How Can Blockchain Technology Enable MaaS?

How Can Blockchain Technology Enable MaaS?

October 9, 2018 Off By Steven Anderson

Mobility and transport are already being smashed by a digital tsunami. In many cities, consumer habits are changing more and more from ownership of a vehicle to access through Mobility-as-a-Service or MaaS. It allows new revenue streams and business models, creating a burgeoning and dynamic mobility ecosystem where conventional players are encouraged to compete, and often obliged to cooperate.

On the contrary, petrolheads as well as public transit fanatics which would sanction any four-wheeled moving object from cities if they could, are noticing the emergence of a pain-free, seamless and flexible travel experience. That denotes the freedom to access the most convenient, affordable, easy to use and comfortable mode of transport. That makes the expression of services such as demand responsive transit, ride-sharing, car-pooling, and Maas, a new scheme which mixes new forms of urban mobility.

How Can Blockchain Technology Improve MaaS?

Blockchain has the power to make required efficiencies which can increase MaaS

You see, the transportation space is crowded, along with a lot of stakeholders participating. Having too many players add more level of difficulty, obstructing innovation and getting stuff done. Fortunately, blockchain provides the intriguing possibility of removing redundant intermediaries.

Blockchain technology aches this by filling 3 vital roles.

  1. Recording transactions
  2. Developing identity
  3. Developing smart contracts

Thus, we are heading in the direction of a not so withdrawn future with fewer mediators. That’s more of a request than an associated trend to skip such stakeholders which add no or little value at all to the efficient provision of MaaS. Pointless to say, blockchain technology is there to offer the needed technological backbone which supports the “less is more” pattern.

Banks, nimble startups, big tech companies, and automakers are already establishing proof of concept applications and discovering ways to leverage blockchain to solve existing and future mobility challenges.

Below are two areas focusing on existing blockchain mobility initiatives and project:

  1. Autonomous vehicles. Blockchain technology can support the positive deployment of autonomous vehicle fleets helping various use case scenarios. It offers the means for effective MaaS development and on-demand mobility to its complete potential.
  2. Mobility P2P Transactions. Privately owned vehicles are an inefficient and underused asset in cities these days. That led to the development of shared mobility services. Even though there are a plethora of P2P schemes accessible which authorize owners of vehicles to rent them others when not utilizing them, blockchain-enabled projects would lessen or remove the need for intermediaries.

One blockchain that can also make this possible is XinFin. XinFin is a Singaporean-based blockchain technology which strives to connect the worldwide infrastructural shortage via their open source marketplace platform – Tradefinex. The platform allows financial institutions with tools needed to commence P2P financial contracts among suppliers, buyers and governments.

Through blockchain technology, we are arriving on unchartered territory. Thus, it is so difficult to tell what apps will make it and which apps will fail. The blockchain is no doubt has the power to help MaaS flourish. However, real-life implementations are in its early stages.

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