As StateTech has previously reported, state governments are experimenting with blockchain to protect and secure data. Blockchain provides a secure and transparent mechanism to make, record and verify any type of transaction.
Security is especially important in payment transactions. Blockchain smart contracts can be used to exchange anything of value without the services of a middleman. They can also be used to define and enforce rules and penalties as agreed on in a contract between two parties.
Different researchers have proposed the introduction of an electronic toll collection system with enhanced security and interoperability provided by blockchain.
In a research paper published this year in the International Journal of Engineering and Advanced Technology, a group of researchers proposed the use of radio transponder devices similar to those used in electronic toll collection.