The industry involved with Hyperloop, a futuristic transportation method, could soon adopt blockchain technology for its transparency and convenience as a payment method. The revelation was made by Hyperloop Transport Technologies’ Chairman Bibop Gresta in a recent interview with a renowned blockchain news-portal.
Hyperloop and Blockchain
Bibop Gresta said in an interview that blockchain technology could be used in the second stage of a Hyperloop system. In such a scenario, a smart contract would be programmed using a blockchain, enabling travelers to make payments for using the transportation method. Users would also have the ability to book seats in advance on any ‘agent.’ Gresta went on to define an agent to be the pod inside a Hyperloop’s long frictionless tube.
A Hyperloop is most feasible when run over long distances. It could also be used to travel between different countries and continents. Given that most governments currently only accommodate payments in their own fiat currencies, there is a need for a global payment method for the cross-border transport method.
Using blockchain technology travelers will be able to pay in a digital currency unique to the transport platform. Since cryptocurrencies are decentralized, they can be used anywhere in the world without the need for foreign currency exchange services.
What is Hyperloop Technology?
Conceived initially by SpaceX, Hyperloop is an underground mode of transportation currently under development by many companies. It will theoretically enable passengers to travel at speeds of up to 700 miles an hour while seated in pods floating inside a low-pressure tube.
A notable characteristic of hyperloop is its speed which is made possible by removing air from the tube inside which the pods float. Basic physics tells us that for any moving object, a frictional force is developed at the point of contact between it and the surface of connection, which is negative (opposing) in nature.
Air also presents some opposition to the motion in the form of air resistance. Hyperloop combats this by developing a low-pressure zone to reduce the total air pressure, reducing friction. Pods in the Hyperloop use the same principles as an air hockey table or a magnetic levitation train.
By this principle, Hyperloop infrastructure can achieve speeds of up to 700 miles an hour.
Current Developments and Expected Launch
Several technology companies around the world are currently testing Hyperloop technology. However, the earliest working prototype of an actual hyperloop is not expected to be exposed before at least early 2021. The mode of transportation is being planned to run on several routes around the globe including Mumbai to Pune, New York to Washington DC, Kansas City to St Louis and Vijayawada to Amravati.
A 10km long commercial model of a hyperloop is being developed to connect Dubai and Abu Dhabi.
Other Companies in the Battle for Hyperloop
Bibop Gresta’s Hyperloop TT is not the only player in the space. Another company known as rLoop is also aiming to harness blockchain technology for a similar purpose. It plans to roll out its primary initial coin offering soon.
Brent Lessard, Project Manager at rLoop, said:
“At rLoop we have successfully been able to mobilize, organize, and incentivize a globally distributed community that wants to invest their time and resources to create radical change. The logical progression for our decentralised team is onto the blockchain, and the Hyperloop is only the beginning.”