The world’s first automotive project built on the Cardano blockchain, eTukTuk, has declared its intention to begin operations in Sri Lanka, a country in South Asia.
The effort seeks to ease worries about using electric vehicles while also advancing climate action.
This new invention, which was revealed at the World Economic Forum in Davos this year, has the potential to revolutionize the global transportation sector.
According to a recent report, the company aims to solve the high cost and lack of charging stations for electric vehicles worldwide by developing a dynamic and sustainable multi-income model.
The project uses blockchain technology to create a model that benefits drivers and passengers within the system, demonstrating the usefulness of the technology in resolving real-world problems.
The eTukTuk ecosystem also uses the Cardano blockchain to grow its network of EVs and charging stations to help regions with little EV infrastructure transition away from fossil fuels.
Additionally, it targets global problems, including financial inequality, CO2 emissions-related health disorders, and air pollution.
“eTukTuk’s solution has the ability to drive economic change throughout Colombo and, indeed, Sri Lanka. The current TukTuk drivers are in need of the affordable and sustainable solution that eTukTuk provides – one that places their take-home pay, safety, and the environment at the forefront of their plans,” Speaking about the development, Colombo Mayor, Her Worship Rosy Senanayake made a statement.
The Project is Currently Mostly Focused on Emerging Markets
The company is now mainly concentrating on emerging markets, which produce 63% of the world’s carbon emissions and where inefficient transportation exacerbates an already dire economic position.
To do this, eTukTuk wants to debut its services in Sri Lanka, where 1.2 million conventional internal combustion engine (ICE) TukTuks are currently in use.
To do this, eTukTuk will work closely with the local government and well-established industry partners.
The goal is to provide a low-cost transportation system that uses no fossil fuels, reduces air pollution, and sharply reduces the general population’s usage of conventional ICE TukTuks.
Additionally, the usage of Cardano’s secure transaction system does away with the requirement for physical cards or currency, fostering a decentralized network that is more interconnected and assisting in the growth of solid and smart cities.
With this project serving as a template for similar initiatives in other nations, the environment and economy will benefit worldwide.