TADA, Blockchain Based Ride App Debuts In Singapore
Singapore based startup, MVL Foundation launched TADA , a one of its kind ride hailing app that is based on blockchain technology. Apart from using Blockchain technology, it charges drivers zero commission and accepts payment in digital tokens.
This on-demand and peer-to-peer service runs on an incentive based blockchain mobility ecosystem known as the Massive Vehicle Ledger (MVL). This ledger connects the various stakeholders in the automobile industry such as drivers, auto manufacturers, riders, retailers, auto-insurance companies and auto repair shops.
Through this ledger, all the data is on a database that enables all the history of a vehicle to be recorded, tracked and be readily available to all the stakeholders within the system.
Drivers can earn MVL points by providing rides, with a higher number of points for longer distances. Riders can earn the same points by writing reviews of their experience. These points can then be converted into MVL Coins which is the digital currency of MVL.
Kay Woo, the founder and CEO of MVL explained that the MVL Coins can either be cashed out on a cryptocurrency exchange or used for payment within the TADA system for things such as petrol, repair or rides. He said,
The goal is to build a vertical mobility ecosystem in which the MVL token can be used for all sorts of transactions within the mobility industry.
MVL is on a not-for-profit model as it does not charge drivers a commission fee. However, it charges a nominal fee of 3.4% on all credit card transactions that go towards maintenance of the system. Woo further explained revenue streams for the company highlighting avenues such as selling driver or rider data to third parties such as insurance companies. However he highlighted that the platform didn’t own the data, and the consent of the parties was essential. Woo stated,
The data belongs to the drivers; we will first ask for their consent before we use their data. By providing the platform and service for drivers to collect driving data, MVL charges the external parties who use this data.
TADA, which means ‘let’s ride’ in Korean is expanding its base in Singapore. Currently, it has 2000 drivers, but the company is in talks with taxi companies for adding more.
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