HireGo is building a decentralised, peer-to-peer marketplace that allows its users to lease their vehicles in a trustless and secure environment. The marketplace leverages the Ethereum blockchain as both a public ledger for lease transactions, and for conducting the transactions themselves, using a smart contract framework.
The HireGo marketplace provides a directory of vehicles available for hire. Users are able to select an appropriate vehicle, secure it for their desired period and settle the payment, inapp, using the Go token - an ERC20-compatible cryptocurrency built for the purpose (see Go Token). Vehicles listed on the marketplace are crowdsourced from HireGo users and can be easily added in-app; additional tools are available for “power-users” making larger numbers of vehicles available.
HireGo has been designed with simplicity and security as a first priority. Payment is made, in advance, and held in an escrow contract on the Ethereum blockchain; in the event of a dispute between users, a trusted party, such as the dedicated HireGo resolutions team, will be able to make the final judgement. Reviews and comments made by users will also be stored on the blockchain, creating an indisputable, trustworthy record of a user’s conduct. These technologies are handled natively by the HireGo application and all technical complexity is hidden from the user.
To provide additional peace-of-mind, the marketplace will also offer various insurance options for users. These insurance packages, provided by a trusted industrial partner, will ensure that vehicle owners are protected from unexpected collision or damage.
As with payment and review, the rental transactions and vehicle listings are conducted via the Ethereum blockchain. The HireGo applications provide a gateway for accessing this data in an intuitive manner and will create and send the necessary transactions, eliminating any potential friction for the user - no knowledge of the blockchain is needed to use the marketplace. When a user enters into a rental contract the application will interact with the appropriate smart contract on the user’s behalf, parsing responses and interacting with the system using a pre-defined and public protocol. Importantly, users retain control of their private keys and, at no time, is this broadcast to HireGo or any third-parties.