The world is on its way to huge revolutions due to advancements in technology. Nowadays, industries are more keen to employ blockchain technology for their businesses since it has the potential to transform them effectively.
As discussed in previous articles, BigBang Core is working hard to facilitate different industries. Though blockchain technology gained fame due to its role in the financial sector, it has now expanded its influence to the rail transit industry as well, and BigBang Core is proud to announce its services for said industry.
Rail transit refers to the means of transferring goods and passengers on wheeled vehicles that run on rails. It is considered as one of the most significant and widely used modes of transferring goods for short, as well as long distances.
Why there is a need for Blockchain Technology in Rail Transit?
Nowadays, railways all over the globe are inclined towards digitalization for enhancing their operations and the innovations that the blockchain has to offer. It is capable of offering numerous advantages such as decentralization, greater security, etc.
The utilization of blockchain technology in rail transit brings huge benefits to itself. The following are some of the benefits of using blockchain in rail transit:
- User- friendly loyalty schemes
- Smart ticketing
- Enhanced identity management
- Making settlements uncomplicated
- Realization of predictive maintenance
Blockchain technology is capable of allowing smart ticketing, providing flexibility for passengers since the status of their ticket is accessible anytime and anywhere and on any device. It will aid in the implementation of loyalty schemes with incentive-based rewards. It will also help in managing the delay repayments among Network Rail and train operating companies.
Furthermore, digitizing the whole network with the help of the blockchain will implement a more dynamic kind of rail system which will enable trains to search routes and make decisions that are in turn protected in an audit-able way. Also, the utilization of smart contracts will automate settlements, resulting in reduced costs and greater efficiency.
BigBang Core and Rail Transit
BigBang Core is proud to announce that it provides rail transit solutions. Depending upon the original track safety inspection system, BigBang Core uploads data to the blockchain as a backup snapshot through the Light Wallet System (LWS) deployed on the Huawei Cloud. The data snapshot will be recorded permanently in the blockchain and cannot be tampered with. When the third-party system data is abnormal, or the data has errors or is lost, it can be compared with the data on the chain, so that the problem data can be traced and predicted in advance. The following are some of the benefits that BigBang Core provides for facilitating rail transit:
Ensuring Data Authenticity
BigBang Core ensures the authenticity of data. Taking the example of rail inspection, the inspection equipment is usually composed of professional precision instruments and supporting software, but the reliability of the software is not very high.
Data can be shared
BigBang Core employs such technologies and solutions which enable the sharing of data and experience acquired.
BigBang Core employs blockchain technology to ensure data sovereignty. In a Blockchain network, only parties with a private key can encrypt the data, and only authorized parties can decrypt it. This mechanism ensures the protection of the privacy of the data producer.
The Future is in BigBang Core’s Hands
BigBang Core ensures that it will not only evolve with time but will also remain up-to-date to meet the needs of its users. With the integration of big data, the Internet of Things, and blockchain technology, BigBang Core is helping a number of industries to reduce costs and increase revenues along with secure business transactions. To aid rail transit, BigBang Core uploads data to the blockchain as a backup snapshot through the Light Wallet System (LWS) deployed on the Huawei Cloud. In a Blockchain network, only the party with the private key can encrypt the data, and only the authorized party can decrypt it. Through this, data authenticity and sovereignty are ensured by BigBang Core. Furthermore, along with the Internet of Things industry, it will explore the possibilities of its implementation in other industries as well.