How Blockchain Is Empowering Sharing Economy for Mobility and Transportaion

Blockchain and other emerging technologies are transforming the way we live our lives and conduct our businesses today. However, the transport industry, though laden with immense transformative potential from technology, has been a largely unorganized sector abound with several problems plaguing the system for decades:

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How Blockchain Is Empowering Sharing Economy for Mobility and Transportaion_
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Blockchain and other emerging technologies are transforming the way we live our lives and conduct our businesses today. However, the transport industry, though laden with immense transformative potential from technology, has been a largely unorganized sector abound with several problems plaguing the system for decades:

  • Global Warming
  • Suboptimal use of transport modes leading to traffic congestion, high cost of transport services and fuel pilferage
  • Limited Capabilities, w.r.t lack of track and trace, lack of performance and environment metrics, lack of on-demand & just-in-time transportation services
  • Monopolies & unhealthy competition
  • Financial Challenges due to disputes in payments and settlements
  • Paper-based records which are unreliable, prone to forgery, high cost of administration and not environment-friendly

Some of the GBA(Government Blockchain Association) members are working towards a vision of creating a collaborative ecosystem, Truuber, providing economical transportation solutions, which is users and environment-friendly. They have also joined hands with MyEarth.Id, which provides a decentralized identity management system using cryptography and distributed ledger technologies, to enhance and secure the solution. MyEarth.Id also helps with trust scores of the participants, making Truuber a more collaborative and trustworthy platform.

Truuber is the first Blockchain based global decentralized transportation ecosystem for both goods and people striving to:

  • Building a peer to peer transportation ecosystem for both people and goods. Booking rides or delivering goods is an integral part of daily lives. Having a system that allows to do that automatically and in an optimized manner is the need of the hour. Receiving on-demand and just in time services are the basic user needs in today’s world
  • Empowering shared economy, which is inclusive, purposeful and mutually beneficial for all
  • Building a data-driven and consensus-based pricing model will ensure all players have equal opportunities, ensuring balanced competition
  • Digitising documentation and reducing administrative overhead
  • Building a cashless ecosystem
  • Enabling on-demand and just-in-time services, with real-time tracking capability
  • Building a provenance-based feedback and review system. This is powered by MyEarth.Id’s trust score system
  • Providing monetization of data, providing valuable information to stakeholders
  • Harnessing cutting edge technologies like IoT, data analytics and M2M providing high optimizations in network and costs along with high operational efficiencies
  • Enabling Micro-payments to support the latest business models, like pay per access and revenue sharing
  • Allowing interplay of automation using IoT/driver assist systems and data capture from vehicles GPS, fuel sensors, vita sensors, driver app, etc.
  • Using AI and Analytics to accelerate Machine to Machine economy and sharing of captured data through predictive and analytic processing

Providing an immutable single source of truth is at the core of this solution. Using immutability, Truuber can address many of the industry’s pain points, and the benefits include improvements to speed, traceability, cargo safety, invoicing and payment processing, thus driving substantial cost reductions. Finally, Truuber, with its strong and unflinching belief in the power of collaboration wants to create a concerted marketplace where both our partners and competitors can come together to make the transportation industry sustainable and environment-friendly. It pays to enable the future of autonomous driving by bringing together trillions of data points to model and train algorithms for not only all known cases but also unknown cases.

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The article is written by

Mr Sharat Chandra, President of Government Blockchain Association India

Sharat is an author, keynote speaker, blockchain evangelist and educator. Sharat has advised many blockchain startups in Identity Management and Fintech space. Sharat is also volunteering as President of India Chapter, Government Blockchain Association, a global non-profit organization helping governments across the world understand and adopt blockchain.

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Article Name
How Blockchain Is Empowering Sharing Economy for Mobility and Transportaion
Description
Blockchain and other emerging technologies are transforming the way we live our lives and conduct our businesses today. However, the transport industry, though laden with immense transformative potential from technology, has been a largely unorganized sector abound with several problems plaguing the system for decades.
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The Policy Times