Singapore and Thailand build blockchain-powered ride-hailing app
BLOCKCHAIN technology has already been identified as being fundamental to transforming Singapore’s financial service industry by the country’s central bank.
But, recent reports suggest that it’s not just the financial industry that is keen on utilizing technology.
Singapore’s Mass Vehicle Ledger (MVL), the protocol behind the blockchain powered ride-hailing platform TADA has entered into a partnership with Ethereum-based payment platform OmiseGo to develop the technology further.
Media reports claim that MVL and Bangkok based firm OmiseGo seek to develop a Proof-of-Concept (PoC) to determine if the decentralized OMG Network is a viable solution for MVL’s data storage needs.
TADA’s data will be stored on OmiseGo platform during the PoC.
The partnership will also launch a pilot cryptocurrency payments system at OmiseGo’s home base in Thailand.
Last month, MVL was granted a taxi provider license by Land Transport Authority of Singapore, which allowed the outfit to roll out TADA Taxi, an exclusive platform for cab drivers.
Over 2,000 Singaporean taxi drivers have signed on since and the company has set a target of 5,000 by year-end.
Much like its platform for private car-hailing, taxi drivers are not charged any form of commission or fees out of their fares by TADA. Instead, the drivers will be rewarded with “MVL Coins” for good reviews.
The platform also allows the drivers to cash out their earnings immediately.
MVL’s eventual plan is to get other automotive industry stakeholders onboard its platform.
These include automotive brands, insurance companies, petrol stations, among others, who would be able to sell their product on the platform with digital currency or fiat money.
These B2B partners are the ones that will be charged a commission for every sale made.
Taxi companies and other ride-services in the region have recently declared the interest in exploring blockchain technology.
Kuaidi Dache’s founder, Chen Weixing announced in May, a plan to establish a blockchain powered ride haling app, which will include delivery services.
The automotive industry, in general, had shown increased intent in integrating next-generation technologies such as artificial intelligence and blockchain as well.
Last June, IOTA, and Volkswagen unveiled a PoC that used IOTA’s Tangle system for autonomous cars at the Cebit Expo in Germany.
Daimler AG, maker of Mercedes Benz and Smart car also revealed its blockchain powered MobiCoin that it uses to reward its drivers for eco-friendly driving habits.
If these trends are any indication, the transportation sector may end up becoming the leaders in providing the world with viable blockchain technology solutions- something other industries have talked about for years, without any solid products to date.