The sharing economy is growing exponentially. Contemporary customers want to make well-informed purchases, and sharing the economy provides them this opportunity. By allowing lower-priced, higher convenience services, these companies can raise connections at an individual level and will always have a competitive advantage.

One of the emerging sharing economy areas is the sharing of bicycles. The rising ammunition costs for cars, increased traffic jams, a newfound vigor concern for the more modern generation, and a common interest in antagonistic effects of global warming have led to heightened interest in the biking trend. The bicycle-sharing economy is just an expansion of this.

Cryptobike is a decentralized, Blockchain-powered bike-sharing platform. The service allows users to lease out bikes on per hour basis. Unlike other bike rental facilities, Cryptobike’s decentralized nature causes usage and renting of the bike more reliable, fast, and economical. It is improved with the ability to employ cryptos and smart contracts.

 It also holds unique features that are fundamental to the Blockchain technology.

 With the dynamism of decentralization, users are in charge of the project. There is no boardroom full of managers who are making the choice that is beneficial to them only.

Unlike centralized data servers, Blockchain is extraordinarily secure and immune to hacks. This means that all data is protected from cyber-attacks.

Sealed systems of ancestral sharing platforms indicate that users and other people have no idea how their data is being gathered and used. With the transparency of Blockchain, anyone can see the information on the platform to assure that data collected and used is in the rights of the users’ permission.

Utilizing the power of smart contracts is what makes Cryptobike one of the best services. Smart contracts eliminate the need for an agent. A user and a bike owner can communicate directly; start an agreement that describes the usage of the bike, including the rent, timing,  etc. As soon as the smart contract is started, the user transfers funds into the contract, which then delivers the bike to him or her. As per the contract, when the user drops the bike at the designated location, the contract automatically issues money to the owner.

With Blockchain comes the advantage of a digital token. Rather than have conventional fiat and inactive banking systems with their high prices that cause dull, insecure transactions that eat into the gains made, Cryptobike employs its internal token that is secure, fast, and has a small transaction charge, named the CBS.

Cryptobike aims to be the disruptive market player within a disruptive market sector. Once an industry that was intended for bringing the efficiency of services to people, taking away the monopoly from the hands of a few selfish corporate executives, the sharing economy is now troubled by the very same greediness. Cryptobike’s vision of dismantling that monopoly is one laudable effort.

Cryptobike’s novel approach of allowing anyone, with a single bike or multiple ones, to be a member of the platform and put out the bikes for rent is a game-changer. With it, it marks the bike-sharing sector reserved for hundreds of owners, rather than a few.