Singapore and Thailand are planning to take ride-hailing to a whole new level through the Tada platform, a ride-hailing app that is built on blockchain technology.
The blockchain-powered TADA ride-hailing platform was developed to leverage the relatively new technology so that Thailand and Singapore residents can enjoy better ride-hailing services. The new ride-hailing platform has teamed up with the Bangkok-based OmiseGo Ethereum-based payment service so that they can push the technology further. TADA uses Singapore’s Mass Vehicle Ledger (MVL).
Ride-hailing app #TADA rolls out Taxi booking service; promises zero commission for cabbies
TADA has added taxi booking services to its platform as it seeks to keep up with competition that looks set to intensify with Go-Jek’s imminent entry.https://t.co/j1nOPwyEOz pic.twitter.com/1snicTO0MV
— aCommerce (@aCommerceASIA) November 19, 2018
Some Singapore taxi firms have already joined the TADA platform
Numerous Singapore Taxi companies including Premier, ComfortDelGro, Transcab, and SMRT, have already joined the TADA Taxi platform. MVL CEO and founder Kay Woo revealed that the above companies agreed to allow their drivers on the platform without any need for formal endorsements. TADA has so far gained more than 2,000 taxi drivers in Singapore and it plans to sign up 5,000 taxi drivers before the end of 2018.
“We are happy to note that Tada supports our objectives to keep taxi fares affordable [yet] rewarding for our business partners,” stated
Sources claim that MVL and OmiseGo plan to come up with a Proof-of-concept to investigate whether a decentralized OMG Network is the ideal MVL solution. TADA will store its proof-of-concept data on the OmiseGo platform. The two companies will also use OmiseGo’s Bangkok location to test run a cryptocurrency payments system as part of their partnership.
B2B partners to pay commission
The TADA platform does not charge taxi drivers any kind of fees or commission on top of their Tada fares. The drivers will also receive “MVL Coins” as rewards when they receive good reviews. The TADA platform will also allow drivers to immediately withdraw their earnings. MVL also plans to involve more stakeholders from the automotive industry.
Targeted stakeholders will include fuel stations and insurance companies among others. The stakeholders will be allowed to sell their products on the TADA platform in exchange for fiat currency or cryptocurrencies. The platform will, however, require B2B partners to pay some commission from each sale they make. The platform wants to take advantage of taxi companies’ growing interest in blockchain technology.
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