U-bicycle to introduce blockchain technology
Bike-sharing brand to store data across a distributed network to eliminate risks and build up decentralized ecosystem
Shanghai-based bike-sharing company U-bicycle has announced it will leverage blockchain technology to enhance its overall operations, Jiemian.com reported.
Yu Yi, the founder of U-bicycle, said the company will use blockchain’s main feature of decentralization. This means it will store data across a distributed network to eliminate the risks that come with data being held centrally, with the aim of building up a decentralized ecosystem for the bike-sharing sector.
Yu emphasized that introducing blockchain technology and investing overseas are out of strategic consideration, rejecting the idea of “trying to tell a new story” so as to lure investors.
Founded in 2016, the company has received four rounds of financing, while only receiving a US$10-million injection in 2017.
However, amid the ongoing price war between different bike-sharing brands, lead players such as Mobike and ofo are still struggling. Likewise, some insiders are not very optimistic about U-bicycle’s current situation.