Go-Ahead Group PLC is one of the largest public transport providers in the UK and has partnered with the blockchain startup DOVU in order to introduce a tokenized rewards system for all of the rail users which we are reading more about in the crypto news below.
Go-Ahead is listed as a 101st largest company between all of the 350 listed on the London Stock Exchange and provides more than one billion rail and bus journeys in the UK annually. It is also one of the largest bus service operators in London account for about 30 percent of all the train passenger journeys.
On the other hand, DOVU is a blockchain-based rewards platform that uses the ERC-20 token which will help reward the members after they share their travel data. DOVU’s co-founder Krasina Mileva has proposed this system with hopes to provide Go-Ahead with ‘’actionable data that can boost efficiencies and improve services.’’
With the data sharing, the platform will be used to reward the passengers with tokens. This is a part of the Go-Ahead accelerator scheme- The Billion Journey Project that mostly focuses on figuring out an innovative proof-of-concept, scalable solutions for the transport industry.
DOVU has partnered before with one of the world’s largest automobile producer BMW for the same kind of tokenized rewards system that will stimulate the drivers to track how much miles they passed on their leased vehicles.
As a similar example, the German railway operator Deutsche Bahn AG has also partnered with a blockchain-based platform in order to find a solution for a tokenized reward ecosystem. The railway giant aims to cut operational costs and help to interact with other travel industry members.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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