Travelers in Madrid may soon have the option to use blockchain to pay for their tickets. According to reports, The Municipal Transport Company of Madrid intends to implement a blockchain-based app that will allow users to pay their fare safely and securely.
The city had announced a unique Madrid in Motion project a few months ago that received over 300 applications. The project aims to make the city’s transport system more efficient, safer, and technologically advanced.
After much deliberation, Vottun, a local startup, was selected to work on the project in partnership with Banco Santander.
A new unified payment system to come out of this partnership
The two parties will join hands to develop an all-in-one system. The city poses itself as a perfect locale for a venture like this. Reportedly, around 68 percent of Madrid’s users transfer lines at least once during their commute, which has an average duration of 62 minutes within the city.
More than 30 companies presently offer services to public transport, including car rentals, taxis, metro, and buses. Each service has its own system, through which users are required to submit their personal information to make payments.
To bypass this process, which can be costly and time-consuming, Vottun and Santander will create a platform to unify all of the city’s public transport under one blockchain app. The app also offers a single onboarding and payment system, as well as an improvement in data security.
Vottun’s CEO, Rohan Hall, said:
“The onboarding and validation process of user information with being the same for all the mobility services offered in Madrid through the EMT app. This will make it easier for citizens to use public transportation, and to pay in an easier and more transparent way.”
The blockchain-based system will reduce the time and effort needed to complete payments. Plus, there will be fewer risks involved.
Banco Santander’s participation in the initiative doesn’t come as a surprise. It’s one of the country’s most reputed banks and is known for its support and adoption of the blockchain technology.
Recently, they expanded One Pay FX, their Ripple-powered payment solution, to Latin America. Last month, it became the first bank in the world to issue an end-to-end blockchain bond on the Ethereum blockchain.
Simply wish to say your article is as surprising. The clearness in your post is just spectacular and i could suppose you’re a professional on this subject. Well along with your permission let me to clutch your feed to stay up to date with forthcoming post. Thanks a million and please continue the gratifying work.
ivermectin pills human ivermectin cream 1 — stromectol cvs
It’s hard to find knowledgeable people on this topic, but you sound like you know what you’re talking about! Thanks
Thx for your post. I would like to say that the cost of car insurance will vary from one policy to another, for the reason that there are so many different issues which contribute to the overall cost. As an example, the brand name of the motor vehicle will have an enormous bearing on the price. A reliable aged family auto will have a lower priced premium than just a flashy fancy car.
Yet another issue is that video games are generally serious as the name indicated with the major focus on finding out rather than fun. Although, there’s an entertainment element to keep your sons or daughters engaged, just about every game is usually designed to develop a specific expertise or course, such as math concepts or research. Thanks for your post.
Ahaa, its nice conversation on the topic of this paragraph here at this blog, I have read all that, so at this time me also commenting here.
Many thanks for sharing these kind of wonderful content. In addition, an excellent travel in addition to medical insurance plan can often reduce those considerations that come with journeying abroad. A medical emergency can before long become too expensive and that’s certain to quickly set a financial burden on the family’s finances. Having in place the ideal travel insurance program prior to leaving is well worth the time and effort. Thanks a lot
Very well written story. It will be useful to anyone who utilizes it, including me. Keep up the good work – can’r wait to read more posts.
I’ve recently started a web site, the info you provide on this site has helped me tremendously. Thanks for all of your time & work. “A creative man is motivated by the desire to achieve, not by the desire to beat others.” by Ayn Rand.
Having read this I thought it was very informative. I appreciate you taking the time and effort to put this article together. I once again find myself spending way to much time both reading and commenting. But so what, it was still worth it!