Blockchain disruption report
Transport Systems Catapult (TSC) and the University of Sheffield have published a new report which argues that blockchain could “provide the underpinnings for a future integrated transport system, without the need for large and costly centralised control mechanisms”.
According to TSC, the technology is still some years from full maturity, but “synergies exist in areas like Freight and Logistics, Autonomous Vehicles and Mobility as a Service, where the technology could be applied in the future”. TSC said that this is because “these areas will involve multiple businesses with potentially competing interests, who require trust and transparency to share data and work together seamlessly – which plays to the strengths of Blockchain”.The report also suggests that Blockchain could also help integrate Autonomous Drone fleets into the existing transport network, without the need to establish large regulatory organisations to track and monitor use and licensing.
In a statement issued on Wednesday (6 June), TSC Chief Technology Officer Mark Westwood, said: “The TSC’s unique neutral and trusted position allows us to provide a balanced voice against the positive and negative messages around Blockchain through this report. We need to help decision makers understand the potential benefits and limitations of Blockchain technology. It is also important to analyse potential use cases to find out if Blockchain is a good fit, or if other technologies could provide a better solution.
“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, added: “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. In this partnership between the Transport Systems Catapult and The University of Sheffield, we explore the potential of blockchain to address these challenges.
“Blockchain as a disruptive technology, to be used in conjunction with Internet of Things (IoT) and Artificial Intelligence (AI) in the Cloud can add further value and have a transformational impact on transport including the acceleration of the Machine-to-Machine (M2M) economy.”
Click here to download the report.