Founder of Chinese taxi-hailing app Kuaidi Dache, Weixing Chen, is planning to develop a blockchain-based ride-hailing app to gain an edge over existing operators, according to China Money Network.

"Ride hailing is the first time blockchain will be tested on a social application on mass scale," Chen said.

Kuaidi Dache announced its merger with ride sharing giant DiDi Dache back in 2015. It is now a part of DiDi Chuxing, which is currently valued at around $60 billion.

Chen is joining forces with Yang Jun, a co-founder of China-based on-demand local services firm Meituan, to launch the app. The objective is to create a platform that would offer a wide range of life-style services from ride hailing, to deliveries and more.

Both Chen and Jun are actively involved in the blockchain space. Chen is currently founder of Funcity and Yang is founder of Skyline Invest.

"I’ve been asking myself what’s the value of the blockchain. My definition is to see whether and where people can actually use it," Yang Jun said. "With the use of blockchain, we can build a set of economic systems different from the previous ones…We can direct traffic from the Internet and add on different services to meet users’ needs."