Source: Ambcrypto, originally published on .
On 11th July, IBM Blockchain tweeted about how blockchain can assist and add value to the mobility sector. Having decentralized and P2P transactions and unique digital IDs for vehicles and customers, via blockchain can be a huge advancement in the transportation industry.
While the traditional purpose of the mobility sector remains pick-and-drop, it is important that it moves towards solving deeper issues such as inefficiency, congestion, and increasing pollution.
Blockchain technology will work the same way in the mobility sector as it does in others. Data blocks or ledgers will be solved, and encrypted transactions will be processed via hashing algorithms, leading to the prevention of any kind of data manipulation, including deletion.
A hashing algorithm is a function whose role is to fetch the output for a specific input string that is often long and complicated. It is considered ‘nearly impossible’ to track the original input number without having the original hash value data.
These functionalities promote immutability and decentralization of mobility transaction records on the blockchain network. The whole mechanism is based on consensus for syncing information.
The failure points also reduce to a considerable amount since the data is distributed across multiple ledgers and participants. Parties can also grant access permission to those they trust, whether it is users or other components.
This ditches the traditional method of transferring money for a ride. This will also easily introduce trust, authenticity, and ease of service into the transportation ecosystem.
Few concrete use-cases for blockchain in the mobility sector are:
- Promote usage-based tax imposition
- Track a complete journey via supply chain
- Maintaining an immutable record of vehicle IDs and history
- Advance machine transactions
Mobility Open Blockchain Initiative [MOBI] is a non-profit organization that envisions the transportation industry as a greener, more accessible, and smoother space of service. IBM Blockchain is a member of MOBI. It provides all technical support and resources required to the consortium and the companies in improving their performance to scale solutions for the industry.
The starting point among these use-cases is the assignment of digital identities. Once the IDs are established, only then can the teams experiment with new infrastructures in the industry, since the components of the ecosystem will require a way of distinction on the network.
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