Understanding Decentralization in Transportation: A Prerequisite to Modernization
You probably label blockchain as the record-keeping protocol behind Bitcoin and may have used a variety or one blockchain-based project once in your life. You may or may not know, but the foreseeable upsurge of innovations in this digital domain presses its advantage in our daily processes and interactions today.
But what is blockchain, really? Why do institutions invest with decentralized networks in their transactions and over-all operations?
Fraud-proof Technology
Blockchains collect information, structure information in blocks, and then arrange these blocks in chronological order. Blockchains, yes, are in blocks and chains format. In most cases, it serves as a public ledger for all digital transactions made among a group of users.
Being an underlying network that records an exact same copy of digital assets, decentralized blockchains are immutable that all stored data are irreversible and fraud-proof. This nature of blockchain furthered its potential in democratic elections, banking and finance, healthcare, smart contracts, and storing data about many other types of transactions.
Decentralized Network in Transportation
Decentralization is an important aspect of any blockchain application. Compared to centralized and distributed systems, decentralizing management of data delivers improved accessibility of data, less service failures, and lower transaction costs. Such advantages will help aid automation and interoperability of payment systems.
For example, one of the early concerns when the Philippines started to restructure its public transportation system through its Omnibus Guidelines on the Planning and Identification of Public Road Transportation Services and Franchise Issuance, also the PUV Modernization Program (PUVMP), is the need for a unified fare collection system.
Should commuters enjoy buying all AFC cards available to be able to travel different routes?
Should transport cooperatives opt to acquire at least two AFCS providers only to secure they are able to welcome a number of commuters?
Should AFCS providers develop inefficient and uneconomical services for profit?
Should involved government agencies, local government units, and transport industry workers rely on incompetent guidelines?
There is a need to reassess the project and resolve its conflicts.
A decentralized network that benefits the multi-sectoral stakeholders of PUVMP and the domestic and international transport sector in general will help provide a secure and cost-effective technology.
FILIPCOIN: Integrating Automation and Decentralization
FILIPCOIN (FCP) is a blockchain ecosystem for mobile payment application services in the service economy sector. FILIPCOIN holders already gain access to FILIPAY, an automated fare collection system for all Public Utility Vehicles (PUVs). FCP and FILIPAY together provide the following features:
Decentralized Exchange for cryptocurrencies
Automated Fare Collection
Pay Ahead that Maximizes Payment Mobility
Accessible, Reliable and Convenient
Digital Currency as Reward Points
Highly Secured E-Wallet
Send and Receive Digital Currency
Collaborative Rebates
Loading Gateways
Brace yourself for a summary of advantages of FILIPCOIN as a decentralized network for transportation:
1. Flexible
Ease of Use
This particular use will allow partners from Transportation and other mobile payment application service sector to integrate a payment gateway to the FILIPCOIN blockchain ecosystem. These plug-and-play tools make it easy for anyone with a smartphone to access financial services at a lower cost and will provide ease to its users, hence the beauty of a decentralized system leveraged by having its own blockchain technology.
2. Collaborative
Through decentralization and increased accessibility of available technology developed, FILIPCOIN will be able to cater to significant groups of users and target markets covering Developers, Corporations, Small-Medium Enterprise and End User.
3. Supportive
The whole team and FILIPCOIN holders since 2017 built the greater foundation from the public for continuous support and development of the FCP ecosystem. It will be the responsibility of the team for the cryptocurrency assets, development of coin, and the continuous updates of future products and services under the FILIPCOIN blockchain. Funds received by the FILIP organization will be utilized to further improve the FILIPCOIN in order to increase its value with proper integration of service economic application projects.
4. Exclusive
Exclusive Technologies that are already operational in the Transportation Industry in The Philippines
The team behind the FILIPCOIN is creating a blockchain ecosystem for decentralized applications (DApps) with decentralized exchange (DEX) in the payment service economy sector. Unlike other projects in the cryptocurrency world, FILIPCOIN holders already gains automatic access to a developed and fully-functional application for the Transportation Industry, with additional uses and benefits in the pipeline.
5. Prospective
The first cryptocurrency, Bitcoin, is still the most well-known application of blockchain. However, this technology has since rapidly evolved and expanded in many other areas. The initial hope with Bitcoin was to make both money and payments decentralized and universally accessible. Although Bitcoin failed to live up to this promise, decentralized finance based on blockchain (“DeFi“), also called open finance, is a fledgling technology with potential. DeFi operates via decentralized, permission-less (without any central authority) applications, called DApps, built on a blockchain network, most commonly Ethereum. Visionaries see this as an open-source alternative to every financial service we use today. Picture savings, loans, and trades, to insurance, and even more, as all globally accessible.
6. Safe & Secure
As part of the blockchain technology, FILIPCOIN is committed to deliver secure and compatible platform to an open-source community. Our professional team of developers will utilize the integration of on-chain and off-chain data through technical and conceptual innovation.
That’s it. Interoperable, decentralized, and secured — FILIPCOIN is easily an all-in-one solution for varied transportation stakeholders and a key element to a well-planned transportation modernization.
The objectives and the very idea behind FILIPCOIN are wide and encompassing. To understand more about the project, its implementation and functionalities, and for your first investment to a digital token aimed at supporting transportation and other service economy applications, you may visit www.filipcoin.com
