Blockchain Startup OmiseGo Signs MoU With Singapore Taxi App Tada

Blockchain, News | November 16, 2018 By:

Blockchain payments platform OmiseGo has signed a memoramdum of understanding (MoU) with blockchain protocol Mass Vehicle Ledger (MVL) to collaborate on blockchain research and development.

OmiseGO provides an open payment platform and decentralised exchange issued on ethereum. The OmiseGO blockchain is a fully on-chain and massively-scalable decentralized exchange, liquidity provider mechanism, clearinghouse messaging network, and an asset-backed blockchain gateway.

Based in Singapore, MVL is blockchain ecosystem for all vehicle-related services. It recently launched Tada Taxi, a ride hailing app with a pool of 2,000 cabbies, after receiving a taxi provider license from the Land Transport Authority of Singapore. Unlike ride-hailing platform Grab, Tada Taxi will not take a cut from the drivers. MLV is also not imposing any levy on the booking fee of S$2.30 to S$3.50 set by the respective taxi companies.

Under the partnership, the two companies will develop a proof of concept (PoC) to ascertain whether the decentralized OMG Network is suitable for MVL’s data record-keeping system. As part of the MOU, both companies commit to close technical cooperation and research on the actual use of blockchain technology in Tada.

“We are pleased to sign an MOU with MVL to deliver a POC for their ride hailing service TADA,” said OmiseGO’s managing director Vansa Chatikavanij. “This serves as a step forward in our efforts to showcase the potential and benefits of the technologies.”

MV said that the collaboration represents a powerful use case for how blockchain technology can be used to decentralize and disrupt an existing industry.

“We will move forward towards the next steps in implementing blockchain technology through the collaboration,” MVL said.