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The versatility of Blockchain can cause disruption to inefficient transportation systems
A new study published this week in the Institute of Engineering and Technology, reveals how a decentralized ledger could dramatically improve inefficient transportation systems and reduce waste. The report introduces a universal blockchain ticketing model to accomplish this task. Here’s how this structure could change public transport for the better.
STUB
A study recently published in IET Blockchain highlights how blockchain technology could be used to create a universal ticketing system across multiple transport sectors and regions. The new protocol, called STUB (System for Ticketing Ubiquity Within Blockchains), could ensure you never lose your ticket, improve transparency and help reduce travel delays.
The research team that created the concept was led by Dr Joe Preece of the Birmingham Center for Railway Research and Education. They have sought to use existing technologies and creative business structures to streamline many critical processes and improve efficiency across all modes of transportation.
Ontology for solving inefficient transportation systems
One of the main advantages of researchers’ developments is ontology integration. Ontology is a term that represents the understanding of concepts in a field and how they relate to other systems to create and manage complex information networks.
Ontology data is collected in real time and shared with the network via blockchain nodes. This contextual information significantly improves reporting capabilities. For example, you could see real-time information about routes, times, availability and prices.
Advantages of STUB
There are many advantages that make STUB an excellent solution. The network allows major transportation companies to remain interconnected and freely share data over a secure infrastructure. Smart contract integration can automate crucial services such as ticket sales, exchange, and validation.
Source – IET
It also opens the door to greater flexibility in transport economics. These systems may one day support multi-model ticketing. Imagine purchasing a ticket to a destination that covers a flight, an airport ride, and more. Blockchain systems could easily provide these services with full traceability and near real-time.
Automated revenue
Smart contracts can do more than just manage the front end of ticket sales. They can also ensure that all ticket proceeds arrive at their intended destination automatically and without a third party. The same system could provide options for assigning reimbursements.
Dynamic pricing
Another advantage of STUB is support for dynamic tariff pricing. This pricing style may vary based on events, times, congestion or other events or promotions. STUB is designed to implement dynamic fare determination across multiple transportation systems.
Integration
The STUB developers wanted to make sure that the new system could work directly with the legacy option. Therefore, they made integration a main priority of the project. STUB was designed to be flexible enough to work with both paper and digital transportation systems. This decision opens the door for large-scale adoption within existing ticketing infrastructure
Transparent
Another huge advantage STUB offers is transparency. Blockchain-based systems allow users to directly monitor the state of the network. These systems can also work the other way and allow developers to get feedback from ticket operators and passengers in real time. This timely data could be the key to creating more useful transportation options in the coming years.
Coherent
Another advantage is the stability and reliability provided by blockchain solutions. These networks can offer services to a large community securely and without third parties. STUB will eliminate many of the inefficiencies seen today and create a trusted center of shared knowledge to drive innovation.
Safe
Blockchain networks provide more security than centralized options. For one thing, there is no centralized attack vector. Blockchains protect data in redundancy between distributed nodes. This information is encrypted and is accessible only to authorized parties. In this way, blockchains can protect sensitive data and prevent tampering.
Notably, blockchains can also help show what an attacker did if they were successful. The Blockchain records will show all the movements and alterations of the hacker. This is much better than hacks of a centralized system where you are left guessing how far the damage extends and how long the information has been compromised.
Infrastructure provider
STUB could provide vital infrastructure for complex, autonomous public transport systems. The developers wanted to take a policy-agnostic approach. This method ensured that the features were flexible enough to adapt to future public transport modes such as electric vehicles alongside legacy options such as planes, buses and trains. Additionally, the team encourages developers to create illusions about the STUB protocol via its open source code.
Main problems in inefficient transport systems
There are many reasons why a city or company would want to integrate STUB. The current transportation systems in place are severely inefficient. They often rely on outdated paper infrastructures that lack the responsiveness and flexibility to adapt. Here are just some of the problems that STUB could help eliminate.
Lack of transferability
There is currently no transferability in public transport systems. Buy tickets and either gain time or miss the trip. Blockchain systems would create the opportunity to introduce markets where passengers and ticket-related issues could trade tickets and other forms of value securely. This facility would allow users to exchange tickets across multimodal transportation networks and internationally.
Inefficient transportation systems have an inability to adapt
Another serious disadvantage of traditional transportation systems is their inability to adapt to new laws and regulations. Old transportation systems may not be sustainable and take a long time to adapt during changes. STUB was created to integrate new technologies and policies as they emerge.
Adoption challenges
There are many adoption challenges that STUB must overcome if it wants to one day become the leading infrastructure provider for public transport systems globally. The main concern will be integration with existing ticketing infrastructure. STUB developers must work to educate transportation experts and regulators to ensure wide-scale adoption. If successful, the team could provide valuable services to those seeking to eliminate inefficient transportation systems.
Blockchain transportation solution on the rise
There have been many attempts to leverage the efficiency of blockchain to address transportation system problems. From ticketing to fully automated transportation, blockchain technology has already found a home in the transportation sector, here are some interesting examples that highlight this synergy.
Blockchain in the Trucking Alliance (BITA)
The Blockchain in Trucking Alliance succeeds in bringing together market leaders from all sectors of transport and logistics. The group’s goal is to simplify blockchain integration and help educate people about why this maneuver is the best option. Currency BITA is the largest and fastest growing blockchain-based transportation alliance with members ranging from huge conglomerates like UPS to Salesforce and many more.
IBM, UBS and ZF Friedrichshafen AG.
IT giant IBM has been a long-time supporter and supplier of blockchain. The company currently has numerous blockchain programs and offers logistics support to companies via the IBM chain. A recent strategic partnership between UBS and ZF Friedrichshafen AG brings the company back into the transportation market.
This time the partnership introduces an on-vehicle payment system. This system allows your car to automatically pay tolls, parking and even charging station bills. These services could be automated thus reducing costs, preventing errors and improving transparency.
Companies focused on eliminating inefficient transportation systems
Several companies have taken the lead in terms of integrating blockchain solutions into the transportation market. The unique features and options offered by blockchain networks make them the perfect solution for these businesses. Here are some other innovative ways blockchain technology is making it easier to get around.
RouteGenie
RouteGenie is a NEMT software provider specializing in blockchain-based medical solutions. The company offers a blockchain EMT model that reduces waste and provides full transparency to the encounter. Users can leverage this platform to track, schedule and share trips with healthcare providers in real time.
Route Genie helps reduce costs and time. Additionally, it combats fraud and time wasting by taking advantage of the immutable nature of blockchains. In the future, RouteGenie could be used by government-funded programs and private insurers to create a better medical emergency response protocol.
DRIFE
DRIFE is a Dubai-based decentralized ride-sharing service that leverages blockchain technology to improve upon competitive models. The company promotes better communication through an intuitive dapp. Users can call rides, view trip progress, pay, review and perform other trip-related tasks securely.
The DRIFE app provides users with direct contact with reliable transportation. Those looking to ride can join the DRIFE dapp and start earning rewards for their efforts within minutes. Additionally, the dapp supports market-driven pricing options, adjustable fees, and a new utility token called $DRF.
Say goodbye to inefficient transportation systems
The fusion of technologies such as blockchain, artificial intelligence and electric vehicles opens the door to a more fruitful and fulfilling transportation ecosystem. This latest news demonstrates how blockchain solutions can help alleviate long-term problems for the entire community and more. You can expect to see this type of ticketing system become commonplace as its benefits are too much to deny. For now, your cryptocurrency-based ride is waiting for you.
Discover more great blockchain projects Here.