Now, thanks to MIT engineers, we are one step closer to realizing the Hyperloop -- a revolutionary transportation system envisioned by Elon Musk.

This year, engineers from the Massachusetts Institute of Technology have won an international Hyperloop design competition that was sponsored by Space X -- a space exploration technology company led by Elon Musk. Musk is a famous entrepreneur and business magnate who has also founded electric automobile manufacturer Tesla Motors (TSLA  ) and online payments giant Paypal (PYPL  ). The competition was held at Texas A&M University last month. More than 120 college student teams participated in the final round and over more than 700 teams submitted their own designs.

The design by MIT distinguishes itself from the other designs by implementing a unique electromagnetic levitation system. "Our pod focuses on levitating as well as moving at really high speed. Those are the two things that we see as crucial to this being a true Hyperloop pot" said Chris Merian, the Chief Engineer of the MIT team. The electromagnetic levitation system levitates the pod with magnetic field and enables high-speed travel.

Hyperloop is a concept for a "fifth mode of transport" that differs from aviation, ship, railway,and road transport. In his envision, it is a hypothetical high-speed transportation system that is safer and faster than high-speed train and is sustainably self-powering. The system features fast-moving capsules inside an elevated, reduced-pressure tube that is driven by electric motors. Hyperloop is designed to be immune to the dangers of weather and crashes. Additionally, it has an average speed twice as fast as a typical jet, low power requirement and ability to store energy for 24-hour operations.With Hyperloop, it would only take 15 minutes to travel from Krakow to Warsaw, and 30 minutes to travel from New York to Boston.

In addition to Hyperloop, there are more innovative transportation system ideas. Maglev trains, which uses magnetic levitation, can speed up to 500 km/hour while spending far less energy than a standard electric-powered trains. The trains are already in operation in Shanghai, China and Tokyo, Japan. Automatic vehicles enable people to take their hands off the wheel and let robotic drivers do the driving for them. Robotic drivers, which can react faster and smarter than a human driver, provide an alternative mode of transportation that is safe and efficient. Driverless urban transport pods take people to their destination at 30 km/hour in urban areas, when allowing passengers to read news and check their email in the mean time. These pods eliminate parking problems, reduce pollution, and provide a safe and faster mode of transportation within congested urban centers. Other innovative ideas include the String Rail System, smart car etc.

Hyperloop, once comes into reality, would tremendously change the business of travel. It is capable of carrying 5600 passengers at full capacity at each direction each time. Hyperloop provides a new and more efficient method for commuting. More importantly,Hyperloop would tremendously change the way cargo transported across the world. As the CEO of Hyperloop Technologies Rob Lloyd and its CTO Brogan Bambrogan pronounced, one day Hyperloop would make cargo ships obsolete. With a speed that is faster than a flying jet, Hyperloop would be able to improve dramatically the efficiency of transportation across the world.

The potential rise of Hyperloop could stimulate growth of companies and industries which produce its core components: the pressure-reduced tubes, the solar panels which provide energy and the batteries. On the other hand, it could bring challenges to existing companies, especially those who are in the transportation industry. A potential network of Hyperloop between clusters of cities provides efficient and cheap transportation and serves as economic engine for growth. Prominent railroad corportations such as Union Pacific Corporation (UNP  ) and Norfolk Southern Railway (NSC  ) can be affected due to challenge of Hyperloop. Hyperloop can also potentially provide a cheaper and faster transportation overseas. Prominent shipping companies such as Ardmore Shipping Corporations (ASC  ), and American President Lines can be affected.