Chen Weixing, who helped shape China’s $30 billion ride hailing market, has revealed plans to build a blockchain Uber equivalent. He made the announcement on Sunday during the 2018 Guiyang Big Data Expo in China stating:
“It is the first time Ride hailing blockchain will be tested on a social application, on mass scale”
Weixing is the CEO of app developer Fun City and founder of Kuaidi Dache, that fought off competition from Uber and tech giant Alibaba’s Didi Dache, merging to become China’s largest ride hailing company, Didi Chuxing.
Didi Chuxing is valued at close to $60 billion, and is currently seeking an IPO at a higher evaluation.
According to a report by Bain & Company, the ride-hailing industry in China is already worth more than the rest of the world combined, and that Didi Chuxing is the country’s dominant player, accounting for 90% of trips.
Further to Sunday’s announcement, Weixing published a post on WeChat, stating that he will be collaborating on the new blockchain project with Yang Jun, co-founder of the popular Chinese ‘group deals’ app Meituan Dianping, which is currently valued at $30 billion.
The blockchain app will offer ride hailing, delivery and other services. Weixing has been reported to have said that his decentralised platform, will be developed to empower “labourers” and “consumers”, describing it as a:
“great, Nobel Prize-level social experiment” adding that it would not be controlled by “capitalists”.
It will not be the first ride hailing blockchain app. DACSEE, an Ethereum-based platform that has already collected over $24 million in its ICO, is a fully decentralised and autonomous ride-hailing service that is designed to expand virally, without the control from any corporate entity.
However, with Weixing’s position and power over the ride hailing market, this announcement to build a blockchain Uber equivalent, has the potential to be a significant game changer for the mobility market as a whole.