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UChain, the Blockchain for Smart Sharing Economy, Partners with APEX Network

Today it has just been announced that UChain will be engaging a strategic partnership with APEX Network, a next-generation blockchain for B2C applications, the blockchain project of APEX Technologies (formerly Chinapex), a leading data technology and AI company based out of Shanghai. APEX Network focuses on solving pain points in the B2C vertical surrounding marketing, consumer data, CRM, and customer experience using blockchain technology. The partnership sets a unique example of a not commonly-seen cross-chain strategic synergy, and provides UChain exciting opportunities in areas of augmenting scope of value of the UChain blockchain platform.

UChain is the first public blockchain designed for enterprises to build decentralized applications with a focus on the sharing economy.

The team has an ambitious goal of disrupting the current sharing economy landscape, which is dominated and is close to being monopolized by giants like Uber and Airbnb, and aims to solve problems revolving around trust, unfair pricing and fee models, and data leakage and abuse using blockchain technology. In terms of technology, UChain has taken the unique approach of using a customized consensus mechanism based off of Ripple, with elliptic curve cryptography, and a full set of SDKs and APIs for custom application development.

The ecosystem of UChain is large and can be scaled to the blockchain with relative ease, according to the team. The corporation behind UChain, U-bicycle, is one of the largest worldwide bike and ride sharing platforms, with over 500,000 bicycles in 5 countries, including China, Canada, United States, and Southeast Asia. It is also partnered with Grab, the largest ridesharing platform in Southeast Asia to create Grab Cycle, and also sub-businesses managed by U-bicycle including U-Park, U-Car, and Localking (Taiwan). The company boasts 30 million active users, 180 million annual rides, and close to 400 employees on staff.

Lately, the project has been looking for strong strategic partners in the blockchain technology space in terms of long-term and mutually beneficial technology and ecosystem synergies, and APEX Network was a match.

The partnership has a significant level of depth and covers various aspects such as technical, ecosystem-level, and application-level synergies. UChain will able to leverage APEX’s proprietary consumer data protection module ATDM (APEX Transactional Data Management) to help encrypt and protect consumer data with secure distributed off-chain storage and on-chain indexing. One key aspect of the partnership is creating interoperability of tokens and assets across the two chains, through one or more of the blockchains’ DEX protocols. In other words, enterprise-level token assets on UChain may have incremental value and liquidity by exchanging with enterprise-assets on APEX Network and also vice versa. This also can seamlessly create additional business cooperation between enterprises across these two chains, where otherwise a board meeting and sit-down, followed by a lengthy technical integration would be required in order for assets of two enterprises to be swapped (ie. credits, reward points, etc). This aspect of the partnership may also include the holding and interchangeability of the other blockchain’s token in each projects’ respective wallets (ie. UChain tokens in APEX’s CPX Wallet).

Additionally, the mutual ecosystem growth as result of the partnership will serve as a catalyst of adoption for both projects. UChain will be able to leverage the part of APEX Technologies’ B2C ecosystem that intersects with sharing economy (namely the internet platform enterprise users), and APEX Network will be able to have ways of interacting and tapping into UChain’s large business and consumer user ecosystem. “We feel like that this partnership is a no-brainer and win-win for both platforms and companies. Regardless of the technology, assets, or ecosystem-side, it makes sense from a long-term growth and adoption perspective. APEX’s founder Jimmy, a core advisor in our project and respected technologist in both the blockchain and AI space, has also been crucial in helping us think outside of the box in ecosystem strategy,” said UChain and UBike CEO Ian Yu.