Blockchain could bridge the gap to integrated transport
Transport Systems Catapult has published its report into the potential influence of blockchain on the transport industry. Gospel Technology was one of the key contributors to the report developing the area of mobility as a service.
The report, written in conjunction with The University of Sheffield, concludes that blockchain could provide the underpinnings for a future integrated transport system, without the need for large and costly centralised control mechanisms. The TSC is calling for government and industry to explore the technology’s potential uses in transport, to ensure the UK stays ahead of latest developments.
In its work with Gospel and Travel AI, the report highlights that the decentralised nature of Blockchain could provide an alternative future for Mobility as a Service Business models, where transport is supplied on demand to subscription customers. Blockchain could help avoid the situation where centralised platforms come to control service provision and data, leading to minimal competition. Instead it could facilitate a decentralised network of transport operators by providing built in trust, consensus and immutability in data and information sharing. Passengers could also have far greater control over their personal data.
Discussing the report, TSC Chief Technology Officer Mark Westwood said: “Blockchain is still a new technology, but it has the potential to disrupt parts of the transport industry in a similar way as it has in finance. Other countries and business are exploring its potential right now. The technology’s disruptive potential is such that the UK transport industry needs to start paying attention, so we are not caught out later.”
Professor Lenny Koh, Director of Advanced Resource Efficiency Centre (AREC), at the University of Sheffield’s Management School, further commented:”Our transport systems and their wider networks and supply chains are increasingly digitalised. The traditional ways of managing transactions and resources in-order to provide frictionless processes, mobility, products and services to users are no longer efficient.”
You can download the full report here.
About Transport Systems Catapult
The Transport Systems Catapult is one of a network of elite technology and innovation centres established by Innovate UK as a long-term investment in the UK’s economic capability. Applying business-led research, Catapults help businesses transform great ideas into valuable products and services to compete in the global markets of tomorrow.
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