If you have ever driven in America, you will have noticed the sheer number of toll roads that cover vast swathes of states. Unfortunately, not all of these toll gateways are interoperable – meaning you require a special tag for different sets of tolls. This can end up taking time and costing money to do for drivers and truckers alike. Milligan Partners – a leading US Tolling company – and Ruuftop are teaming up to create a blockchain toll system that will allow the use of a single tag to interact and pay toll fees at any toll gateway in the country.
A Simpler World for Drivers
As a driver who needs to cover as much ground as possible in order to meet schedules, having your windshield covered in different tags can be rather irritating – not to mention unsightly. This new blockchain project called Tolling.Network lets any tolling agency sign up to the platform and connect their toll system to the network.
Once a tolling agency is on the network, any vehicles passing through their toll gates with a transponder from a different system on the network will automatically have the fees deducted – rather than having to wait in the cash line. This saves drivers a lot of time at toll booths, while saves tolling companies a ton of money.
DLT Becoming More Mainstream
The project will work using distributed ledger technology (DLT) – essentially a giant Google Sheet on steroids – to track transponders, toll gates, and fees deducted. This very same technology is being used by companies and projects all around the world to make life simpler and easier, while removing frustrating barriers.
IOTA is in the final stages of producing a DLT based biometric access system, whereby a user scans their handprint to unlock a device or area, and if that handprint has permission the area will unlock. Each user will have their own unique ID in the system and site administrators can select who from the entire DLT network can have access to certain areas – this is great for things such as postage lockups, VIP areas, and even as a payment method.
Oil Traders Joining the DLT Hype
For the first time, oil traders will be getting their own unique trading platform to facilitate the buying and selling of oil. This new platform will use DLT to track oil supplies in real time and allow firms to easily buy and sell oil based on their needs at that exact moment. It’s being built on JP Morgan’s Quorum DLT system, which boasts to be one of the most powerful private DLT systems available.
Tolling.Network is a fantastic development that aims to make the lives of millions of people easier and simpler. By taking the frustration and worry out of using toll gateways, more drivers are likely to pass through the toll road – resulting in more profitability for the firms involved.
