We are living in a digitalized world. Every day we hear about new technological inventions. The current technology that is trending around the world is the Blockchain technology. This technology first hit the market with its first product, Cryptocurrencies. Since then, it has been growing its influence in the market. Today, every industry is creating modules to practically implement the blockchain technology.
One such industry that has found the blockchain technology interesting is the Railway industry. There are nations that intend to use blockchain technology to keep track of their railway passenger for security purposes.
Countries like China and Australia have already accepted the regulation of the Blockchain technology in the form of the Cryptocurrency and is actively taking part with the crypto exchanges on it.bitcoins-evolution.com.
On the other hand, other countries have no plan to use the cryptocurrency as currencies. Instead, they are interested in the blockchain technology that might become the core technology used in every field.
How Blockchain can be used in the railway industries?
More or less every country has shown their compelling interest to regulate the Blockchain-Powered Cryptocurrencies. However, only a few countries have got approval from their respective government to do so.
There are other countries that don’t intend to use the product of the blockchain (Cryptocurrencies) but to use the blockchain technology itself. Among all the nations who have shown their interest to use the blockchain, Russian has come out to the public and has openly accepted that they are going to use the blockchain technology in their railway industry to track their every railway passenger for security purposes.
With the integration of the blockchain technology in the railway system, Russia wants to bring transparency in the transaction and traceability for security reasons.
How Blockchain will help the Railway industry?
With the help of blockchain technology, the railway will be able to keep all the transactions transparent to all the passengers. This will reduce the possibility of using underhanded tactics to buy railway tickets. In addition, it will also help the country’s security system to keep track of the abnormal passengers.
Here is how Blockchain can benefit the Railway industry.
This is the primary reason why the nations are trying to implement the blockchain technology in the railway industry. Blockchain has a unique feature of having a public ledger that shares every information to every member of the blockchain network.
With the public ledger, every information will be shared among the member of the blockchain network. This will help the government to keep tabs on every passenger for national security.
- Data Security
Digitalization is sure something new and even we suggest everyone go with the new technologies, but the only flaw with the digitalization is that all your data are left alone on the online platform. This increases the chances of losing all your data. But with the blockchain technology embedded with data security, it becomes impossible for the hacker to misuse your online personal information.
For instance, if your data is hackled while being in the protection of the blockchain, then the hackers need to alter data from every member of the blockchain to be successful with the hack. Practically speaking, it is not possible.
The other reason why nations are so head with the blockchain technology is due to its decentralization features. With the decentralization features, there is no database that stores all the information, rather the information is shared on a public ledger network.
This makes it extremely difficult for hackers to hack into the data. And even if they are successful hacking someone’s data, they had to hack every member’s data to be successful. Well, practically speaking that is impossible.
As you can see that the blockchain technology is a flourishing technology that is engulfing the industries with an astonishing rate. Industries and businesses have understood the importance of blockchain technology, and are creating modules to implement them practically.