Founder of Chinese Ride Hailing Company to Launch Blockchain-Based Taxi App

Chen Weixing, the founder of Chinese ride hailing company Kuaidi Dache, is planning to launch a blockchain-based ride hailing app, China Money Network reports May 28.Chen is partnering with co-founder of Meituan Yang Jun to launch the project.

Chen aims to create a platform that will offer lifestyle services such as ride hailing and deliveries, among others.

"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 onesWe can direct traffic from the Internet and add on different services to meet users' needs."

Also speaking at the event, Chen said that, "Ride hailing is the first time blockchain will be tested on a social application on mass scale." Neither Chen nor Jun disclosed details regarding the project's timetable.

Kuaidi, which is now part of Didi Chuxing, merged with Didi Dache in 2016.

Didi Chuxing is now worth $60 bln and is reportedly seeking an initial public offering at a higher valuation.

Meituan is an on-demand local services firm that merged with review site Dianping in 2016.

Earlier this month, China's Ministry of Industry and Information Technology published a blockchain industry white paper, revealing that the domestic blockchain industry grew "Exponentially" in 2017.

According to the paper, 178 new blockchain startups launched in 2017.