Concordium blockchain and Swvl, Inc. mass transit platform has today announced a partnership to develop revolutionary next-gen mass transit systems using blockchain technology.
Based in Dubai, Swvl is a global tech startup that provides semi-private transportation to those who cannot afford fully private means. Other than providing cost-efficiency, the firm increases traveling accessibility, safety, and eco-friendliness. Through a user-friendly app, users book rides with different payment options. Swvl’s top-notch private vans and busses operate on fixed and semi-fixed timelines, routes, stations, and prices.
Recently, the company entered a deal to go public through a merger with the blank check company Queen’s Gambit Growth Capital.
Concordium now comes in to solve the sophisticated logistics issues of mass transit and simultaneously advance Swvl’s goals of smart and green mobility. Specifically, Concordium will provide faster and accurate trends in customers’ travel needs. Such data will be useful to Swvl when altering travel routes to make trips faster and cheaper.
Additionally, blockchain tech will enable the creation of seller-client interactive relationships. Part of this is driver monitoring and performance tracking besides service efficiency and quality maintenance. Driver efficiency particularly can be linked to their performance, thereby incentivizing them to provide high-quality services. All these will make Swvl trips safer and more reliable.
Of the development, Lone Fonss Schroder, Concordium’s CEO said that there are significant barriers in mass transit systems that make commuting daily a tiresome endeavor. “Combining Concordium’s differentiated blockchain technology with Swvl’s cutting-edge mobility platform provides a seamless commuting experience that will change mass transit on a global scale.”
Mostafa Kandil, Swvl Founder and CEO also commented saying the partnership with Concordium would place Swvl at the core of future mass transit systems. “Our partnership with Concordium will improve the real-time capabilities of our offerings. We will be even better positioned to capitalize on fast-changing customer demands, resulting in quicker and more flexible commuting experiences.”
Importantly, Concordium is a proof-of-stake public and sustainable blockchain. It has a unique identity layer at the protocol level, which ensures regulatory compliance in terms of client identity without compromising user privacy.
Swvl, on the other hand, provides its services in 10 megacities across Africa, Asia, and the Middle East. Its merger with Queen’s Gambit in Q4 2021 will make it the first $1.5B+ unicorn from the Middle East to enlist on the NASDAQ and the only tech-backed mass transit company to list on any exchange. With the completion of the deal, Swvl is expected to expand to 20 countries across five continents by 2025.
