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.Weixing Chen, co-founder of the Didi Chuxing ride-hailing company, one of the largest technology startups in the global market, is partnering with Yang Jun, co-founder of Meituan, a Chinese on-demand local services firm, to offer a ride-hailing app supported by blockchain technology.
Didi Chuxing is valued at close to $60 billion, and is seeking an IPO at a higher evaluation. The ride hailing app will serve as a platform to offer ride hailing, delivery and other services.
Yang Jun, interviewed at the China International Big Data Industry Expo 2018 at Guizhou, said the value of blockchain is based on whether or not people can actually use it. The blockchain investor said blockchain technology can be used to develop different economic systems, such as directing traffic from the Internet and providing additional services that meet users’ needs, according to China Money Network
Meituan merged with Dianping, a peer review site, in 2016 to form Meituan Dianping, which is currently valued at about $30 billion.
Groundbreaking Blockchain Test
Weixing Chen, interviewed at the same event, said rail hailing will be the first mass test of blockchain on a social application. The entrepreneur also founded Hangzhou Fun City, which according to VB Profiles operates Internet games and mobile internet applications, and has invested in blockchain technology.
Ride Sharing Taps Fintech And Blockchain
Other ride hailing companies have announced investment in fintech and blockchain technology.
An Indonesia based company, Frasindo, launched a coin earlier this year that will allow users to download an app that allows them to view cameras that track the vehicles and also view the onboard cameras. Frasindo reportedly partnered with ride-sharing companies in Indonesia.
Singapore based Grab, Southeast Asia’s biggest ride-hailing platform, last year announced plans to invest $700 million to bring accessible financing options for the Indonesian public to support Grab’s expansion plans in addition to providing loans for purchasing vehicles and smartphones.
Featured image from Shutterstock.
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