Using Blockchain to Manage a Mobility Ecosystem: Kay Woo of MVL
“We’re not just a bunch of cars, it can be bikes; any other type of mobility service can be connected.” Kay Woo, CEO of Seoul-based firm MVL, sat down to chat with us about how he plans to use a blockchain protocol to manage an ecosystem of personal mobility services from drivers to mechanics and car dealers — and their customers.
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Same Car, Different Industry Sectors: MVL Wants to Unite Them
MVL has actually been around since 2012 but brought blockchain tech into its business more recently — building the system on Ethereum. The initials stand for “Mass Vehicle Ledger” and the company wants to unite the disconnected subsectors of the transport industry.
Other tech companies have focused on just one subsector — ride-share services and drivers, traditional taxis, insurance, mechanics and repair, car rentals, or vehicle sales. But they’re all interrelated, Woo says, so there needs to be a system to track everything.
After all, the same vehicle may appear in several of those subsectors so it’s good to share the information.
The used car market is one where participants have a hard time trusting each other. How do you know the compete history of the vehicle you’re purchasing… or if that history is actually real? Previous owners and mechanics can help here.
The system, which is intended to work in any country, uses a combination of MVL Points and a blockchain token called MVL Coin. Participants in the ecosystem will upload vital data related to a certain vehicle and will earn MVL Points (MVP).
MVL has offices in Korea, Japan and Singapore, and intends to expand further.
Since it’s aiming to create an entire economy around the system, MVPs can be exchanged for the tokens (MVC) and vice versa. The tokens are used mainly as an extra economic incentive to encourage participation.
Watch the complete interview to find out all the details about the company’s launch and reasons for choosing its blockchain platform.
Does MVL sound like a good idea? Let’s hear your thoughts in the comments.
Images and video via MVL, Bitsonline