Banks and telcos in battle.

Banks and telcos
do battle

Quest for mobile banking
domination continues.

Friday, May 25th

Trust IaaS launches for African share economy platforms

Trust IaaS launches for African share economy platforms

AI and blockchain company UTU Technologies has launched Trust Infrastructure as a Service (IaaS) which leverages trust (based on users' relationships) rather than ratings for sharing economy platforms in Africa.

Currently, sharing economy platforms such as ride hailing apps use star ratings to establish trust between transacting parties.

Trust IaaS uses data points to establish trust between merchants and users.

"The current state of digital trust is really sad, our whole system is based on star ratings and anonymous reviews that have little to do with how people actually trust - based on their close relationships and people they know personally. At UTU, our mission has always been to bring this human model of trust to the digital economy," said Jason Eisen, CEO of UTU Technologies.

UTU Technologies' AI engine is being used in Kenyan ride hailing service Maramoja Transport, which relies on customer contacts to establish a database of 'trustworthy' drivers.

"In the Nairobi taxi market where UTU has served up trust recommendations for three years through mobility application Maramoja transport, we've learned that personally trusted endorsements overwhelmingly dictate consumer decisions comparing to star ratings, wait times, and other factors. UTU's trust recommendations have also improved their sales conversion and customer satisfaction by 20% and driven strong viral acquisition," said Eisen.

"We've learned huge things about the nature of trust and how it impacts people's decision-making when hiring service providers."

UTU Technologies also raised an undisclosed amount in funding from Hong Kong-based AI accelerator Zeroth and aims to have its AI engine work for on-demand sharing platforms in Africa.

Zeroth is looking to push UTU Technologies to launch the service globally, following the Africa launch.

ALSO ON ITWEB AFRICA

African start-up uses blockchain to disrupt music's value chain Published on 10 May 2018

Why shokoCAST founder believes platform has the mettle to secure early traction in an ultra-competitive market.

IOT communication protocols: Which horse should you back? Published on 14 May 2018

Darren Oxlee, Chief Technical Officer of Utility Systems, a MICROmega Group company, offers an overview of the different IOT technologies, their strengths, and their future.

Denial only diminishes Africa's cyber security Published on 14 May 2018

Perspective on the ability of African businesses to protect themselves from prevalent, increasingly sophisticated cyber threats.

DSC PowerSeries Neo intrusion panel from Johnson Controls first in France to receive new cybersecurity certification Published on 16 May 2018

Johnson Controls has announced that the PowerSeries Neo intrusion panel is the first intrusion alarm panel to be awarded the NF & A2P certification.