The World Economic Forum estimates that by 2027, 10 percent of global gross domestic product will be stored on blockchains.
A blockchain is a digital, openly shared, decentralized log of transactions. Blockchains allow non-trusting members to interact over a network in a verified way, without a trusted intermediary, such as a bank.
From freight shipping to toll payments to ridesharing, blockchain technology is being applied in innovative ways to a variety of transportation and government sectors. If there is an interaction between government and citizen that relies on multiple databases, that interaction may be streamlined with blockchains.
A new report from the U.S. DOT Volpe Center, What Blockchains Could Mean for Government and Transportation Operations, is a high-level primer that covers:
- Blockchain technology basics
- How smart contracts work
- Potential and current applications in government and transportation
- Challenges to widespread implementation
- Blockchain initiatives in transportation and government
Read the report to get up-to-speed on what blockchains could mean for transportation operations and more.