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[CUBE NEWS] The Future of Blockchain 3. Utilization of Blockchain Technology | 블록체인의 미래 3. 블록체인 기술의 활용 현황

3. Utilization of Blockchain Technology
So how long will it take for blockchain technology to become widely used in our society? Experts predict that it will take more than five years for blockchain technology to peak in most industries. Gartner, a U.S. IT market research and consulting firm, said in its 2017 Blockchain Heap Cycle report that the market and public interest in blockchain-related technologies such as distributed ledgers, virtual currency wallets and consensus algorithms are at its peak. In addition, most IT consulting agencies predict that blockchain technology will reach the peak of innovation in two to three years, and be commercialized in five to 10 years, so that stable services can be delivered around 2025. Among the areas where blockchain technology can be used especially effectively are financial areas such as banks and investment services, health care including insurance and health care, logistics and distribution sectors and public services.
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[Cube Intelligence] CUBE, "We Will Build Authentic MaaS Through Blockchain"

Following article is originally written by Blockchain News in Korean language, and translated by Cube Intelligence.


[▲source: Blockchain News]

"Historically, we've come up with a quirky, yet powerful technology that solves the problems of the past, and now that's a blockchain."

Richard Biggs, CEO of Cube Intelligence, said, "We are introducing our project at the 'Blockchain Technology, Invitation to Daily Life' meetup hosted by OKCoin Korea.

"Whenever there was a problem with the means of transportation, new technology appeared and solved it," Biggs said, referring to the situation when new vehicles such as horses and cars appeared. "At the same time, the blockchain technology will solve various problems such as traffic congestion, parking, or environmental pollution."

"In order to solve the problem now, mobility services such as car sharing and autonomous driving will be an alternative, not subway, bus, or train, which were established by the government and cities," he said, "In order to provide these services properly, we need to have a proper Mobility as a Service (MaaS)."


[▲source: Blockchain News]

'MaaS' refers to providing all the means of transportation as one service. "From a MaaS point of view, Seoul Metropolitan City has 70 to 80 percent of completion," Biggs said. The city of Seoul puts a GPS in a taxi or bus to check the traffic jam and informs you of the best route, and the arrival time of next bus. "We do not integrate multiple data into one, so we do not solve problems like parking or traffic jams, but (Seoul's MaaS completeness is) pretty high," he said.

In addition, "Seoul needs a decentralized data marketplace to reach 100% MaaS." In the existing centralized system, when a problem such as hacking occurs, all information is exposed and cannot be properly serviced. Also, it is not possible to select the data that the data producers want to share, such as cars, people, and apps. In other words, all of the data are provided unilaterally.

On the other hand, a decentralized data marketplace based on blockchain can solve this problem. You can select the data you want to share in detail and reduce the information that is exposed when a hacking incident occurs. It can also reduce costs and increase security, transparency, and autonomy.

The mobility marketplace that Cube Intelligence wants to build is blockchain-based decentralization data marketplace. The data provided by the data producer is stored in the mobility wallet and then delivered to the needs of the government, market research agency, insurance company, automobile manufacturer, and others. With of course paid, not free. The marketplace provides reasonable compensation to data producers.

Cube Intelligence uses a multi-transactional approach that combines replication and sharding to handle vast amounts of data. It is a way to split data back together to speed up data processing. It also yields meaningful results through the AI ​​engine. In fact, if you use this to predict traffic conditions, accuracy will increase to 85%, said Biggs. If we have more data, the accuracy could be reached up to 95%.

[▲source: Blockchain News]

Cube Intelligence developed an OBD-II diagnostics device named "CubeBox" to collect data from the car. If one put it in the OBD (On-Board Diagnosis) port in your car, one would be able to collect data by oneself. With Bluetooth support, data can be easily viewed on smartphones.

"The Cube Mobility Marketplace can be used not only for cars but also for bicycles," said Biggs. "We will provide various car related services such as P2P car sharing and autonomous vehicles based on the marketplace," he said. "We aim to build a decentralized marketplace for future mobility."

The Cube Mobility Marketplace will be available in the second quarter of next year.
















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