Chen Weixing, Founder, and CEO at Kuaidi Dache and Hangzhou Fun City, has revealed his plans to make a Blockchain-based ride-hailing app, which will significantly increase the security for the users and make the process even more efficient. He has teamed up with the co-founder of Meituan, Yang Jun for launching the application.

Chen, who aims to build his new concept into a platform offering lifestyle services such as ride-hailing and deliverables, addressed the audience at the China International Big Data Industry Expo 2018, held at Guizhou, China.

According to China Money Network, he said,

“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”.

Though Chen mentioned that it will be the first time anyone would try to execute a ride-hailing system on the blockchain, he did not share any significant details about the venture.

Yang Jun and Chen Weixing, both are entrepreneurs at heart which is evident from their previous ventures. Meituan, co-founded by Yang, was merged with Dianping to make Meituan-Dianping, which is now valued collectively close to 30 billion US Dollars. Meituan-Dianping, provides the facility for group buying to Chinese consumers for local products

Kuaidi Dache, founded by Chen, merged with Didi to become the largest ride-hailing company in China called Didi Chuxing and eventually pushed out Uber to dominate the Chinese Market. In addition to that Chen is also the CEO of FunCity which specializes in development and operations of mobile/web games and applications. Chen has also been one of the most vocal blockchain investors in China and has invested in at least a dozen cryptocurrency-related projects including Binance and Huobi.

Though both the founders seem to be well-suited to undertake this venture, there is a lot to be disclosed before evaluating the concept. The idea of an Uber-like service on blockchain is quite interesting and can potentially help the drivers, as well as the users, save costs. There is also some curiosity about which platform will the team use for development and how the application can tackle the scalability issues faced by several blockchains.