The short answer to this question is YES!
Before explaining “how”, lets understand some of its features
Crypto-economic protocols — be it Bitcoin or Soarchain, depend on the idea of creating incentive structures that allow anyone, worldwide, to contribute to a set of shared objectives in a permission less way.
To date, the vast majority of crypto-innovation has been focussing on coordinating digital activities and tasks, such as verifying and processing transactions, like in the case of Bitcoin.
However, crypto protocols can be instrumental in capital formation and human coordination extending beyond the physical & the digital world.
This is referred to as “Proof of Physical Work.”
Ok, but how is that related to saving lives?
Even today’s most advanced vehicles depend heavily on onboard sensors. They are not sufficiently connected to their surroundings, including other cars, pedestrians, and infrastructure. While modern automobiles can perceive millions of data points per second, they do so in isolation and without context.
Cellular Vehicle-to-everything (C-V2X) communication is critical to solving the problem of disconnected and contextless cars.
C-V2X is a communication technology that enables direct communication between vehicles and other road users and infrastructure components such as traffic lights and road signs. V2X technology can revolutionize road safety by providing real-time information to drivers and driverless systems about potential hazards on the road ahead and enhancing traffic flow efficiency.
The absence of direct connectivity and data layer between vehicles, we miss incredible opportunities of:
- Safe driving with near zero accidents.
- Smarter cities with autonomous vehicles.
However, V2X technology has not yet taken off.
What is missing?
One reason is that it requires a critical mass of vehicles to be equipped with the necessary hardware and software. The traditional and fragmented model of manufacturers, OEMs, and tier-1s fails to advance the technology as the ecosystem is centralized and closed for innovation.
This is precisely where a crypto-economic protocol can make a difference by incentivizing people to build physical infrastructure.
How Soarchain solves this problem?
Soarchain is a novel crypto-economic protocol that incentivizes users to form a decentralized wireless network of cars. So we start a C-V2X network that allows vehicles to collect and communicate data from their surroundings to create safer roads and smarter cities.
Like mining bitcoin, you connect your car (via Motus) to a decentralized network of vehicles and earn native Soarchain tokens. But by doing so, you create a new physical infrastructure that directly and in real-time share information with other cars within a mile range without relying on any existing infrastructure. This means all vehicles are aware of others even beyond line of sight.
Moreover, Soarchain will enable new applications such as automated parking, electric vehicle charging, pay-how-you-drive insurance, car resource sharing, cooperative adaptive cruise control, and many more developed by many parties. It will ultimately pave the road to fully-autonomous fleets of vehicles.
Now, isn’t this an amazing use of a decentralised network?
The “Proof of physical work” will help users in validating the transactions and will send the rewards as per the blockchain mechanism.
This will be a revolutionary step in creating a decentralised vehicular infrastructure.
Hence, as of now, it is safe to say that crypto, indeed, can save lives!
