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Global Prospects of Blockchain in Smart Mobility
Urban Mobility and intermodal logistics are shaping up the landscape of Blockchain in Smart Mobility. It is expected to be a sheer game-changer as a technology business is having a significant impact on the daily life of millennials and digital businesses. It is giving rise to propositions like convenient carpooling, and car-sharing with a single-spine Digital Solution.
The disruption is going to transform trends of shorter commutes soon. On the other hand, intermodal logistics are on the rise. The businesses are looking to cut costs and overall shipping time. But Urban Mobility will be the next digital disruption led by Blockchains in Smart Mobility.
How can Urban Mobility become ‘Future-Smart’?
Urban Mobility has a dire need of a significant transformation that helps it become future-ready. It should comfortably match the desired levels of minimal carbon footprint, less fuel consumption, and reduced cost. Urban Mobility can only turn smart if there are sustainable ways with milder effects on climate change.
How is Blockchain in Smart Mobility Useful?
There is a massive digital disruption that is going to change how you drive a car and take shorter/frequent commutes to nearby places. Blockchain in Smart Mobility is capable of hosting a peer-to-peer platform where you can drive the nearest available vehicle while others may drive yours. It is going to solve the massive problem of traffic jams, increased fuel costs, and the overall cost of a short commute.
Imagine you and your colleague are neighbours and have cars listed on the platform. He is out of town, and your kids need a car. Instead of your car travelling back home from the office, you can book his car sitting idle at his place. While the technology underneath remains unknown, famous entrepreneur Elon Musk has also talked about building a similar concept, and he names it the ‘Uber-killer.\’
How are Blockchains Helpful for Urban Mobility?
Enrolment & Approval of Vehicles
Blockchain in Smart Mobility will enable various stakeholders like insurance companies, tax departments, and road transport authorities to intervene concurrently. If a person wishes to list the vehicle on a platform, they can upload their documents. Those documents can be maintained on a decentralized database while each party can verify the request and authenticate a vehicle for availability. It offers an anonymous trust-building and consensus management system. After majority acknowledgement, the vehicle documents undergo approval, and they can be saved as a Smart Contract.
Credential Management of Drivers
Just like vehicle approval. A similar system can document approval, and a listing mechanism can be followed for driver identity management, driving license authenticity, and other related critical documents. If somebody wants to take a car nearby parked, they can upload their license and wait for verification. If the documents are valid, they can be easily saved as critical information in immutable data records such as Smart Contracts.
The Decentralized database allows secure and immutable data management. Imagine there is an instance when a particular driver takes a car that is not owned by him. The same database is maintained for every car owner whose car has been availed by others at some point in time. The information can be saved as transactions which are verified and acknowledged every single time.
Where does Blockchain Lack in Urban Mobility?
The most significant concern for people will be the privacy of their short commute data and overall GDPR compliance of the Smart Mobility Solution. The side chains components like payments, and real-time location data services remain a question for reliability, performance, and user-friendliness.
Blockchain in Smart Mobility is sure to be the next disruption by 2020. It is high time for responding to climate change, and increasingly tight schedules. They create a massive business opportunity within the Urban Mobility space. Hire an Innovative Blockchain Development Company and make the most out of the business proposition before competition saturates the opportunity.