Last year, we announced our partnership with Mass Vehicle Ledger (MVL) to develop a proof-of-concept (PoC) for their ride hailing service,TADA. It’s been a while and we think it’s time to take a closer look at MVL and learn more about the amazing things they’re doing with blockchain technology. For this issue, we had the opportunity to interview Jonathan Chua, General Manager of MVLchain. MVL is solving problems in the vehicle industry by gathering data that can be used to help with research and development of better cars, navigation and road safety. They are also using data to ensure quality services in insurance, convenient transportation services, and to create fair prices in the used car market.
Q: Could you tell us about MVL, how you started and what MVL is all about?
A: Mass Vehicle Ledger (“MVL”) is a connected mobility ecosystem based on transparent and trustworthy data that is recorded through our incentive blockchain protocol.
MVL enables data from the various lifecycle of a car to be collected and recorded on the blockchain. We do this by incentivizing contributors such as drivers, mechanics and used car platforms amongst others in exchange for their data.
Aggregated data that is anonymized can then be used for research and development purposes, whilst data on the individual level owned by the drivers themselves can be used for their own benefits such as when purchasing automotive insurance products or when trading their car.
Our team behind MVL comes from a rich background of providing mobility solutions and services across Asia prior to embarking on building MVL.
Having successfully operated our first mobility service, Easiway, between Hong Kong and Shenzhen, we have come to identify the gaps in the industry which is left unfilled by existing solutions. Necessity is the mother of all invention, very naturally our team decided to embark on deploying a blockchain solution for mobility to fill these gaps.
Q: What problems do you hope to solve in this rapidly growing vehicle industry and how do you propose to solve them?
A: Asymmetrical information is famously illustrated with the used car market as an example. George Akerloff termed faulty cars that were sold as if they were in perfect condition as “lemons”. In this example, we can see that the lack of trust is an age-old problem prevalent in the used car markets.
The same for service providers in the mobility space, drivers cannot enjoy efficient prices for their automotive insurance and drivers on ride-hailing applications are not adequately and sustainably incentivized to provide safer rider with kindness.
Imagine if you can purchase a used car with confidence or purchase your insurance knowing that it’s priced accurately based on your driving behavior. You will be able to avoid buying a “lemon” and enjoy greater savings as a safer driver. If you do not own a car and frequent ride-hailing services, imagine being confident that your driver is one who can serve you happily and safely.
This is the world we want to achieve with MVL through our incentive blockchain protocol. By incentivizing drivers in return for data that is recorded on the block, we encourage better behaviors on the road through our connected ecosystem which rewards positive behaviors.
Q: Could you tell us more about your project TADA?
A: TADA is a ride-hailing service that is built on top of our MVL incentive blockchain protocol. TADA was introduced in Singapore last July and has been subsequently launched in Ho Chi Minh City, Vietnam and Phnom Penh, Cambodia in 2019.
The unique value proposition of TADA is the driver-centricity of our platform. We are the first in Singapore and the region to offer our ride-hailing service with ZERO commission. We also actively engage our drivers through various platforms such as having our own telegram community, again an industry first, which helps us to refine our application with over 80 updates from feedback over the last 10 months. This is further powered by our MVL incentive blockchain protocol which further incentivizes drivers to give their best service to the riders.
In doing so, we hope to achieve three main objectives. 1. Better livelihoods for drivers, 2. Better experiences for riders, and 3. Safer roads and a kinder interaction between our two user bases.
We have attracted over 300,000 riders across the three cities we operate in and over 32,000 drivers signed up on the TADA platform.
Q: What role does MVL believe blockchain in the future of the vehicle and transportation industry?
A: The future of mobility is widely believed to lie in vehicles that are connected, shared, autonomous and electrified.
From identifying and rewarding pro-social behaviors in shared vehicles to optimizing charging infrastructure locations to serve electric vehicles. Data is central to putting the wheels in motion for this coming mobility revolution.
With data being such a critical component, the immutability and transparency that the blockchain provides will allow different mobility services to collaborate confidently together to innovate new products and services.
Q: Could you tell us more about the work MVL has done with OmiseGO and what opportunities do you think this partnership could open?
A: Since announcing a strategic partnership in November 2018, MVL and OmiseGO have been working together to combine technologies from both parties to develop a Proof-of-Concept (“POC”) and to undertake blockchain research.
The POC is being developed to verify the suitability and performance of the OMG Network for MVL’s data record-keeping system. In this POC, Mobility data generated from MVL’s ride-hailing application TADA is recorded on the OMG Network. As part of the partnership, both MVL and OmiseGO have also been closely cooperating to research on how to further the use of blockchain technology in TADA.
Beyond the scope of this cooperation, we believe that there are various opportunities to further MVL’s partnership with OmiseGO. Using the OmiseGO’s platform to verify that TADA’s data has been successfully recorded on the block, collaboration on facilitating crypto-payments on TADA to even potentially creating a mobility payment platform together are some of the opportunities we envision.
Q: What OmiseGO technology is MVL excited to work on?
A: With OmiseGO, we look forward to enabling seamless asset exchanges. Decentralized exchanges and digital asset gateway technology empowers MVL’s token economy by giving more seamless and convenient connections to powerful blockchain players.
As MVL seeks to build an optimized ecosystem that improves the world of mobility by incentivizing pro-social activity, it is very important to ensure that MVL incentive system equates to tangible values to the participants.
With the connection of OmiseGO’s interoperable blockchain, MVL expects that asset exchange function will be more secure and fast, which we hope will encourage our MVLERs’ pro-social activity.
Q: With the technology MVL and OmiseGO is building where do you see the world of tokenized incentive systems for mobility services going?
A: A tokenized incentive system for mobility services is not just a thing of the future, but a solution that can be adopted to improve the present state of mobility services today.
As we build our trust-driven mobility ecosystem based on the blockchain with all data transparently managed. We believe we will positively engage all participants in our mobility ecosystem, such as mobility services (I.e. ride-sharing, carpooling and etc.), drivers, riders, manufacturers and service providers (I.e. mechanics, insurers, financing firms and etc.), to collaborate effectively with the value fairly distributed equitably to the respective participants.
MVL’s incentive system has been tested on TADA in Singapore since February 2019. Since launch, MVL incentives in the form of MVL Points has been offered to users of TADA in exchange for travelling data and positive road behaviors. MVL points can be exchanged for MVL coins through the TADA app.
As TADA users accumulate the MVL Points, they unlock higher MVL levels and receive various benefits. Drivers or riders who are placed in high MVL level is likely to be considered as “kind driver” or “friendly rider”. The higher MVL level you achieve, the more benefits you get.
As cars are increasingly being shared, a sustainable mechanism such as our MVL incentives is also increasingly needed to ensure that users will benefit from showing consideration to others and for being safe.
Get to know more about OmiseGO’s strategic partner MVL HERE
Originally published on the OmiseGO May 2019 Newsletter
*EDIT: Corrected erratum stating that Jonathan Chua is Managing Director, he is the General Manager of MVLchain.