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.