AI and Blockchain set to revolutionise the transport sector

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// Australia needs to move quickly in order to capture the benefits of AI and blockchain technology in the coming decade…

Curtin University-led research has found that applications of Artificial Intelligence and blockchain technology are set to revolutionise the transport sector in the coming decade.

This finding came from a report published on 25 September by the Sustainable Built Environment National Research Centre (SBEnrc), the successor to the Cooperative Research Centre (CRC) for Constructive Innovation.

Based at Curtin University, in collaboration with Griffith University and RMIT University, the report presented findings of an investigation into how these technologies can be used to enhance the transport sector, as well as allowing cities to move and function better.

Project leader Dr Charlie Hargroves, from the Curtin University Sustainability Policy Institute (CUSP), said that enormous amounts of funding will be committed to transport infrastructure and traffic management technologies in the coming decades and these decisions need to be well informed as to the capability of these revolutionary technologies.

“The report shows that the International Data Corporation anticipate that spending on Artificial Intelligence will reach US$57 billion by 2021 and according to the World Economic Forum by 2027 some 10 percent of global GDP will be Blockchain-based.”

It will be important for industry and government to understand the unique opportunities that these technologies present.” said Dr Hargroves.

Innovating transport technologies

The report suggested that a key area that combines the technologies is road user pricing.

As the shift to electric vehicles will reduce revenue from fuel taxes, the ability to calculate appropriate vehicle charges at particular times of the day across the transport network using AI is possible.

Vehicles can be charged fairly small amounts in real time using blockchain technology, presenting both a valuable traffic management tool and a cost recovery mechanism.

AI and blockchain may provide road user pricing innovations (Source: Mike from Pexels)

Dr Hargroves said that the transport sector has been largely unchanged for many years and the decision making process is often better informed by what has happened in the past than what is likely to happen in the future.

“Australia needs to explore the potential of AI and blockchain … to identify opportunities for economic, social, environmental and political benefits,” Dr Hargroves said.

CEO of SBEnrc Professor Keith Hampson said the report, which is a collaborative effort between the government, industry and academia, has important implications for the transport industry.

“This is great example of how industry-led research can deliver both academic and practical outcomes for the community.”

The full report is titled ‘Exploring the Potential for Artificial Intelligence and Blockchain to Enhance Transport‘. It is available online here.

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Disclosure: Curtin University is a sponsor of Startup News.

MAIN IMAGE: Pixabay from Pexels.