Top

Swing Launches Blockchain-Based Service to Offer Financial Incentives for Scooter Riders

Web3 & Enterprise·September 15, 2023, 9:41 AM

Swing, a South Korean personal mobility startup, announced today the launch of “Swing by Boats,” a blockchain-based asset tracking system, in collaboration with blockchain company Block Odyssey. Developed by Block Odyssey, Boats completed a proof-of-concept (PoC) test with a commercial bank to validate the feasibility of the technology.

Photo by Sergey Lapunin on Unsplash

 

Financial incentives for scooter investments

Subscribers of Boats now have the option to invest in electric scooters operated by Swing. For those who choose to purchase these scooters, Swing offers a financial incentive: an average return rate of 7.5% on the purchase price, paid out over a period of 30 months. In addition, buyers will receive a complimentary one-hour ride on Swing mobility devices. Each scooter available for purchase through Boats is priced at KRW 750,000 (approximately $564). At the end of the 30-month period, Swing commits to buying back the scooter from the purchaser.

 

Simulation program to earn points

Boats subscribers now have access to a scooter simulation program known as Swing Miles. Within this program, subscribers can assign one of the scooters operating on the Swing platform as their own. They can then monitor various performance metrics such as mileage, routes taken, and payment rates for their designated scooter. Whenever other riders use that specific scooter, the subscriber earns 10% of the payment made by those riders, awarded as Swing Points. These points can be redeemed like cash for services or devices within the Swing app. Before launching Boats, the company conducted a two-month beta test to enhance the service’s quality and accuracy.

Jung Sung-ha, an official at Swing, explained that although the newly launched program does offer an average return rate for users, it is primarily aimed at scooter riders rather than professional investors. Jung noted that riders can directly invest in scooters and enjoy the service as if it were a game. According to Jun, the company plans to use the point system as a way to boost customer engagement.

More to Read
View All
Policy & Regulation·

May 24, 2024

Hong Kong privacy watchdog halts Worldcoin operations

Hong Kong's Office of the Privacy Commissioner for Personal Data (PCPD) has issued a directive for the Worldcoin Foundation to cease its operations within the region, citing violations of local privacy laws. The decision comes after the PCPD found that Worldcoin had improperly collected facial and iris data from approximately 8,302 individuals. The agency’s investigation included ten covert visits to six different Worldcoin locations between December 2023 and January 2024. According to the PCPD, the extent of data collection by Worldcoin was deemed "unnecessary and excessive" failing to adhere to the Data Protection Principles.Photo by Claudio Schwarz on UnsplashConcerns over data retentionThe privacy watchdog criticized Worldcoin for its intention to retain personal data for up to 10 years. This retention period was intended for training AI models for user verification processes but was judged by the PCPD to be excessively long, amounting to prolonged retention of personal data. Following the findings, the PCPD has issued an enforcement notice to Worldcoin, mandating the cessation of all its activities in Hong Kong. Privacy Commissioner Ada Chung has called on the public to report any ongoing operations by Worldcoin in the city. In response to growing international scrutiny, Worldcoin announced in March that it would halt the collection of personal data and is planning to introduce a new feature titled "Personal Custody," which would purportedly allow users to store their data on their devices. This change comes as Worldcoin faces additional challenges in other jurisdictions, including Spain and Portugal, which have also expressed concerns over the project's data collection practices. The project was also scrutinized in South Korea but it recently resumed services. As of now, Worldcoin has not provided comments regarding the recent regulatory actions. 

news
Web3 & Enterprise·

Mar 09, 2024

Nissan delves into metaverse on a heritage and safety theme

On March 7, Nissan Motor Co. introduced an innovative metaverse experience titled the "Heritage Cars & Safe Drive Studio," blending elements of automotive history with interactive safety education.Photo by Matthijs Waanders on UnsplashMarking 90 years in businessThe studio, launched to commemorate Nissan's 90th anniversary, features three iconic models from the company's past, recreated in virtual environments to reflect their respective eras. Among the showcased vehicles is the Silvia Q’s S13, renowned globally for its role in drifting culture. Users can explore this historic car from the 1980s while learning about the influence of pedestrian clothing colors on driver visibility. In another exhibit, users engage in a mini-game designed to educate on driver field-of-view and the impact of multitasking on safety. Alongside, the Skyline 2000GTX-E, famous for its presence in popular media like the Gran Turismo video game series and Fast and Furious movies, adds a touch of nostalgia and excitement, transporting users to the 1970s era. In a 1950s and 60s American diner and drive-in theater setting, the final exhibit offers a hands-on steering wheel spin exercise. These experiences aim to merge Nissan's heritage with vital safety knowledge, such as understanding the significance of pedestrian attire and the dangers of distracted driving. Developed in collaboration with Japanese university researchers, these immersive experiences are accessible through Meta Quest headsets, marking Nissan's continued exploration of virtual and augmented reality for customer engagement and education. Previous forays into the metaverseThis initiative aligns with Nissan's ongoing efforts to enhance its presence in the metaverse. It’s not the carmaker's first rodeo where the metaverse is concerned. It introduced its first virtual test drive and a virtual unveiling of its Sakura model in 2022. That same year, the company suggested it was interested in providing more in the way of virtual events, even going as far as to suggest the development of virtual customer support offices for clients. It followed that up in December 2023 with a revamp of four existing metaverse worlds, a project that also formed part of its 90th-anniversary celebrations. Nissan's latest foray into the metaverse coincides with advancements in augmented reality (AR) and virtual reality (VR) hardware. The recent launch of Apple's inaugural mixed-reality headset in February 2024 signals intensified competition among tech giants like Meta and Microsoft, who have been gradually expanding into consumer and enterprise AR/VR markets over the past decade. Broader auto industry interestNissan isn’t alone in the auto industry in taking initial steps into the metaverse. Rival Toyota has taken a different approach, pursuing an interest in creating remote workspaces for staff so that meetings can be held in the metaverse. Hyundai experimented with entering the metaverse as early as 2021. Through a partnership with Naver Z, the company offered virtual test drives of its Sonata model. Meanwhile Renault Korea has tipped its toes in the metaverse by offering consumers the ability to custom-build virtual cars on a metaverse platform. Through these metaverse updates, Nissan aims to stay at the forefront of automotive innovation, utilizing immersive experiences to engage customers and promote safety awareness in an increasingly digital world. 

news
Policy & Regulation·

Jul 13, 2023

South Korean Job Seekers to Benefit from Digital Badges for License Credentials

South Korean Job Seekers to Benefit from Digital Badges for License CredentialsSouth Korean job seekers will soon be able to enjoy the convenience of proving their license credentials with digital badges based on non-fungible tokens (NFTs).The South Korean Ministry of Employment and Labor has announced that its affiliate, the Human Resources Development Service of Korea (HRDK), plans to create a mobile application that supports virtual asset wallets. These wallets will allow citizens to conveniently store their HRDK-issued licenses in the form of digital badges.Photo by Gül Işık on PexelsNFT-based digital badgesThese digital badges, which are based on NFTs, will also serve as proof of certification for HRDK’s education and training courses. Decentralized identifiers (DIDs) based on blockchain technology will prevent forgery and counterfeiting and improve personal information protection. The incorporation of gaming elements within NFTs is expected to motivate citizens to engage in continuous learning.Chosen as this year’s state-led blockchain initiative last December, the digital badge project is supported by the Ministry of Science and ICT (MSIT) and the Korea Internet and Security Agency (KISA). HRDK aims to complete the transformation of its 18.5 million issued licenses into digital badges by the end of this year. The project also involves digitizing vocational training certificates issued by the Korea Employment Information Services (KEIS), which has an average annual issuance of 3.6 million certificates. Access to these badges will also be facilitated through not only state-managed mobile ID wallets but also private platform wallets.In the context of employment and career management, individuals have traditionally received paper certificates and had to deliver them to relevant organizations. This process often involved inconvenience, as it required in-person visits, mailing, or scanning. Moreover, individuals faced the hassle of repeatedly obtaining the same certificate due to expiration dates and storage concerns.Seamless certificate managementWith the introduction of the digital badge service, users will be able to download a mobile application on their smart devices. This app will enable them to access their national certificates, allowing them to view their qualification and training completion information at any time. Additionally, users will gain the convenience of instantly submitting or verifying their certificates remotely through their mobile devices whenever necessary.HRDK will further enhance its services through strategic partnerships with credentialing organizations from both the public and private sectors.Kim Young-joong, the Acting President of HRDK, emphasized the significance of national licenses and training certificates as objective measures of individuals’ performance and skills, underscoring their importance in the employment landscape. He further expressed HRDK’s commitment to ensuring customer satisfaction by leveraging cutting-edge technology and efficient data management practices to drive innovation in public services.

news
Loading