by David Drake
Starting on the 1st of October of this year, Uber’s license to operate in London has been revoked. The Transport for London (TfL), an authority that regulates private hire and taxi vehicles made the announcement earlier this month. TfL attributed its decision to revoke Uber’s license to the way the company obtains medical certificates, reports criminal offences and runs checks on barring and disclosure services.
TfL also suspects that Uber may have set up an evasion scheme to keep officials from utilizing its app. The decision to revoke the licence of one of the world’s largest mobility companies in one of the most lucrative markets is an indicator that the current model is broken.
A New Approach
To fix mobility problems in the transport sector, a London-based start-up, Dovu.io is taking a different approach. The startup is creating an alternative model using blockchain, a decentralized public ledger, to address problems brought on by shared applications, such as Uber in the transport sector. The use of blockchain is particularly interesting for the mobility space because it will increase transparency, build trust among industry players and, most importantly, make data accessible whenever it is needed. For consumers, blockchain technology will remove boundaries created by companies, enabling consumers to find and hire transport services then make payments without the need for contacting a company.
Dovu.io is working on a blockchain-backed system that rewards co-creators of value in the transport space. Through this model, the startup will focus on mobility ecosystems to address market inefficiencies and currency restrictions that burden the sector, hindering smooth transportation within cities. Its innovation is premised on the fact that data is the driving force for any company in the 21st century. To innovate solutions for challenges facing the transport sector, data needs to be more accessible.
Dovu’s innovation utilizes three features to change the way mobility data is created and shared. The DOVU Protocol, an open source facility, facilitates the creation of mobility apps and details data interchange for value attribution. The DOV token facilitates transactions on the platform, while the DOVU API Marketplace makes it easy to access data relating to the transport sector.
Dovu’s innovation seeks to address the huge gap in data generation and sharing within the transport sector. Stakeholders, particularly service providers and regulators, are not able to get contributions from beneficiaries of transport ecosystems because a mechanism for rewarding them for such feedback does not exist. This means that those who need this valuable data will not benefit.
Dovu will apply the principle of rewarding those who create, share and add value to the mobility data in the transport sector by giving them DOV tokens offered in Ethereum cryptocurrency. In doing so, the company will empower emerging business models within the transport sector and create a circular economy with unmatched exchange of value between ordinary service consumers and those who benefit from the data they provide.
Once done, the model advanced by DOVU will most certainly revolutionize the mobility sector through data that will enable the improvement of mobility services. The startup has attracted strategic investment from InMotion, the venture branch of Jaguar Land Rover, to create this blockchain solution. It is being advised by top cryptocurrency experts, including myself, and is the first blockchain startup in the globe to work with one of the four leading accounting firms, KPMG, in this space.