Blockchain Technology Disrupting the Public Transportation
Cryptocurrency is one of the most popular applications of the Blockchain technology. But people’s lives do not necessarily depend much on Bitcoin and Altcoins. At least for now, that is why some people still haven’t appreciated the Blockchain’s brilliant innovations.
Blockchain’s ability to provide more security, cost efficiency, and fast operations gives it boundless opportunities in transforming the world into a safer and more convenient place to live in.
Some countries are already making use of this technology in many fields. Singapore is known to have a busy lifestyle in the metro that is why they all need faster payment systems when using public transportation.
One of the brightest things one can think about is to make a program that will allow public transportation payments via mobile phones or devices.
In Singapore, an account-based ticketing system is already in place but the country is planning to extend it to its people’s mobile phones.
Payment platforms like Apple Pay, Android Pay, and Samsung Pay are expected to play their own parts to make the mobile payment transaction come true. There are already more than 100,000 commuters that have signed up for this new mobile payment system through MasterCard.
Once this project becomes successful, the need for railway cash cards now becomes abolished.
The promising claims by the Blockchain technology have caught significant attention from almost everyone. For it to be properly disseminated, Senior Minister of State Lam Pin Min said that it will be fully dispersed for everyone to learn about it.
The main goal of this project is to give commuters and tourists, local or foreigner, the most convenient payment system. The new system will eliminate the long queue in booths or reloading stations.
There are so many impressive things that Blockchain technology can do to take away inconveniences in people’s everyday lives.
The new system is highly secured and fast so anybody can have a piece of mind that there wouldn’t be any stealing or fraudulent activity that will happen.
Although this will eventually replace any existing payment methods and put them out of business, the overall view of the country is still a “win” for everybody.