Blockchain-Based Ride Hailing App Launches in Singapore

Singapore-based startup, Massive Vehicle Ledger (MVL) launched TADA, a new blockchain-based ride hailing app in Singapore. The app, which doesn’t charge drivers any commission is part of MVL’s blockchain mobility ecosystem that connects various stakeholders in the automobile industry such as drivers, auto manufacturers, riders, retailers, auto-insurance companies and auto repair shops.

Aside from zero commissions, the app also won’t charge riders any cancellation fees, and will only collect a 3.4% transaction fee for payments via credit card. Launched yesterday, TADA currently has 2,000 drivers, with plans to reach 10,000 by the end of the year.

Founded in February 2018 by Kay Woo, MVL has raised around $16m through its initial coin offering (ICO). MVL’s mobility ecosystem records data such transactions, movements, accidents, and maintenance of people and vehicles in different fields. With the consent of its users, the data may be sold to researchers and companies as a source of revenue.