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 expertise has utility past funds, the UOB staff developed the System for Ticketing Ubiquity inside Blockchains (STUB) resolution.
STUB makes use of each blockchain and ontology, a approach of modeling and managing complicated data methods to create sturdy, 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 methods don’t permit switch throughout multi-modal transport networks, Dr. Joe Preece stated, “The system we now have devised permits ticket suppliers to function in a extra clear, versatile atmosphere, that can finally supply passengers a extra user-friendly expertise.”
The following 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 circumstances past funds
Blockchain is finest referred to 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 Hint App in an try and 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 through time-stamped immutable data with different parts, corresponding to tokenization, opens up a world of potentialities. Out of the blue, it turns into doable to streamline and automate many various 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 knowledge to show compliance are a number of the different thrilling use circumstances for blockchain.
As regulators perceive the expertise 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 regarded past the floor stage and realized how blockchains can assist us retailer and handle knowledge, construct extra sturdy and safe pc networks, and allow peer-to-peer communications and funds. Fortunately, the velocity at which policymakers, entrepreneurs, and others understand this implies utility blockchain purposes shall be coming thick and quick going ahead.
Might you construct the following killer blockchain app?
Because the College of Birmingham mission exhibits, blockchain could be mixed with different applied sciences, on this case ontology, to create attention-grabbing and helpful purposes. It may 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 era of companies on the Metanet.
When you have an thought for a killer blockchain software, enterprise builders like Block Dojo or Ayre Ventures may allow you to 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