SEOUL, South Korea, July 12, 2021 /PRNewswire/ -- MVL Foundation Pte. Ltd has partnered with TZ APAC – a leading Asia-based public blockchain adoption entity for the Tezos ecosystem – to develop its data business with hybrid blockchain technology, utilizing both Hyperledger Fabric and the Tezos public blockchain.
MVL Foundation operates TADA, the world's first blockchain-based ride-hailing service, which has amassed 1 million users in Southeast Asia since its launch in 2018. MVL aims to revolutionise the mobility sector, as it begins to manufacture and supply electric vehicles (EV) such as their E-TukTuk.
Recently, MVL also signed an MOU with Bolton, a subsidiary of Indian Auto manufacturing giant, Krishna Group, for its EV production and sales division in India, boosting the availability of the TADA ride-hailing and delivery platform within the country.
All of MVL's mobility products utilise MVL's own native protocol, which generates and stores data within MVL's blockchain-based database. Customers receive rewards by consenting to the collection of their data, as part of MVL's bid to make consumers feel more in control over how their information is used by tech companies. The incentive scheme was designed in response to the growing resistance against technology companies that commonly harvest user data without yielding any benefit for the consumer.
At the MVL 2.0 Online Conference in March, MVL also announced its decision to introduce a new blockchain system that functions independently from the Ethereum network. High transaction fees, scalability and environmental sustainability were cited as key reasons MVL explored other blockchain options for its further development.
"Having a partnership with TZ APAC is a huge step for MVL to expand its data business. We are grateful that MVL, together with TZ APAC, can successfully store all data generated and collected from TADA on the blockchain. On the Tezos protocol, both companies will team up to create a high-valued data business." said Kay Woo, CEO and founder, MVL Foundation.
"We are delighted to work with MVL, one of the top mobility companies in Southeast Asia, to build both mobility applications and data brokers on the Tezos ecosystem. In addition to a more trustless environment and increased data accuracy, the project will enable individuals to monetise and have greater control over their data," stated David Shin, Head of Asia, TZ APAC.
Both MVL Foundation and TZ APAC look forward to this partnership as an opportunity to build a fairer and more sustainable mobility ecosystem.
About MVL LABS
MVL Labs is a blockchain protocol operated within the mobility ecosystem based on an incentive method. Within the MVL ecosystem, people generate data and receive incentives by driving or using vehicle-related services. By recording and sharing these data, the entire mobility ecosystem can become a transparent, trustworthy and virtuous cycle structure that develops into a healthy ecosystem.
Tada is a ride-hailing service platform developed by MVL with over a million users throughout Singapore, Cambodia, and Vietnam since its first launch in 2018. It is the only platform that operates under the zero-commision policy, and it aims to create a transparent ecosystem by providing incentives and benefits to all participants who provide their data using the platform.
About TZ APAC
TZ APAC is a leading Asia-based blockchain adoption entity supporting the Tezos ecosystem. It designs value-added blockchain transformation strategies for enterprises and creators with a bottom-up approach, working closely with blockchain experts and other stakeholders in the Tezos ecosystem. TZ APAC is supported by the Tezos Foundation and headquartered in Singapore.
Tezos is smart money, redefining what it means to hold and exchange value in a digitally connected world. A self-upgradable and energy efficient blockchain with a proven track record, Tezos seamlessly adopts tomorrow's innovations without network disruptions today. To learn more, visit Tezos.com