Tech

How Is Technology Avoiding Train Accidents?

Published

4 years ago

March 26, 2021

Train crashes and train derailments happen worldwide every year; many remember the devastating 2013 Lac-Megantic derailment and fire in Canada that killed 42 people.

However, there is new technology being installed by train companies and railroads to reduce the chance of train accidents, which are highlighted below. Of course, accidents still happen, and it’s important to talk to an experienced train accident attorney if it’s happened to you.

Enhanced Train Braking

The United States now requires better braking on trains that carry flammable materials, such as oil and petroleum. Any train with a block of 20 train cars or more that has a combustible liquid must be fitted with a two-way end-of-train (EOT) electronic device or a distributed power braking system.

Both devices spread braking functionality across several points on the train for faster, more reliable stopping power.

Additionally, any train with 70 or more tanker cars with flammable contents at speeds above 40 MPH must have an electronically controlled pneumatic braking apparatus by May 2023.

These advanced technologies allow for better-controlled braking by allowing for more uniform and responsive braking pressure application. The bottom line is a shorter stopping distance, lower derailment risks, and lower chances of train car pileup if a derailment does happen.

Safer Tanker Cars

The tank cars involved in the Lac-Megantic tragedy were an older Class III variety, which was known to be likely to rupture even in a low-speed accident.

After that derailment, the US and Canada came up with a stricter tanker car standard called Class 117. The new car has better resistance to punctures, enhanced structural strength, and is resistant to fractures if a derailment happens.

However, it’s notable that Class III tankers are still allowed to be used in the US and Canada for some dangerous chemicals until June 2025.

Better Information Sharing

Technological advancements are allowing better information sharing between train operators and government agencies, which allows for more effective decision-making. For instance, Canada’s protective Direction No. 36 requires railroad companies to provide cities and counties with dangerous goods updates, including the number of trains, cars carrying hazardous materials, and more.

This information is designed to provide local governments with what they need to know for effective emergency responses and planning.

The US is mandating better classification of many petroleum-based products to ensure better record-keeping and packaging by requiring a documented testing and sampling procedure. This information is needed to be given to the US Department of Transportation when requested.

Human Error

While technological improvements reduce the chances of train accidents, human error can still occur.

For example, in the Lac-Megantic tragedy, the train carried millions of liters of crude oil through the small town in Quebec at a dangerous 65 MPH before veering off the tracks, killing 47 people.

A few hours before the wreck, the train idled in Nantes, Quebec, and the engine caught fire and was disabled by the local fire department.

There was no power from the engine, so air leaked from the braking system. Not enough handbrakes were applied, and the train rolled downhill out of control toward the small town of Lac-Megantic.

Some of the reasons for that crash were less about technology and more about humans failing to use technology. Some human failures in that derailment were failure to maintain the train engine, not understanding the connection between the engine and air brakes, and not setting and testing handbrakes properly.

Better training of train operators has been the norm in Canada and the US since that fateful day in 2013, but there is still more work to prevent future train accidents.

Tech

The Evolution and Impact of Crypto Swapping in the Financial Landscape

Published

2 months ago

September 19, 2024

Jonathan Grilli

Introduction

The rise of cryptocurrencies has revolutionized how we think about money and how we handle financial transactions. Among these innovations, the ability to swap crypto is a significant development, enabling a more fluid exchange of digital assets. This method allows for directly swapping one cryptocurrency for another without the need for traditional financial intermediaries, such as banks or conventional exchanges. Specifically, swap crypto platforms help these transactions through decentralized systems that enhance user autonomy and security. This article delves into the intricacies of crypto swapping, exploring its mechanisms, advantages, challenges, and potential to reshape the financial ecosystem. By examining how swap crypto functions within the broader context of digital finance, we gain insights into its transformative impact on personal and commercial financial practices.

Understanding Crypto Swapping

Crypto swapping refers to the exchange of one cryptocurrency for another. This can happen on various platforms, including centralized exchanges (CEXs) and decentralized exchanges (DEXs). However, the unique aspect of crypto swapping often refers to its operation on DEXs, which use smart contracts on blockchains like Ethereum to help peer-to-peer exchanges without the need for a central authority. These smart contracts automate the transaction process, ensuring that the terms of the swap are enforced transparently and without bias. The decentralized nature of DEXs enhances security by reducing the risk of hacks associated with centralized repositories and increases privacy, as transactions do not need personal information to be disclosed. Furthermore, DEXs often provide more diverse trading pairs and can help direct swaps across different blockchain networks, expanding the versatility and reach of crypto swapping. This method significantly contributes to the fluidity and interoperability of the cryptocurrency market, promoting greater integration and utility across various blockchain ecosystems.

The Mechanics of Crypto Swapping

The technology behind crypto swapping depends on using smart contracts. These are self-executing contracts with the terms of the agreement directly written into lines of code. In the context of DEXs, intelligent contracts automate the transfer of cryptocurrencies between parties once predetermined conditions are met, ensuring trust and eliminating the need for intermediaries. Platforms like Uniswap, Sushiswap, and PancakeSwap have popularized this model by offering liquidity pools. These pools are funded by users who deposit pairs of tokens, which are then available for others to trade against. When a user initiates a swap, the intelligent contract adjusts the prices based on the pool’s supply and demand dynamics, executing the trade instantly. This method simplifies the trading process and enhances efficiency by minimizing the time lag often encountered in traditional trading environments. Additionally, it democratizes access to financial markets by allowing virtually anyone to become a liquidity provider, potentially earning transaction fees. This dynamic fosters a more inclusive financial ecosystem and underscores the transformative potential of blockchain technology in reshaping traditional economic structures.

Advantages of Crypto Swapping

Increased Accessibility: Crypto swapping democratizes access to financial markets. Anyone with an internet connection can swap tokens without approval from traditional gatekeepers like banks.
Enhanced Security: By decentralizing the exchange process, crypto swapping reduces the risk of hacks and security breaches that can plague centralized platforms.
Lower Costs: Without the overhead associated with traditional financial institutions, crypto swapping can significantly reduce transaction fees.
Immediate Settlement: Transactions on DEXs can be settled almost instantly, unlike traditional banking transactions, which can take days.

Real-Life Impact

Example 1: Emerging Markets In countries with unstable currencies or restrictive financial systems, crypto swapping provides a viable alternative for individuals to obtain more stable, internationally-recognized currencies like Bitcoin or Ethereum. For instance, Venezuelans have turned to cryptocurrencies amidst economic turmoil to preserve their savings and engage in commerce.

Example 2: Entrepreneurial Ventures Startups increasingly use crypto swapping to manage their finances more efficiently. By leveraging DEXs, these companies can avoid the hefty fees and bureaucratic hurdles associated with cross-border transactions, fostering a more global approach to business operations.

Challenges Facing Crypto Swapping

Regulatory Hurdles: The lack of clear regulations around cryptocurrencies and DEXs poses challenges, including potential future restrictions that could affect the accessibility of crypto swapping.
Market Volatility: The prices of cryptocurrencies can be highly volatile. Rapid price fluctuations can lead to market instability and affect the reliability of executing swaps at desired prices.
Technical Barriers: Using DEXs and understanding blockchain technology need a certain level of technical knowledge, which can be a barrier for the average user.
Liquidity Issues: Some less popular tokens may face liquidity issues on DEXs, making it difficult to execute large orders without impacting the market price.

The Future of Crypto Swapping

As blockchain technology evolves and more users become comfortable with digital currencies, the scope of crypto swapping will likely expand. Innovations like cross-chain swapping and integration with traditional financial systems could further enhance usability and appeal. Moreover, with increasing attention from regulators worldwide, more precise guidelines could lead to more widespread adoption and integration of crypto swapping into mainstream financial practices.

Conclusion

Crypto swapping is more than a technological novelty; it represents a fundamental shift in how individuals and businesses interact with the global financial system. By offering a secure, efficient, and accessible means of exchanging value, crypto swapping has the potential to contribute significantly to the democratization of finance. This shift could empower individuals by giving them direct control over their financial transactions, thereby reducing dependency on traditional banking institutions and systems that often impose cumbersome processes and high fees. Moreover, businesses could leverage this technology to streamline operations, cut transaction costs, and expand into global markets with fewer barriers. However, navigating the associated challenges and ensuring a favorable regulatory environment will be crucial for realizing its full potential. As such, ongoing dialogue between innovators, regulators, and stakeholders is essential to forge regulatory frameworks that safeguard participants while fostering innovation. In this evolving landscape, crypto swapping stands not as a disruption but as a transformative force with the power to redefine financial engagement on a global scale.