Specialists on the College of Birmingham (UOB) in the UK have developed a transport ticketing resolution utilizing blockchain and ontology.
Proving but once more that blockchain know-how has utility past funds, the UOB staff developed the System for Ticketing Ubiquity within Blockchains (STUB) resolution.
STUB makes use of each blockchain and ontology, a method of modeling and managing advanced data techniques to create strong, clear, and interconnected knowledge constructions.
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 knowledge about routes, schedules, and availability.
Noting that conventional ticketing techniques don’t enable switch throughout multi-modal transport networks, Dr. Joe Preece mentioned, “The system we now have devised permits ticket suppliers to function in a extra clear, versatile setting, that may finally provide passengers a extra user-friendly expertise.”
The subsequent step is to determine 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 instances past funds
Blockchain is finest often known as the decentralized database on which funds could 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 knowledge could be secured extra securely. For instance, IBM (NASDAQ: IBM) and Gate2Chain are utilizing the BSV blockchain for the Trace App in an try to overhaul world provide chains. Likewise, IBM additionally helped develop the next-generation cybersecurity software Sentinel Node on the identical chain.
Combining the blockchain’s capacity to trace and hint exercise through time-stamped immutable data with different parts, akin to tokenization, opens up a world of potentialities. Abruptly, it turns into attainable to streamline and automate many alternative processes securely.
The environment friendly switch of tokenized property is one use case, however tracking the ownership and authenticity of luxurious items, minting and distributing tickets and loyalty tokens, and having the ability to securely retailer knowledge to show compliance are a few of the different exciting use cases for blockchain.
As regulators perceive the know-how and develop laws to stamp out dangerous actors whereas encouraging innovation, extra initiatives just like the College of Birmingham STUB ticketing system are more likely to emerge.
It’s excessive time we appeared past the floor stage and realized how blockchains will help us retailer and handle knowledge, construct extra strong and safe laptop networks, and allow peer-to-peer communications and funds. Fortunately, the velocity at which policymakers, entrepreneurs, and others understand this implies utility blockchain purposes might be coming thick and quick going ahead.
Might you construct the subsequent killer blockchain app?
Because the College of Birmingham venture reveals, blockchain could be mixed with different applied sciences, on this case ontology, to create fascinating and helpful purposes. It will also be mixed with AI, IPv6, the Web of Issues (IoT), AR/VR, sensible contracts, and a bunch of different applied sciences to revolutionize industries and construct the subsequent era of companies on the Metanet.
When you’ve got an concept for a killer blockchain utility, enterprise builders like Block Dojo or Ayre Ventures may 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 concept a actuality?
Watch: Showcasing energy of blockchain tech with nChain Web3 occasion app
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New to blockchain? Take a look at CoinGeek’s Blockchain for Beginners part, the final word useful resource information to study extra about blockchain know-how.
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