Entrepreneur Elon Musk has released mind-boggling footage of revolutionary transport tipped to transform the world.

The Musk-funded Hyperloop concept is described as "a cross between a Concorde, a rail gun and an air hockey table".

Musk posted a video on Twitter of a test pod travelling at 321km/h, The Sun reported.

The pods are propelled either by magnets or air expelled from the vessels themselves, and the tubes would be suspended off the ground to protect against weather conditions and earthquakes.

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In Australia, the Hyperloop has been mooted to take commuters from Melbourne to Sydney in 53 minutes, news.com.au reported.

While Musk was behind the initial idea, launched in 2013, he is not involved in the companies vying to make his vision a reality.

Hyperloop One completed the first public test of the propulsion system in May 2016.

This came two months after rival start-up Hyperloop Transportation Technologies reached a deal with the Slovakian government to explore building a system in the central European country.

President of London think tank Policy North, David Harison, said the project would change the way we live.

"Hyperloop could make jobs in London accessible to people living hundreds of miles away, challenging the north-south divide and creating a more balanced spread of wealth across the country," he said.

"Workers would no longer need to move to London to access the best-paying opportunities - only to have the benefits of those positions wiped out by the soaring cost of living there.

"Similarly, businesses could locate to the north of England where there is plenty of space."

Dubai announced a deal with Hyperloop in November last year with a view to bringing it to the Persian Gulf.

HYPERLOOP IN NUMBERS

  • The Hyperloop pod is tipped to carry about 28-40 passengers.
  • It will transfer 164,000 passengers daily.
  • Taking just 40 seconds to depart, customers won't want to miss their slot.
  • The Hyperloop One tunnel will be 100ft long and 2.7m in diameter.
  • It's set to launch in Dubai next year, but will begin trials in the Nevada desert this year.