Specialists on the College of Birmingham (UOB) in the UK have developed a transport ticketing answer utilizing blockchain and ontology.
Proving but once more that blockchain know-how has utility past funds, the UOB workforce developed the System for Ticketing Ubiquity inside Blockchains (STUB) answer.
STUB makes use of each blockchain and ontology, a approach of modeling and managing complicated data techniques to create sturdy, clear, and interconnected information buildings.
Whereas the blockchain is used for promoting and validating tokenized tickets, ontology permits suppliers to seize and share details about the transport community. This, in flip, will allow them to supply information about routes, schedules, and availability.
Noting that conventional ticketing techniques don’t enable switch throughout multi-modal transport networks, Dr. Joe Preece stated, “The system now we have devised permits ticket suppliers to function in a extra clear, versatile surroundings, that may finally supply passengers a extra user-friendly expertise.”
The following step is to ascertain a pilot scheme in a regional transport community to gather suggestions from passengers and ticket operators and to check the system itself.
Blockchain has many use circumstances past funds
Blockchain is greatest referred to as the decentralized database on which funds might be made with digital currencies. Nevertheless, as CoinGeek has been reporting for years now, it has utility past funds.
Blockchains are, in essence, distributed databases. Subsequently, they can be utilized for monitoring and tracing virtually something, and information might be secured extra securely. For instance, IBM (NASDAQ: IBM) and Gate2Chain are utilizing the BSV blockchain for the Hint App in an try to overhaul international provide chains. Likewise, IBM additionally helped develop the next-generation cybersecurity device Sentinel Node on the identical chain.
Combining the blockchain’s capacity to trace and hint exercise by way of time-stamped immutable data with different parts, resembling tokenization, opens up a world of potentialities. All of a sudden, it turns into potential to streamline and automate many alternative processes securely.
The environment friendly switch of tokenized belongings is one use case, however monitoring the possession and authenticity of luxurious items, minting and distributing tickets and loyalty tokens, and having the ability to securely retailer information to show compliance are a few of the different thrilling use circumstances for blockchain.
As regulators perceive the know-how and develop rules to stamp out dangerous actors whereas encouraging innovation, extra initiatives just like the College of Birmingham STUB ticketing system are prone to emerge.
It’s excessive time we seemed past the floor degree and realized how blockchains will help us retailer and handle information, construct extra sturdy and safe laptop networks, and allow peer-to-peer communications and funds. Fortunately, the pace at which policymakers, entrepreneurs, and others notice this implies utility blockchain purposes will probably be coming thick and quick going ahead.
May you construct the following killer blockchain app?
Because the College of Birmingham venture reveals, blockchain might be mixed with different applied sciences, on this case ontology, to create attention-grabbing and helpful purposes. It will also be mixed with AI, IPv6, the Web of Issues (IoT), AR/VR, good contracts, and a bunch of different applied sciences to revolutionize industries and construct the following technology of companies on the Metanet.
In case you have an thought for a killer blockchain software, enterprise builders like Block Dojo or Ayre Ventures might assist you make it a actuality by offering experience, instruments, and funding to construct on the BSV blockchain. Why not try to make your blockchain app thought a actuality?
Watch: Showcasing energy of blockchain tech with nChain Web3 occasion app
