With the recent consolidation of Grab and Uber, many fear that the lack of competition will once again drive up transportation prices in Singapore.
Enter MVL Foundation Pte Ltd (Mass Vehicle Ledger, MVL), which recently launched Singapore’s first decentralised peer-to-peer on-demand ride hailing service through the MVL mobile app.
This new app is a complete game-changer with its new business model – it charges a small transaction fee for the maintenance of the platform, and zero commission on all rides.
Ultimately, it wants both the driver’s income and commuter’s fare to be protected and competitive without compromising on the quality of the ride service.
This is made possible by the mobility data-ecosystem underpinned by the blockchain technology that MVL is currently developing called MVLchain.
This service is expected to be fully rolled out over the next three months.
What Is MVL?
The MVL Ecosystem records core data related to driving, accidents, repairs and other car-related transactions on a blockchain, connecting many businesses, services, and people in the vehicle-related industries.
Participants who provide data related to automobile will receive MVL Point, a reward system used to encourage contribution to the ecosystem.
“MVL connects services that touch your car and collects your ride’s lifetime data. We give points to those who help out along the way, like your sales guy, you for driving and giving reviews, repairmen, used car-dealers and scrappers,” said the company in an introductory video.
By doing so, it incentivises safe driving and good services while placing vehicle-related data on the blockchain.
MVL aims to connect three main participants together, including individual drivers, ride sharing service providers, and mechanics. Here’s how each participant will interact with the platform:
- Individual drivers can earn MVL points in exchange for their safe driving activity
- Ride sharing providers can earn MVL points in exchange for safe driving and good service
- Mechanics can earn MVL points in exchange for providing accurate repairs as recorded on the blockchain
“MVL practices a distributed economy, or deconomy, where safe drivers, friendly chauffeurs, honest mechanics and other diligent data providers are fairly rewarded.”
How Does MVL Blockchain Mobility Token Work?
The token used on the MVL platform is called MVL tokens, which function as payments between service providers and customers.
You pay MVL tokens to a mechanic in exchange for repairing your car, for example, and you pay ride sharing providers MVL tokens in exchange for driving you somewhere.
On the other hand, MVL points, can be used to exchange for MVL tokens.
These points is a reputation-based incentive system that are distributed among all participants in the ecosystem.
MVL points are not transferable and not available for trading, unlike MVL tokens.
The ecosystem can be used by more than just drivers, passengers, and mechanics. Anyone who provides services to cars and drivers can participate in the MVL ecosystem.
“MVL will collect data on all aspects of mobility services, such as providing reviews and driving, as well as vehicle data collection,” said Kay Woo, CEO of MVL.
“In the future, MVL plans to broaden its horizons to connect services such as bike or motorcycle sharing services and collect different type of data.”
The Brains Behind MVL Foundation
The team behind MVL Foundation is no stranger to the mobility ecosystem.
They are known for easi6, which provides reservation services and is connected with more than 25,000 vehicles all over Asia.
The team has been developing the product over the last four years, and it was recently deployed to support the PyeongChang 2018 Olympic Winter Games as one of the transport partners.
“We are delighted to serve Singapore’s drivers and commuters. The recent consolidation of the two major ride hailing players and the rapid advancement of the distributed ledger technology makes it possible for us to offer our platform to create a transparent and accountable mobility ecosystem that rewards all participants,” said Mr Woo.
“We believe we can create value and impact at the heart of Singapore’s mobility ecosystem, the people, by making commuter fares fair and for drivers to receive equitable rewards for their services.”
Following this announcement, the company will be actively engaging regulators, fleet owners, drivers, and commuters on April 26 at JustCo, Marina One.
They are also looking at establishing a core local team in Singapore, including hires in senior position over the next couple of weeks.
Featured Image Credit: MVL