Engineering consultancy Amey and technology company Finboot has won £30,000 in funding to combat the costs associated with blockchain conflicts in the rail sector.
Such conflicts currently cost the industry billions every year, according to Amey, which claims it has the potential to improve safety and operational efficiency, which, in turn, could lead to positive environmental impacts.
The technology reportedly has potential across a wide range of rail-related applications.
The funding was awarded by Technology Connected, a Welsh government-funded organisation set up to boost Wales’ technology industry.
Blockchain Connected, which sits within Technology Connected, oversaw a research scheme that invited European companies to submit an issue it was having around the themes of the circular economy, decarbonisation, supply chain and digital identity and trust.
Amey was one of nine successful projects selected from more than 100 submissions.
Juan Miguel Perez, CEO at Finboot, said: “At Finboot we’ve been looking at how blockchain can act as the backbone of a digital solution for some complex industry needs.
“This opportunity allows us to explore and develop with Amey – a leader in digital interventions in the railway industry.
“Together, there is huge potential to bring added transparency and real-time visibility to important processes within the sector.
“We are excited about realising the full potential of our partnership and improving railway travel for everyone.”
The engineering firm claims that the solution has been tested and verified, with the next stage being a live trial on the Welsh rail network.
