Blockchain in Smart Mobility

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, car-sharing with a single spine Digital Solution. 

The disruption is going to transform trends of shorter commute 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 reduce 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?

Blockchain-Based Solution

There is a massive digital disruption that is going to change how you drive a car and take shorter/frequent commute 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 a massive problem of traffic jams, increased fuel cost, and the overall cost of a short commute.

Imagine you and your colleague are neighbors and have cars listed on the platform. He is out of town, and your kids need a car. Instead of your car traveling 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 an insurance company, tax department, and road transport authority 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 anonymous trust-building and consensus management system. After majority acknowledgment, the vehicle documents undergo approval, and they can be saved as a Smart Contract. 

Credential Management of Drivers

Just like vehicle approval. The similar system ca document approval, and 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 as Smart Contracts. 

Security 

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 chain components like payments, real-time location data services remain a question for reliability, performance, and user-friendliness.

Conclusion

Blockchain in Smart Mobility is sure to be the next disruption by 2020. It is high time for responding to climate change, 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.