Cardano Launches First Automotive Project in Davos as Cryptos Pare Gains

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Cardano blockchain announced Wednesday during the World Economic Forum in Davos that it is working on an automotive project in collaboration with eTukTuk and the government of Sri Lanka. Among the areas of collaboration is a development of an expansive charging infrastructure for affordable electric vehicles.

Cardano is planning to use a peer-to-peer economic model to address the challenges facing electric transportation in developing countries – creating a multi-dimensional revenue model, including eTukTuks owned through the Cardano blockchain.

According to the announcement, the end game is to have the more than 1.2 million internal combustion engine tuk-tuks in Sri Lanka turned electric. Cardano also takes it as an opportunity to combat global carbon emissions through the partnership.

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