HomeBlockchainBlockchain technology could potentially provide a solution for improving the UK's transport...

Blockchain technology could potentially provide a solution for improving the UK’s transport ticketing systems

-


Heading: Innovative Approach to Transport Ticketing Using Blockchain and Ontology Technology

The University of Birmingham has introduced a groundbreaking new approach to transport ticketing that promises to revolutionize the way passengers and providers interact across all modes of transport. Traditional ticketing systems have long been plagued by issues such as lack of transferability and adaptability to new technologies and policies.

In a recent publication in the journal IET Blockchain, researchers unveiled STUB (System for Ticketing Ubiquity within Blockchains), a system that combines the power of blockchain and ontology to create a transparent and interconnected data framework for ticket providers. By tokenizing tickets on the blockchain and utilizing ontology to share contextual information about transport networks, providers can offer a seamless and user-friendly ticketing experience.

Lead author Dr. Joe Preece emphasized the importance of smarter transport ticketing systems in an increasingly interconnected world. STUB’s approach aims to empower existing ticket providers and technologies to share core ticketing data and build new solutions on top of it, rather than creating a central data platform with fixed transport policies.

The next step for the team is to implement a pilot scheme for the technology in a regional transport network to demonstrate its efficacy and gather feedback from operators and passengers. Dr. Preece acknowledged the challenges of integrating the new technology with existing infrastructure but remains optimistic about the potential benefits it can bring to the transport sector.

For more information on this groundbreaking research, you can refer to the published paper in IET Blockchain by Joseph D. Preece et al. (2024).

LATEST POSTS

Understanding What It Is and How It Functions

Understanding the Lightning Network: A Second Layer Solution for Bitcoin The Lightning Network: Revolutionizing Bitcoin Transactions In the world of cryptocurrency, the Lightning Network has emerged...

Revolut introduces new crypto trading platform exclusively for UK retail customers

Revolut Launches Revolut X: A Standalone Crypto Trading Platform for UK Retail Customers Revolut, a global fintech company, has launched a new standalone crypto trading...

ETH has increased by 25.31% since the beginning of the year

Frequently asked questions (FAQs) The price of ethereum, one of the most popular cryptocurrencies, is currently trading at $2,990.72 as of 8 a.m. ET. This...

FRA to Handle Binance’s 3-Year Monitorship – All You Need to Know

DOJ Grants Three-Year Monitorship of Binance to Forensic Risk Alliance The United States Department of Justice (DOJ) has appointed consulting firm Forensic Risk Alliance (FRA)...

Most Popular