As blockchain continues to be applied in conventional business, the taxi industry is now getting involved. According to reports from China Money Networks, Chen Weixing, the founder of Kuaidi Dache, is in the final stages of launching a blockchain-based ride hailing app. He is doing this in partnership with Meituan Yang Jun, a co-founder.
Lifestyle Services Galore
Through this platform, Chen hopes to offer lifestyle services that include ride hailing and deliveries. During the China International Big Data industry Expo 2018, Yang Jun was quick to offer his view:
I’ve been asking myself what’s the value of the blockchain. My definition is to see whether and where people can actually use it. With the use of blockchain, we can build a set of economic systems different from the previous ones…We can direct traffic from the Internet and add on different services to meet users’ needs.
Chen was also present at the event, saying ride hailing is the first time blockchain will come into use by being tested on a social application on mass scale. However, the two co-founders did not seem to be in a hurry to disclose the project’s timetable just yet.
Didi Chuxing Seeking an IPO
NKuaidi that now forms part of Didi Chuxing entered into a merger with Didi Dache in 2016. Currently, Didi Chuxing is worth $60 billion and there are reports that it is planning to seek an Initial Public Offering at an even higher valuation. Meituan is an on-demand local services firm that merged with Dianping, a review site in 2016. Meituan is currently valued at $30 billion.
China’s ministry of Industry and Information Technology published a blockchain industry whitepaper earlier this month. This publication revealed that there has been exponential growth in the domestic blockchain industry in 2017, courtesy of the 178 new blockchain startups that launched in 2017.
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What do you think about Chen’s plans? How will this revolutionize the taxi business? Let us know your thoughts in the comments section below.