The invention of decentralized applications on the blockchain has the potential to revolutionize any industry. As such, one sector which could benefit from such technology is the use of land transport. The increase in population is threatening to make our transit system more complicated and crowded as we head into the future.
It is evident that our current platforms lack a secure unlimited data storage system to ensure we have the swift movement of goods and services. With the existing system failing, blockchain was the next option to remedy these challenges. Consequently, we now have blockchain platforms which intend to connect the whole land transport sector under one ecosystem facilitating every information storage and transaction.
What Is Tracoin?
Tracoin is a utility token for the Tracoin platform that is used to facilitate transactions within land transports owners and users. The crypto will help enhance the usage of Tracoin’s products through allowing user payment and access to the land transport industry. The master Tracoin ecosystem that facilitates the token usage comprises of an open-source, peer-to-peer community of players in the land transport who want to combine their services and payments. Additionally, the project plans to consolidate the option of having transport authorities on the platform to make the land transport more efficient. In essence, Tracoin is a decentralized community that will connect land transport services, companies, users, and authorities.
How Tracoin TCN Token For Land Transport Blockchain System Works
The Tracoin Token (TCN) is the leading currency of the ecosystem that will allow product usage, contribution, and all other services or features present in the ecosystem. These services will include
- Paying for transport services
- Unlocking information on land transport drivers and companies
- Earning commissions for platform users
- Funding for the log entries storage
- Subscription fees for token holders
The core element of the Tracoin system is the marketplace for the services and will require users to register and purchase the TCN tokens through an e-wallet. Once in the hold of the coins, the user can now seek and pay for transport service form the list of trustworthy companies provided by Tracoin. If you land on a suitable provider, you can pay with the TCN coins, which implement the smart contract technology.
- A Feedback mechanism for customers
- Reward system for users
- Convenience with a Tracoin mobile app, debit card, and an e-wallet
- Rating of transport professionals
- Unlimited data storage
- Buyback option to maintain the stability of the token
- Profit-sharing at the end of each financial year
While the ultimate financial decision lies with you, a situation such as Tracoin would necessitate an extra opinion on the whole project. The benefits of the project do seem like a good indicator that the platform could have potential to impact the transport industry in the long run. However, there is an underlying factor that I think would overwrite this notion.
For Tracoin to succeed, it would require a considerable cultural shift in how we may or our transport. While the use of Tracoin applications is convenient, it still needs the support of government-backed public transportation. Keep in mind authorities do not accept the use of blockchain or cryptocurrency for such essential services. Consequently, I presume a significant challenge would be adoption, and this can make Tracoin turn out to be a failure after its ICO.