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MVL Forms Strategic Partnership with IoTeX

4 Apr 2024

MVL, innovating the mobility industry through blockchain technology, has entered into a strategic partnership with IoTeX, a leader in connecting real-world infrastructure with blockchain through the Decentralized Physical Infrastructure Network (DePIN) sector.

DePIN represents a decentralized physical infrastructure network, connecting real-world infrastructure and assets, such as vehicles and mobility services, to the blockchain network. This structure rewards participants with data generated from Real World Assets (RWA) and facilitates the convergence of data across various fields within a standardized network. This is particularly beneficial for directly linking financial services, enhancing the added value of data.

Since its inception in 2017, IoTeX has been pioneering the integration of physical infrastructure with blockchain in the DePIN sector, supporting various projects based on physical infrastructure with a multitude of development tools. DePINscan offers a map-based dashboard with data visualization capabilities, while W3bstream connects real-world data to the blockchain world. Notably, IoTeX operates its own mainnet, equipped with a consensus mechanism designed for speed, scalability, and seamless integration of vast real-world infrastructure data.

Through this partnership, MVL will integrate data from its ONiON Mobility’s approximately 700 vehicles and bikes, along with data from over 3,000 batteries and 13 stations, into IoTeX’s DEPINScan and W3bstream services. Additionally, it plans to gradually integrate data from a vast network of 250,000 drivers and 2.5 million riders active in TADA ride-sharing services across four Asian countries.

By connecting the extensive real-world mobility data accumulated by MVL over the past six years to the blockchain, the utility and value of mobility data are significantly enhanced. Moreover, vehicle monitoring and asset management become feasible based on data, thus aiding the popularization of vehicle RWA, whose product value was proven in past pilot projects.

Kay Woo, CEO of the MVL Foundation, stated, "Through collaboration with IoTeX, numerous global projects will be able to utilize MVL’s vast real-world mobility data. Additionally, by the end of April, detailed information on vehicle RWA will be released in Japan, promising greater growth for the MVL ecosystem."

Raullen Chai, co-founder and CEO of IoTeX, expressed “MVL's data-driven mobility aligns perfectly with IoTeX's vision.  This collaboration strengthens our ability to leverage decentralized devices for real-time AI applications, shaping the future of mobility.”

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40 Sin Ming Ln, Singapore 573958

ⓒ MVL Foundation Pte. Ltd. All rights reserved.

40 Sin Ming Ln, Singapore 573958

ⓒ MVL Foundation Pte. Ltd. All rights reserved.