Today, blockchain is occupying every possible sector to transform and make this space better than it was before. Russian railways are preparing to adopt this blockchain tech to deliver their best service to passengers. They are looking to minimize their expenditure on logistics.
Affordable transportation, safe payment, and improving passenger safety remain the core focus in rail travel. Currently, RZD, the Russian railway company occupies the third position in the space. The company decides to involve blockchain within rail travel to help them boost its position.
Blockchain in Railways
However, Russia is not the only country in this race experimenting blockchain. Next following Russia is Thailand which shows active participation into the blockchain application sector. At the moment, companies are investing a lot from their capital in order to drive in new-age technologies. Some big names are AEON and IBM that have been developing blockchain rail payment systems in Asia.
What are the things that are dragging such countries to consider blockchain as a solution to the challenges they are facing? One such challenge is the trading railway systems to purchase tickets, which seems so stressful and time-consuming.
However, now with the help of emerging new techs, we can make payments online, share confidential data including credit card number. Though, the customer needs to stay alert of hackers as they can steal this information anytime which is an online procedure. However, countries like Thailand and Russia has taken some steps innovating their ticket system specifically for railways.
As we all know that blockchain offers a decentralizing ledger which hoards real-time data on its network. As it eliminates central authority which controls the transactions, the need to maintain a third-party verifier is also removed.
On the other hand, cryptocurrencies bring in new opportunities respectively for train travelers. The crypto payment procedure also offers a lot more potential, going beyond the travel industry. Also, crypto tickets are said to have own significance in booking air tickets or any movie tickets so far. Next essential domain specifically relating to the crypto-payment is transforming event tickets.
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