In a natural experiment, college students riding public transit to UCLA were presented with the opportunity to pay for time savings. They could pay 75¢ to travel right away, or wait an average of 5.3 minutes for a free ride. Eighty-six percent of riders chose to wait rather than pay. Their behavior suggests that the disutility of time spent waiting for a free ride is less than $8.50 per hour. Riders overestimated their wait time by a factor of two when it was imposed by the transit system, but accurately estimated their wait time when they chose to wait for the free bus ride.
Blockchain Technology and Its Significance to Public Transportation
One of the used cases for using Blockchain Technology is public transportation. Would be possible to lower the travel rates and save boarding time using Blockchain?
Cryptocurrency is one of the most popular applications of the Blockchain technology. But people’s lives do not really depend much on Bitcoin and Altcoins, at least for now, that is why some people still haven’t appreciated the Blockchain brilliant innovations.
Blockchain has the ability to provide more security, cost efficiency, and fast operations gives it boundless opportunities in transforming the world into a safer and more convenient place to live in.
The Blockchain Technology for Public Transportation
Some countries are already making use of this technology in many fields. Singapore is known to have a busy lifestyle in the metro that is why they all need faster payment systems when using public transportation.
One of the brightest things one can think about is to make a program that will allow public transportation payments via mobile phones or devices. In Singapore, an account-based ticketing system is already in place but the country is planning to extend it to its people’s mobile phones.
Payment platforms like Apple Pay, Android Pay, and Samsung Pay are expected to play their own parts to make the mobile payment transaction come true. There are already more than 100,000 commuters that have signed up for this new mobile payment system through MasterCard.
Once this project becomes successful, the need for railway cash cards now becomes abolished.
The promising claims by the Blockchain technology have caught significant attention from almost everyone. For it to be properly disseminated, Senior Minister of State Lam Pin Min said that it will be fully dispersed for everyone to learn about it.
The main goal of this project is to give commuters and tourists, local or foreigner, the most convenient payment system. This new system will eliminate the long queue in booths or reloading stations.
The Blockchain is a secure transaction ledger database that is shared by all parties participating in an established, distributed network of computers. It records and stores every transaction that occurs in the network, essentially eliminating the need for “trusted” third parties such as payment processors. Blockchain proponents often describe the innovation as a “transfer of trust in a trustless world,” referring to the fact that the entities participating in a transaction are not necessarily known to each other yet they exchange value with surety and no third-party validation. For this reason, the Blockchain is a potential game changer.
There are so many impressive things that the Blockchain technology can do to take away inconveniences in people’s everyday lives. The new system is highly secured and fast so anybody can have a piece of mind that there wouldn’t be any stealing or fraudulent activity that will happen.
Although this will eventually replace any existing payment methods and put them out of business, the overall view of the country is still a win for everybody.
Content inputs by: Melissa Ricketts