms.
The blockchain-based smart contracts will handle rental agreements, payments as well as security deposits therefore ensuring a problem free process throughout the entire period of doing business with the client or friend.
This means that even when your car is driven by someone other than yourself the vehicle will still earn some money for you and everything is still autonomous.
Imagine having three or four of these RoboTaxi cars as your own. Some will probably live off of the revenue it generates.
Now tell me if AI and Robotics will replace humans. Yes they will but it doesn't mean you won't have any means of income, it might even be better and easier means of income. All you need to do is to be able to see an opportunity and utilize it to your advantage.
So friends, get ready for a future where your self-driving car or RoboTaxi does your errands, carries passengers as well as delivers packages at a profit.
Thank you so much for the time taken to read. I really hope you enjoyed this and are also excited about our future with Web 3.0. As always I would definitely love to get your feedback in the comments.
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