On the 18th of January 2019, PR Newswire issued a press release, stating that a popular US Tolling company known as Milligan Partners has partnered with Rufftup.io; a distributed ledger technology company, in unveiling Tolling.Network.
According to the release, the newly unveiled tolling company is supported by Hyperledger Fabric and is designed to improve toll operations among both parties.
The press release further stated that due to a conscious effort towards ensuring efficiency, interagency operations both within the national circle and across the country to the tolling industry, resulted in both firms combining resources to create Tolling.Network, which offers a unique blockchain based solution.
According to the team, Tolling.Network offers an incredible solution that utilizes Blockchain technology in solving the challenges of national interoperability that has affected the tolling ecosystem of the United States for almost 10 years.
They went to state that the technology makes use of smart contracts as well as Distributed Ledger Technology to make it easy for tolling agencies to directly and flawlessly communicate with each partner in the team. This feat has indeed defied what the present model could not achieve.
Every transaction that is carried out on the Tolling.Network, are protected by both the encryption system and the advanced highly functional private channels.
This delectable team involved in the Tolling.Network project asserts that agencies that are utilizing the platform have the choice to tailor or modify their business policies for every company they do business with, without necessarily abiding by the rules of a particular syndicate.
In his response to this development, Matt Milligan, co-founder of Rufftup.io and Managing Partner at Milligan Partners stated that:
“For close to ten years, the toll industry in the United States has been trying it’s best in bringing solutions to the challenges that have bedevilled national interoperability, and there is no doubt that the solution lies in Distributed Ledger Technology (DLT). We are also certain that an open-source scheme is a good idea towards solving this problem.’’
He also pointed out that Tolling.Network will also serve as an affordable and groundbreaking solution to most government bodies.
This development is coming in the wake of bitcoin’s and the entire cryptocurrency industry’s lackluster performance in 2018. Technologies like Tolling.Network highlight the impact and possible use case that blockchain technology can have in many industries. This, in fact, is a strong indication that these newly developed technologies would have a lot of benefits in store.
An example of this is the BTC Manager’s announcement that the National Aeronautics and Space Administration (NASA) was really looking at incorporating Distributed Ledger Technology (DLT) into its operations. Also on the 21st January 2019, a news report said that Venezuela, a country with its own national cryptocurrency will be launching its own blockchain backed ATM card.
The possibilities of blockchain tech are quite limitless and can serve to further improve lives, solve previously impossible challenges and help industries attain new heights.