What’s going on?
A high-profile Chinese entrepreneur wants to build an “Uber on the blockchain” and put crypto at the centre of the international ride-hail market.
Why does it matter?
Weixing Chen is founder of Kuaidi Dache, which merged with Didi to become the leading Chinese ride-hailing company, Didi Chuxing and has made a number of publicised investments in blockchain-related products and services.
Chen is to team up with fellow entrepreneur Yang Jun for the proposed ride-hail project; Jun is a co-founder of China’s on-demand local services firm Meituan, reported China Money Network.
A New Driving Force?
Imagine a decentralised version of Uber that connects drivers and commuters, letting them negotiate fares directly, reported Quartz – that’s just one possibility of a ride-hailing service powered by the blockchain.
“I’ve been asking myself what’s the value of the blockchain,” said Meituan’s Yang Jun at the China International Big Data Industry Expo 2018 at the weekend. “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. Ride hailing is the first time blockchain will be tested on a social application on mass scale.”
Chen’s new project is notable given his ride-hailing app development experience, reported CoinDesk, but Chen did not disclose which blockchain platform would be used to develop the app.