We’ve become used to companies such as Uber, who arranges one-time rides on an on-demand basis.
This industry have become popular due to three recent technological advances:
GPS navigation devices to determine a driver's route and arrange the shared ride.
Smartphones for a traveller to request a ride from wherever they happen to be.
- Social networks to establish trust and accountability between drivers and passengers.
These elements are coordinated through a network service, which can instantaneously handle the driver payments and match rides using an optimisation algorithm.
The Money Show’s Bruce Whitfield interviewed Business Unusual Correspondent Colin Cullis.
Scroll down to listen to the audio.
Uber is valued at $50 billion. Five years ago it didn’t exist!— Colin Cullis
Uber is not a taxi company. It’s a massive data aggregator.— Colin Cullis
Uber now allows strangers to share taxis.— Colin Cullis
Uber in New York has students on bicycles who deliver documents.— Colin Cullis
The Afta Robot App is there to help our taxi industry.— Colin Cullis
This article first appeared on 702 : How ride-sharing companies such as Uber are changing transport forever