Ketch’up Bike, a Hong Kong’s bicycle-sharing services, is turning to blockchain and cryptocurrencies as it seeks a technological lifeline to reinvent its business while the remainder of the cash-burning industry goes through a shake-up. The plan would make heavy usage of smart contracts to manage bike rentals, and users of Ketch’up bikes would be rewarded with tokens upon usage of the service.
Our CTO Johnny Au Yeung had the following to say regarding this plan to the South China Morning Post, who reached out to Standard Kepler for a comment:
Not so fast – the problem with dockless bicycle sharing is an old-world problem, for which blockchain’s smart contracts may not be the most appropriate solution.
The nature of the locking problem troubling bike-sharing platforms is that people still get charged even though they have finished using the bike and locked it up. This is basically a problem of false detection of the locking device, and thus false handling of the user’s usage of the bike. Hence, this is not an issue that can be solved by smart contracts.
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