In a groundbreaking development, Amey Consulting and tech firm Finboot are set to employ blockchain technology to revolutionize rail possession planning in the UK. This pioneering use of blockchain results from their partnership with Transport for Wales in the transformation of the Core Valley Line rail network.
The application of blockchain, a digital ledger recording transactions permanently, will be utilized to schedule access times for engineers to safely conduct maintenance, renewals, and enhancements on the rail tracks.
The integration of blockchain technology presents a substantial enhancement to traditional planning systems by eliminating possibilities of duplication and inconsistency. It promises improved accountability and security, and automates the planning process, thereby enhancing safety and operational efficiency and reducing costs.
Tom Kinnear, Partner at Amey Consulting, believes this innovative application of blockchain will provide a significant boost to the rail industry. Likewise, Juan Miguel Perez, CEO & Co-Founder of Finboot, views blockchain as a crucial piece of industrial technology that brings transparency and real-time visibility to rail maintenance processes.
This venture is in line with a Railway Industry Association report launched in March 2023, suggesting the rail industry open itself up to innovative ideas from different sectors. This follows Amey Consulting and Finboot's 2022 announcement of securing funding to develop a solution for cost conflicts in the rail industry.
