Chen Weixing, Founder of Chinese ride-hailing app Kuaidi Dache and CEO of app developer Funcity, is gearing up to create a ridesharing service using blockchain technology. The new platform, announced over the weekend will be developed along with Yang Jun, Co-founder of Meituan, one of the largest discount apps in China.
Weixing said:
“Ridehailing is the first time blockchain will be tested on a social application on mass scale.”
In recent months, interest in blockchain technology, the technology underlying Bitcoin and other cryptocurrencies, has soared. At its core, blockchain is a database that can continuously add on new information. At the China International Big Data Industry Expo 2018 Jun said:
Kuaidi, which is now part of Didi Chuxing, merged with Didi Dache in 2016. Didi Chuxing is now worth $60 bln and is reportedly seeking an initial public offering at a higher valuation. Meituan is an on-demand local services firm that merged with review site Dianping in 2016. Meituan Dianping is now valued at $30 billion.
So while Uber has come under fire for taking about 25% of drivers’ fares, MVLchain claims to take a smaller cut, dedicated to maintaining the app.
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