Blockchain-Based Taxi App in Development in China

As many have predicted a decentralized, Uber-like service is coming…

taxi hailing

With the rise of blockchain, many have predicted that many of today’s centralized platforms will get their decentralized counterparts. One of the most quoted companies that could face competition from a blockchain-based service was Uber. And it’s about to get one in China…

A decentralized service from the folks who understand the market

Chen Weixing, the founder of Chinese ride hailing company Kuaidi Dache, is the guy behind this project, according to the recent China Money Network report. To make it possible, he is teaming-up with co-founder of Meituan, Yang Jun, to create a platform that will also include offer other lifestyle services such as deliveries.

“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,” Jun said said during this year’s China International Big Data Industry Expo. “We can direct traffic from the Internet and add on different services to meet users’ needs.”

Chen shares the sentiment: “Ride hailing is the first time blockchain will be tested on a social application on mass scale,” he added.

However, neither Chen nor Jun disclosed much details regarding the project’s timetable.

A little background information

Kuaidi, which is now part of the major Chinese ride-sharing service¬†Didi Chuxing, merged with Didi Dache in 2016. This move, among others, helped Didi Chuxing’s valuation reach whopping $60 billion, and the number may even grow from there as the company prepares for an initial public offering.

Meituan, on the other hand, is an on-demand local services firm that merged with review site Dianping in 2016. The combined entity, Meituan Dianping, is now valued at $30 billion.

To sum it up, these two know what they’re talking about and they may be onto something…

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