Chinese Startup for Taxi App Will Use Blockchain

Chinese startup for Taxi App will use Blockchain

Chen Weixing, the founder of the Chinese company Ride Healing, will launch the Taxi application based on Blochkchain.

As reported by China Money Network on May 28, Chen Weixing, the founder of Chinese Ride Hailing Company as well as the head of Kuaidi Dache, plans to launch the mobile Taxi application, based on the blockchain.

To start the project, Chen started cooperation with Yang Jun, co-founder Meituan, a Chinese company providing on-demand services. Chen aims to create a platform that, among other things, will offer lifestyle services such as ride hailing and deliveries. As Yang Jun said at the China International Big Data Industry Expo 2018:

“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.”

In addition, Chen said that “Ride hailing is the first time blockchain will be tested on a social app on mass scale”. The public would like to know more about Chen’s startup, but he didn’t disclose the details.

Kuaidi merged with Didi Dache in 2016 and is now part of Didi Chuxing. Didi Chuxing now costs $60 billion and is reportedly seeking an initial public offer for a higher valuation. Meituan in 2016 merged with the survey site Dianping and is now estimated at $30 billion.

Earlier this month, the Ministry of Industry and Information Technology of China published a blockchain industry whitepaper, which shows that in 2017 the domestic blockchain industry grew exponentially. According to this whitepaper, in 2017, 178 new blockchain startups were launched.