The recently published Land Transport Regulation 2040 report by Australia’s National Transport Commission (NTC) suggested blockchain technology could change its existing transport model.
Transforming the Current Transport Model
The National Transport Commission (NTC) is undertaking strategic work called Land Transport Regulation 2040. The aim is to answer the question of “How could or should we regulate land transport in the future?”
The NTC will be using the report to converse with shareholders from October through December.
The report claims that new technology can help achieve “a fairer, more transparent, and more sustainable, transport charging and funding model.” However, this technology must establish and maintain a trusted, interoperable and secure data communications within transport as well as between transport and other service providers.
“One mechanism for this, might be the use of blockchain technology,” the report reads. Citing industry experts’ opinions, it also further noted that:
“It is only a matter of time before blockchain technology is used in peer-to-peer and machine-to-machine transactions where high levels of trust and verifiability is required. It could also be used in transport system safety technologies.”
Other Blockchain Benefits
Many industries have been exploring the use of blockchain technology, especially in the finance sector. A number of Australian banks are investigating the use of blockchains to reduce transaction costs as well as increase speed and efficiency. In August, Australia Post identified use cases of blockchain technology including identity e-voting, and registries.
The technology has the potential to transform not only the finance industry but also many others.
“Every now and then, something comes along that might just change everything. And this is one of those moments,” said Australian Stock Exchange (ASX) chief executive, Elmer Funke Kupper.
His exchange partnered with Blythe Masters’ Digital Asset Holdings in the beginning of 2016 for the startup to help develop a new settlement system using blockchain technology.
Earlier this year, the government announced its commitment to end Bitcoin’s double taxation problem in the country. Then in September, the Australian Treasurer met with FinTech Advisory Group to discuss the framework of how to tax digital currencies.
Do you think the Australian Government will eventually use blockchain technology for land transportation? Let us know in the comments section below.
Images courtesy of NTC, Afr, Shutterstock
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