Blockchain to be applied in Monterrey-Saltillo highway
The toll system will record the most sensitive information exchanges between different operators on a blockchain using Blockchain.
To reduce fraud and improve cybersecurity, the Monterrey-Saltillo highway toll system will record the most sensitive information exchanges between different operators in a blockchain using blockchain. ROADIS, a multinational in the infrastructure sector, will work with Indra to implement this solution.
Indra incorporated into its toll back-office system, from its Mova Collect line of solutions, a new capability to record transactions on a blockchain chain. The work is being carried out as part of the Critical-Chains European R&D&I project, in which Indra is leading the transportation use case. In alliance with ROADIS, it will implement this technological solution on the Monterrey-Saltillo highway, reports Infochannel.
Areas of application
The blockchain will be applied in the processes and transactions that take place in the backoffice systems of the toll highway:
Clearing between operators;
Payments to the central entity;
It will reduce conflicts between the different players due to possible disagreements. It will also provide protection against possible cyber-attacks. It will also facilitate settlement and auditing. It will reduce the problems that may arise in the management of lists of blocked users due to delays in the sending of license plate numbers and the type of vehicle that has used the toll at a given time.
The use of blockchain does not interfere with the usual activity and operation of users, who continue with the same interfaces.
It will allow alerting of possible mismatches in the records so that they can be consulted. The solution developed by Indra is particularly suitable for electronic toll collection and in situations where there are several concessionaires and interoperability between them.
From a technical point of view, it should be noted that the work is being developed on a Software-as-a-Service platform that will make it possible to record toll transactions and the associated settlement processes, increasing traceability.
Specifically, Critical-Chains uses Quorum, a decentralized blockchain business platform that allows different permissions to be given to different users depending on their role in the business model, so that the information is not public as is the case with other platforms, such as Ethereum.
Blockchain, a revolution in international trade finance
Blockchain technology is transforming processes in companies and financial institutions that can now offer greater security and privacy. The integration of this type of technology poses a revolution in international trade financing that will allow for more agile exports and immediate payments.
This type of technology -which records transactions in blocks and forms permanent data chains- could intensify the benefits of international trade, according to the World Economic Forum. In particular, in the traditional process of verifying and sending documents. Generally, financial transactions in international trade depend heavily on billions of paper documents. But blockchain technology, linked to smart contracts, will reduce bureaucracy, paperwork, and time to complete an operation.
Trade finance is one of the main approaches to the application of blockchain technology, due to how it is involved within the processes of a supply chain. With the application of this type of technology, banks will guarantee commercial financing transactions with more transparent, secure, and efficient processes. Currently, financial services organizations are exploring how blockchain could be applied to trade, as well as other key processes. An analysis of the technology firm IBM, highlights the changes that will represent the integration of blockchain in international trade:
1. Increased transaction volume. With the traditional system, most of the processes are limited by the number of operations.
2. Increased security. The way this technology works - through encrypted blocks distributed in thousands of computers - guarantees the security of the information.
3. Human errors will decrease. Although blockchain technology still needs further research and development, it has been proven to be effective in different business operations performed.
The adoption of blockchain in the financial industry will generate significant benefits for all market participants, considers Thomas Olsen, the global partner of the consulting firm Bain & Company. In particular, in commercial financing transactions since it will reduce the risks of fraud or duplication of processes through better control and greater transparency in transactions.