Chen Weixing, executive director of application development company Funcity and founder of the Chinese application Kuaidi Dache, has revealed his plans to build a shared transport service based on blockchain, equivalent to Uber.

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The new platform, announced on Sunday at an event after the Big Data International Exhibition Guiyang 2018, in China, will be developed in partnership with Yang Jun, co-founder of Meituan, one of the largest group discount applications in China, according to a WeChat publication of Chen.

Although the entrepreneur did not indicate which blockchain platform would be used to develop the application, or how he intends to counteract the scalability problems of the block chain, his new project is remarkable, given his knowledge in the development of applications related to use cases in the personal transport service.

In 2012 he founded the startup Kuaidi Dache, which took off instantly in China to rival another application called Didi Chuxing.

Both backed by venture capital and Internet giants such as Tencent and Alibaba, entered a bitter trade war by subsidizing prices, until they merged in 2014 to become the largest personal transport application in China, keeping the name of Didi Chuxing . The company later expelled Uber from the country through an acquisition.

Didi Chuxing is valued at around US $ 60 billion, and is looking for an initial public offering that points to a higher price. The personal transportation application will serve as a platform to offer taxi services, deliveries and others.

Yang Jun, interviewed at the Big Data Expo 2018, said that the value of blockchain is based on whether people can use it or not . The investor said that blockchain technology can be used to develop different economic systems, such as directing traffic from the Internet and providing additional services that meet the needs of users, according to China Money Network.

Meituan merged with Dianping, a review site for similar companies, in 2016 to form Meituan Dianping, which is currently valued at around US $ 30 billion.

Consulted in the same event, Weixing Chen declared that this initiative will be the first blockchain test in a social application on a massive scale. The businessman also founded Hangzhou Fun City, which according to VB Profiles operates Internet games and mobile Internet applications.

Chen's plan to move to the space of the block chain is not entirely surprising, since he has been one of the most pro-blockchain investors in China.

According to a report in February of this year, the investor has ventured into at least a dozen cryptocurrency projects, including some of the main trading platforms, such as Binance and Huobi.

Shared interest

Other ride-hailing companies have announced investment plans in fintech and blockchain technology.

A company based in Indonesia, Frasindo, launched a coin earlier this year that will allow users to download an application that will allow them to access cameras that track vehicles and also view on-board cameras. According to reports, Frasindo has partnered with ride-sharing companies in Indonesia.

Last year, Grab, the most successful travel platform in Southeast Asia, announced plans to invest US $ 700 million to offer financing options accessible to the Indonesian public that support Grab's expansion plans, in addition to granting loans to buy vehicles and smart phones.