How Blockchain Technology Can Aid In Car Accidents And In Improving Road Safety
Giancarlo Perlas April 28, 2023The National Highway Traffic Safety Administration (NHTSA) has released its data for traffic fatalities in 2022 early this year, and while the numbers are lower than in 2021, there is still a long way to go in terms of reducing car accidents. In recent years, there has been a growing interest in how blockchain technology can be used to increase safety on the roads.
Previously, we have covered ways that Mercedes-Benz can benefit from blockchain technology in general. This time around, we will specifically explore the potential benefits of blockchain integration in reducing and addressing car accidents as well as in improving overall road safety.
Statistics by NHTSA
According to the NHTSA, there were approximately 31,785 deaths in traffic crashes in the first nine months of 2022. This is a 0.2% decrease as compared to the 31,850 estimated fatalities during the same time in 2021. The government agency also revealed that fatalities among cyclists and pedestrians continued to rise, despite the overall decline in traffic fatalities.
The estimated fatality rate for the first nine months of 2022 decreased to 1.30 mortalities per 100 million vehicle miles traveled, down from the projected rate of 1.32 during the same time in 2021. While this decrease in the fatality rate is a positive sign, there is still much work to be done to further reduce them on the roads.
NHTSA projections also revealed that fatalities declined slightly in the third quarter of 2022, making this the second straight quarterly decline in fatalities after seven consecutive quarters of year-to-year increases in fatalities. However, fatalities still increased in 25 states during the first three quarters of 2022.
In a nutshell, these statistics highlight the urgent need for continued efforts to improve road safety and reduce traffic fatalities. While various strategies and technologies have been employed to address the issue, one promising solution that could help reduce car accidents is blockchain technology.
Blockchain Technology and Car Accidents
Blockchain technology is a distributed digital ledger that records and stores transactions in a secure and transparent manner. It is often associated with cryptocurrencies, but its potential applications go beyond finance. One area where blockchain technology could be particularly useful is in the field of road safety.
Here are ways it could contribute to this cause:
1. Offers Better Real-Time Traffic and Weather Monitoring
Blockchain technology offers a decentralized and secure way to collect, store, and share existing traffic and weather data. This is where its primary benefit comes into play.
With it, data can be stored on a distributed ledger that is accessible to all stakeholders, including drivers, transportation agencies, and weather monitoring services. This means that everyone mentioned has access to the same information, which can lead to more informed decision-making and better safety outcomes along the way.
2. Provides a Tamper-Proof Record
Another key benefit of blockchain technology is its ability to provide a tamper-proof record of transactions. This could be applied to the records of car accidents, providing an accurate and secure record of what happened, when, and who was involved.
This feature could be particularly useful in cases where there is a dispute over the cause of the accident, or where insurance claims are being processed.
3. Improved Data Sharing
Blockchain technology could also facilitate better sharing of data between different participants in the road safety ecosystem. This includes car manufacturers, insurance companies, government agencies, and other organizations involved in road safety.
By using blockchain, data could be securely and transparently shared, allowing for more accurate and timely analysis of road safety trends and issues.
4. Enhanced Vehicle Assessment
Blockchain technology could also be used to improve the safety of individual vehicles. For example, blockchain-based systems could be used to securely and transparently track the maintenance history of a vehicle, ensuring that it is in good condition and less likely to break down or cause an accident.
Additionally, blockchain could be used to securely and transparently track the ownership history of a vehicle, reducing the risk of fraud and ensuring that vehicles are safe and legal to operate on the roads.
5. Reducing Fraud
Finally, blockchain technology could be used to reduce fraud in the field of road safety. For example, blockchain-based systems could be used to securely and transparently track the sale and transfer of vehicles, reducing the risk of fraudulent transactions.
Likewise, blockchain could be used to securely and transparently track the use of government funds for road safety initiatives, reducing the risk of corruption and ensuring that funds are being used effectively. The efficient use of funds for safety measures guarantees that services are delivered properly and that all the necessary infrastructures are working as expected.
Final Thoughts
While blockchain technology is not a silver bullet solution for just about everything, it can certainly complement existing efforts to reduce car accidents and improve road safety. It is crucial for all stakeholders in the road safety ecosystem, including governments, car manufacturers, insurance companies, and transportation agencies, to explore the potentials offered by blockchain technology adoption and work together to implement effective solutions.
Reducing traffic fatalities and improving road safety is a complex issue that requires the collaboration and effort of all stakeholders. Blockchain technology offers a promising solution that can help address this issue, and its potential benefits should not be ignored. By leveraging the power of this system, we can work towards a safer and more secure future on our roads.
