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

Top 5 Investors in Bitcoin

Top Bitcoin Investors: Individuals vs. Businesses - Who Holds the Most? The landscape of bitcoin ownership has shifted dramatically in recent years, with businesses now...

CEO states Grayscale will prioritize spot Ethereum products in upcoming efforts – DL News

Grayscale Investments Withdraws Ethereum Futures ETF Application, Focuses on Spot Products Grayscale Investments Withdraws Application for Ethereum Futures ETF, Focuses on Spot Products In a strategic...

Binance will be listing its new dollar-backed stablecoin BUSD next week

Binance to Launch Dollar-Backed Stablecoin BUSD for Trading on Exchange Binance to Launch New Dollar-Backed Stablecoin BUSD Next Week In an exciting development for the cryptocurrency...

Bitcoin (BTC) Price Indicator Suggests Crypto Market is Set for a Period of Stability

Bitcoin and Ether VRP Indicators Point to Low Volatility Ahead The volatility risk premium (VRP) indicator is pointing towards a period of low volatility in...

Most Popular