Blockchain Start-up DOVU to Trade Tokens for Transport Data, Gets backed by Jaguar Land Rover
Bitcoin, the first decentralized cryptocurrency, generated enough buzz around it. Now it is the turn of its underlying technology, Blockchain. Since it is a distributed ledger technology, transactions are recorded across multiple computers on the network. Because of its immutable nature, data remains safe and traceable. It is now anticipated that the Blockchain technology could be used to track anything.
To leverage the idea and exploit the technology, start-ups are coming up with innovative plans to transform mobility solutions. Recently, a UK based startup, DOVU has announced an Ethereum based platform with the intention to reward users for sharing their transport data.
With the startup, DOVU intends to become “The Global Marketplace For Transport Data.” In exchange with the information, it will provide its own ethereum-based token – DOV – for the “give and take of transport-related APIs”. The firm has said that the earned token can be used to purchase mobility services. DOVU is planning to launch token sale on 3rd Oct, 2017.
There are many startups and token sales in mobility, but DOVU differs for the factor that it has a broad network in transport sector. The firm boasts of a strong financial support with seed funding received from Jaguar Land Rover’s investment arm, InMotion Ventures, and Creative England (funding backed by the UK government).
DOVU’s founder and CEO, Irfon Watkins, has founded and sold companies across the API spectrum such as the large-scale ad-platform Coull. The advisory board of Watkins is surely impressive with Lars Klawitter onboard. Klawitter is General Manager of Rolls Royce Bespoke and also a director of the Ethereum Foundation. Krasina Mileva is the co-founder and COO whereas Arwen Smit is the co-founder and CMO of DOVU.
Currently, transport data is centralized, but the scenario can change after blockchain implementation. With the technology, DOVU aims to build trust among corporates and individuals by decentralizing the data and bringing them for public and enterprise use. DOVU system works by creating a distributed marketplace for transport data, where insurance companies, vehicle hire, ride sharing and other people could connect to create a network of transport related data resource. Since the data is shared, it is more valuable.
“The transport sector knows where it wants to go with real-time data and smart technology but doesn’t know how to get there! DOVU is the missing piece of the puzzle – an on-ramp for fast, secure and global data sharing for everybody.”
DOVU could allow combining insurance data with car data to calculate smart policies, or bring together geolocation data and weather statistics for predictions and inform ride-hailing firms.
Like using an in-game currency, network contributors could be earning tokens based on the quality of their inputs. It means, a smartphone app would allow unlocking a shared vehicle, automatically sign in to the DOVU platform, and sell or share the car’s data while driving.
The system could also allow tracking movements like running, walking, driving and cycling. Selling this data fetches DOV tokens that can be used to buy bus rides, petrol or train journeys.
A new mobility world is surely to arrive, and all credit goes to the Blockchain Technology.
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