Many people still think that cryptocurrencies and blockchain are the same thing. While it is true that cryptocurrencies use blockchain technology, blockchain can be used in many different applications. This is because a blockchain is nothing but a distributed ledger system that uses a network of interconnected computers to verify information. This is why it can be used in any scenario where data needs to be compiled and verified, and one of them is in public transport. Let’s take a look at some of the ways that blockchain can be used in public transportation.
better asset management
while the blockchain was Cryptocurrencies were used for the first timeIt is increasingly being used in physical asset management. Poor maintenance management is a common problem for public transportation systems around the world. In 2017 alone, the city of Rome saw 22 bus explosions due to poor maintenance, and all of these could have been avoided if they had used blockchain.
With a distributed ledger system, multiple parties have access to reliable information simultaneously and the blockchain has automated features that can be used to trigger alerts when maintenance is required. Records of usage and maintenance for a bus or an entire fleet can be stored, and maintenance staff are automatically alerted when a part is due for replacement or when certain vehicles need to be inspected. , for example.
Universal Ticketing and Payment
In some cities people have to pay fees on every part of the journey, which can complicate things for the travellers. Things get worse when they have to use other services like metro, transit between cities, taxis or bike-sharing services. In some cases, people have to do more than three transactions before reaching their destination.
A blockchain system with a single clearing and settlement currency Too little can ruin the process. It may allow users to pay for all their travel segments through a single portal. Things like ride-sharing services can also be added to the blockchain to make things even easier. This way, travelers can plan and pay for their entire journey much faster, and also find the cheapest and cheapest way to get from A to Z from a single platform.
reducing paper trails
Transit operators are still heavily dependent on paper, which is not only environmentally harmful but also inefficient. Legal contracts, fulfillment of purchase orders, receipts, and many more Aspects of Public Transport Operation are still recorded on paper.
Blockchain can help reduce the need for paper as a backing and smart contracts can be used to trigger certain events after specific parameters are met. It can be used to remove the human element from the conversation and prevent missed deadlines; It can also benefit the transit sector by reducing the time administrators spend sending and receiving payments or executing contracts.
As you can see, blockchain can be used beyond cryptocurrencies and could revolutionize how public transport is managed around the world. This can lead to a more efficient mass transport system, greater convenience for passengers and fewer errors.