Chen Weixing Will Launch A Taxi Application Based On Blockchain

The founder of Chinese ride hailing company Kuaidi Dache Chen Weixing, is planning to launch a blockchain-based ride hailing app, China Money Network reports May 28.

Chen is banding together with co-founder and prime supporter of Meituan Yang Jun to start the project. Chen intends to make a platform that will offer way different services, for example, ride hailing and conveyances, among others. At the China International Big Data Industry Expo 2018 Jun stated:

“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.”

Also concerning the event, Chen mentioned that, “Ride hailing is the first time blockchain will be tested on a social application on mass scale.” Neither Chen nor Jun disclosed details regarding the project’s schedule.

Kuaidi, which is presently part of Didi Chuxing, converged with Didi Dache in 2016. Didi Chuxing is currently worth $60 bln and is supposedly looking for a first sale of stock at a higher valuation. Meituan is an on-request nearby services firm that converged with survey site Dianping in 2016. Meituan Dianping is currently esteemed at $30 bln.

Prior this month, China’s Ministry of Industry and Information Technology distributed a blockchain industry white paper, uncovering that the household blockchain industry developed “exponentially” in 2017. As indicated by the paper, 178 new blockchain new businesses propelled in 2017.