All businesses have suffered because of the lockdown caused by the pandemic, COVID-19. Transport facilities have also been disrupted and the transport business has come to a standstill. Interestingly, this is the time Sony has decided to take to blockchain technology to reshape the future of public transport. Sony, on 23 April, made an announcement regarding the development of the blockchain system in transport using which people will be able to gain access to data regarding the favorable routes to their destination.
This new approach is referred to as the Mobility as Service(MAAS) and is applicable for all means of transport like bus, train, taxis, car-sharing, and on-demand rented bicycles.
Blockchain as the Development Strategy and Why is it Better?
Given that all the business sectors are slowly shifting their business strategies by adopting blockchain technology, Sony too complies with the trend and is willing to give blockchain a shot to bring in an edge.
The integration of the blockchain system in the transport sector will replace a siloed and a type-specific interface in which users chose and paid for their means of transport in isolation like paying off the bus fare.
The new system is capable of analyzing data from 7 million users at a time which would include their travel history and revenue allocation.
Other Possible Future Plans of Sony
Sony makes sure that this particular application is not confined to the transportation segment only and will also be used for other developmental works required for smart cities. It has also been reported that Sony is working on the development of a digital currency hardware wallet as well. At a time when the world has found itself at a standstill and markets are crashing down, blockchain is offering hope to industries that are trying to make the most of what it has to offer.