A new study published this week in the Institute of Engineering and Technology, reveals how a decentralized ledger could drastically improve inefficient transport systems and reduce waste. The report introduces a universal blockchain ticketing model to accomplish this task. Here”s how this structure could change public transportation 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 transportation 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 to cut down on late routes.
The research team that created the concept was led by Dr Joe Preece from the Birmingham Centre for Railway Research and Education. They sought to use existing technologies and creative business structures to streamline many critical processes and improve efficiency across all modes of transportation.
Ontology to Solve Inefficient Transport Systems
One of the main benefits of the researchers’ developments is the integration of ontology. Ontology is a term that represents understanding concepts in a sector and how they correlate with other systems to create and manage complex information networks.
Ontological data gets gathered in real-time and shared with the network via blockchain nodes. This contextual information enhances reporting capabilities considerably. For example, you could see real-time information regarding routes, schedules, availability, and pricing.
Benefits of STUB
There are a lot of benefits that make STUB a great solution. The network enables major transportation firms to remain interconnected and share data freely over a secure infrastructure. Integrating smart contracts can automate crucial services such as selling, trading, and validating tickets.
Source – IET
It also opens the door for more flexibility in the transportation economy. These systems could one day support multimodel ticketing. Imagine purchasing a ticket to a destination that covers a flight, a ride from the airport, and more. Blockchain systems could easily provide these services with full trackability and in near real-time.
Automated Revenue
Smart contracts can do a lot more than handle the front end of ticket sales. They can also ensure that all ticket proceeds go to their intended destination automatically and without a third party. The same system could have refund allocation options.
Dynamic Fare Pricing
Another benefit of STUB is support for dynamic fare pricing. This style of pricing can fluctuate based on events, times, congestion, or other events or promotions. STUB is designed to implement dynamic fare pricing across multiple transportation systems.
Integration
STUB developers wanted to ensure that the new system could work directly with the legacy option. As such, they made integration a main priority for the project. STUB was designed to be flexible enough to work with paper-based and digital transportation systems alike. This decision opens the door for large-scale adoption within the existing ticketing infrastructure
Transparent
Another huge benefit that STUB brings to the table is transparency. Blockchain-based systems enable users to monitor the network health directly. These systems can also work the other way and enable developers to get feedback from ticket operators and passengers in real-time. This timely data could be the key to creating more helpful transportation options in the coming years.
Consistent
Another benefit is the stability and reliability blockchain solutions provide. These networks can offer services to a huge community securely and without third parties. STUB will eliminate many of the inefficiencies found today and create a reliable shared knowledge center to drive innovation.
Secure
Blockchain networks provide more security than centralized options. For one, there is no centralized attack vector. Blockchains secure data in redundancy across distributed nodes. This information is encrypted and can only be accessed by approved parties. In this way, blockchains can secure sensitive data and prevent tampering.
Notably, blockchains can also help show what an attacker did if they were successful. Blockchain records will show all of the hacker’s movements and alterations. This situation is much better than compared to a centralized system hacks where you are left guessing to what extent the damage goes and how long the info was compromised.
Infrastructure Provider
STUB could provide vital infrastructure for complex and autonomous public transportation systems. The developers wanted to take a policy-agnostic approach. This method ensured that the features were flexible enough to accommodate future modes of public transportation like EVs alongside legacy options like planes, buses, and trains. Additionally, the team encourages developers to create illusions on top of the STUB protocol via its open-source code.
Major Problems in Inefficient Transport Systems
There are lots of reasons why a city or company would want to integrate STUB. The current transportation systems in place are grossly inefficient. They often rely on outdated paper-based infrastructures that lack responsiveness and flexibility to adapt. Here are just some of the issues that STUB could help eliminate.
Lack of Transferability
Currently, there is no transferability in public transportation systems. You purchase your tickets and either make the time or lose the ride. Blockchain systems would create the opportunity to introduce markets where passengers and ticket issues could exchange tickets and other forms of value securely. This structure would allow users to trade tickets across multi-modal transport networks and internationally.
Inefficient Transport Systems have an Inability to Adapt
Another major drawback of legacy transportation systems is their inability to adapt to new laws and regulations. Old transportation systems can lack sustainability and require lots of time to make compliant during changes. STUB was created to integrate new technology and policies as they emerge.
Challenges to Adoption
There are many challenges to adoption that STUB must overcome if it is to one day become the main infrastructure provider for public transportation systems globally. The main concern will be integration with existing ticketing infrastructures. STUB developers need to work to educate transportation experts and regulators to secure wide-scale adoption. If successful, the team could provide valuable services to those seeking to eliminate inefficient transport systems.
Blockchain Transportation Solution on the Rise
There have been many attempts to leverage blockchain’s efficiency to tackle transportation system woes. From ticketing to fully automated transportation, blockchain technology has already found a home in the transport business, here are a few exciting examples highlighting this synergy.
Blockchain in Trucking Alliance (BITA)
The Blockchain in Trucking Alliance manages to bring together market leaders from across the transportation and logistics settings. The goal of the group is to streamline blockchain integration and help educate people on why this maneuver is the best option. Currency BITA is the largest and fastest growing blockchain-based transport alliance with members ranging from huge conglomerates like UPS to Salesforce and many others.
IBM, UBS , and ZF Friedrichshafen AG.
The computer giant IBM has long been a blockchain supporter and provider. The firm currently has multiple blockchain programs in place and offers logistical support for companies via the IBM chain. A recent strategic partnership between UBS and ZF Friedrichshafen AG brings the company into the transportation market yet again.
This time the partnership introduces an in-vehicle payment system. This system allows your car to automatically pay tolls, parking fees, and even charging station bills. These services could be automated which would reduce costs, prevent errors, and enhance transparency.
Companies Focused on Eliminating Inefficient Transport Systems
Several firms have taken up the torch in terms of integrating blockchain solutions into the transportation market. The unique features and options that blockchain networks offer make them the perfect solution for these tasks. Here are some other innovative ways blockchain tech is making it easier to get around.
RouteGenie
RouteGenie is a NEMT software provider that specializes in blockchain-based medical solutions. The company offers a blockchain EMT model that reduces waste and provides full transparency to the meet. Users can leverage this platform to track, schedule, and share trips with healthcare professionals in real-time.
Route Genie helps to reduce costs and time. Additionally, it tackles fraud and wasted time by leveraging 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 on competitors’ models. The firm boosts better communication via an intuitive dapp. Users can call rides, visualize the trip progress, pay, review, and conduct other travel-related tasks securely.
The DRIFE app provides users with direct contact with reliable transportation. Those seeking to drive can join the DRIFE dapp and start earning rewards for their efforts in minutes Additionally, the dapp supports market-dictated pricing options, adjustable commissions, and a new utility token called $DRF.
Say Goodbye to Inefficient Transport Systems
As technologies such as blockchain, AI, and EVs merge, they open the door for a more fruitful and fulfilling transportation ecosystem. This latest news demonstrates how blockchain solutions can help to alleviate long-term problems for the entire community and more. You can expect to see this style of ticketing system become commonplace as its benefits are too much to deny. For now, your crypto-powered ride is waiting.
Learn about other cool blockchain projects here.
