Blockchain technology is being adopted in several spheres with the transport industry not left behind. Concordium has announced a partnership with Swvl to bring blockchain-based mass transit systems.
Concordium, a leading blockchain technology firm, and Swvl, Inc. (“Swvl”), a Dubai-based supplier of mass transit and shared mobility solutions, today announced a strategic agreement to construct revolutionary next-generation mass transport systems using blockchain technologies for the first time.
Swvl is a worldwide tech start-up based in Dubai that provides a semi-private alternative to public transportation for those who cannot afford or access private solutions. It has an implied, fully diluted equity value of around $1.5 billion.
Swvl announced the signing of a definitive agreement to merge with Queen’s Gambit Growth Capital (“Queen’s Gambit”) (NASDAQ: GMBT), the first special purpose acquisition company led by women, on July 28, 2021.
Swvl improves mobility by making it safer, more efficient, and ecologically friendly, while also making it more accessible and cheap to everyone.
Customers schedule rides through an easy-to-use app with a variety of payment choices, and they have access to high-quality private buses and vans that follow fixed and semi-fixed routes, stations, times, and pricing.
Concordium will give a blockchain-based technology platform to Swvl clients in order to improve their public transport travel experience.
Swvl’s efforts at decarbonization and smart, green transportation will be aided by the platform, which will help tackle the highly complex logistical difficulties inherent in public transit.
Concordium’s platform is designed to give, among other things, the following important advantages:
- Swvl’s dynamic routing features allow natural ebbs and flows in customers’ travel needs to be tracked faster and more accurately, and incorporated into evolving travel routes, making trips faster and cheaper.
- The technology enables Swvl and its clients to build interactive interactions with improved driver monitoring and performance tracking, as well as increased efficiency and quality of service, making Swvl trips even safer and more reliable.
- Driver pay might be more closely connected to performance, motivating them to give the best service possible.
“Mass transit networks are intrinsically faulty, with inefficiencies that generate major barriers and make daily commuting a struggle,” Concordium CEO Lone Fonss Schroder stated.
Concordium’s unique blockchain technology, together with Swvl’s cutting-edge mobility platform, creates a seamless commuting experience that will revolutionize mass transit globally.”
“Swvl set out to construct the mass transit system of the future, for the cities of the future,” stated Mostafa Kandil, Swvl’s Founder and CEO.
Concordium’s relationship with us will boost the real-time capabilities of our products. We’ll be even better positioned to take advantage of rapidly changing customer expectations, resulting in faster and more flexible commutes.”