Blockchain innovation to cut costs in the rail industry with Amey Consulting

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Blockchain innovation developed in Wales may be the answer on how to cut costs in the rail industry

A partnership between Amey Consulting and Finboot has won £30k funding to develop a solution using blockchain innovation to cut conflict-associated costs in the rail industry

The successful funding bid -to develop a solution to cut conflict-associated costs in the rail industry- was one of the nine successful collaborative projects from over one hundred ideas submitted to the “Demonstrating the Potential of Blockchain” research and development scheme.

Blockchain Connected, who ran the scheme, invited companies across Europe to submit a problem they had around the themes of the circular economy, decarbonisation, supply chain and digital identity and trust.

Blockchain solutions could not only save billions but improve standards and efficiency

Conflicts cost the rail industry billions each year. A successful solution could not only eliminate costs through improved operational efficiency- which in turn could bolster safety and customer satisfaction. There are even anticipated environmental benefits from improved railway reliability, as well as many other areas of work.

The solution has been tested and verified with subject matter experts, with the next stage being the live test of a minimum viable product on Wales’ railways.

The funding aims to promote Welsh technology across the world

Technology Connected, a Welsh Government funded organisation which unifies and promotes Welsh technology across the world, provided £30k funding for the project.

Tom Kinnear, partner for Digital Strategy Realisation, said: “Block chain has the potential to unlock collaboration across our industry, something which is really needed in our sector. The work we have done with Finboot has enabled us to explore the benefits and also demonstrated the safety and efficiency case behind the technology. We’re excited about the value it can provide in the future.”

Juan Miguel Perez, Finboot CEO, said: “At Finboot we’ve been looking at how blockchain can act as the backbone of a digital solution for some complex industry needs. This opportunity allows us to explore and develop with Amey Consulting – a leader in digital interventions in the railway industry. Together, there is huge potential to bring added transparency and real-time visibility to important processes within the sector. We are excited about realising the full potential of our partnership and improving railway travel for everyone.”

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