Uber: A new way for innovation 🚘🚗🚦

 Technology has been evolving as part of our daily lives. We find technological enhancements in smartphone technology, Robotics, Virtual reality and many other segments which we often use.
When we have technological advancements in various segments, why can't the technology can be used in taxi services? Why can't we just tap a button on the smartphone and get a cab service in no time?
These questions were asked by two young men named "Travis Kalanick and Garrett Camp" who waited for a taxi for a long time. This thought of them made open "Uber service" which became very popular where you can get a taxi within no time once you tap on your smart phone
How does it work?
Uber is a smart phone application. Clients have to download the app from App store or Play store. After downloading, they are free to access the Uber services from various remote locations. When clients request a ride from the app, the drivers track the place of the client with GPS navigation and find the best way to reach the client as soon as possible. The payments for the drivers are done by using Optimization algorithm. It organizes the necessary information to reduce the cost per ride, fuel cost and also provides a ride-sharing option which is very beneficial for the clients.
How does it make business?
Uber does not own cars. They lease cars to its Uber X drivers. It provides the cheapest way of transportation through ride sharing. The company has partnered with general motors, Toyota, and other companies to lease the cars for Uber X drivers. By leasing the cars, drivers could borrow better interest rates rather than traditional leasing procedures.
Uber has also started xchange leasing, which was very beneficial when compared to the general leasing. The drivers are asked to pay $250 for a vehicle and it would be a 3-year contract. The company offers cars to the existing uber drivers for leasing and send them to local dealerships with financing in hand.
In a nutshell, the main aim of the uber is to satisfy the driver as well as the customer using the modern technology.