Experts from the University of Birmingham (UOB) in the United Kingdom have developed a transport ticketing solution using blockchain and ontology.
Proving once again that blockchain technology has more use than just payments, the UOB team developed the System for Ticketing Ubiquity within Blockchains (STUB) solution.
STUB uses both blockchain and ontology, a way to model and manage complex information systems to create robust, transparent and interconnected data structures.
While the blockchain is used to sell and validate tokenized tickets, the ontology allows providers to record and share information about the transportation network. This allows them to offer data about routes, timetables and availability.
Dr. Noting that traditional ticketing systems do not allow for transfers between multimodal transportation networks, Joe Preece said: “The system we have devised allows ticket providers to operate in a more transparent, flexible environment, which will ultimately provide passengers with a more user-friendly environment. -friendly experience.”
The next step is to set up a pilot project in a regional transport network to collect feedback from passengers and ticket providers and to test the system itself.
Blockchain has many applications that go beyond just payments
Blockchain is best known as the decentralized database on which digital currency payments can be made. However, as CoinGeek has been reporting for years, it has utility beyond just payments.
Blockchains are essentially distributed databases. Therefore, they can be used for tracking and tracing of almost anything, keeping data more secure. For example, IBM (NASDAQ: IBM) and Gate2Chain are using the BSV blockchain for the Trace app in an effort to overhaul global supply chains. Similarly, IBM has also helped develop the next-generation cybersecurity tool Sentinel Node on the same chain.
Combining the blockchain’s ability to track and trace activity through time-stamped immutable records and other elements, such as tokenization, opens up a world of possibilities. Suddenly it becomes possible to safely streamline and automate many different processes.
The efficient transfer of tokenized assets is one use case, but tracking the ownership and authenticity of luxury goods, minting and distributing tickets and loyalty tokens, and being able to securely store data to prove compliance are some of the other exciting use cases for blockchain.
As regulators understand the technology and develop regulations to root out bad actors while encouraging innovation, more initiatives like the University of Birmingham’s STUB ticketing system are likely to emerge.
It’s high time we look beyond the surface level and realize how blockchains can help us store and manage data, build more robust and secure computer networks, and enable peer-to-peer communications and payments. Fortunately, the speed at which policymakers, entrepreneurs, and others are realizing this means that blockchain applications for utilities will emerge quickly in the future.
Can you build the next great blockchain app?
As the University of Birmingham project shows, blockchain can be combined with other technologies, in this case ontology, to create interesting and useful applications. It can also be combined with AI, IPv6, the Internet of Things (IoT), AR/VR, smart contracts and a host of other technologies to revolutionize industries and build the next generation of businesses on Metanet.
If you have an idea for a great blockchain application, venture builders like Block Dojo or Ayre Ventures can help you make it a reality by providing expertise, tools and financing to build on the BSV blockchain. Why not try making your blockchain app idea a reality?
Watch: Showcasing the power of blockchain technology with the nChain Web3 event app