Blockchain based Bike Token

Using a simple use case to introduce BBT can help you understanding it easily and quickly. There are 3 bike renters (Rachel, Rabbie, Rain) 4 bike users (Urkit, Ulla, Uma, Hain). Bike renters need to set the price, deposit, minimal rating and reward percentage for helpers. The definition of the help is who return the bike to the bike renter and he/she will get the return reward. In the use case, each bike renter set their settings and these will be written to the smart contract. When bike users need bike, they need to search available bikes and pay deposit first. The bike rental system will calculate hours that bike users used and charge from the deposit of bike users. The final bike user will get the reward which is defined by the bike renter when he/she returns the bike to the bike renter. When bike users pay BBT to rent bikes, the contract is enabled between the bike user and renter automatically.

Bike renters install smart bike lock on their bikes and register their bikes on the blockchain bike platform, they also need to set the price and deposit of their bikes. Bike users use app to find nearby bikes. When bike renters pay BBT, the smart contract is enabled between the bike renter and bike user until the rental relation is stopped. All payments and contracts are working automatically on the Ethereum network. Bike users pay BBT to get the right to use and bike renters provide bikes to receive BBT.

To get maximum benefits, bike rental companies setup their system and bikes near by MRT(mass rapid transit), train stations, bus stations, schools. Therefore, all bikes are distributed at major places with most passerby users. Those bike rental companies also need to worry about the increasing cost of places, machines, tax and human costs. Without government budgets, their bike rental stations can't be expanded widely and quickly. All of these are limited and caused by cost and a centralized structure. Without investment, no bike rental stations. Without investment, users can't enjoy bike rental service. It's a cost-consumed business model. No one in the market win the game even the bike rental companies.