By On September 26 2019, IOTA announced on Medium that EDAG and d-fine had developed a new smart parking ecosystem that is powered by IOTA Tangle. It will enable continuous and automatic machine-to-machine payments and frictionless parking.
The Smart parking ecosystem Uses Proof of Concept (PoW) by d-fine and EDAG’s existing trive.park parking app which uses IOTA Tangle Distributed Ledger Technology (DLT).
The Smart Parking Ecosystem
This ecosystem has the design power to revolutionize the utilization of future parking spaces by introducing affordable pricing, enhanced user experience, and overall efficiency. The Manager for Mobility and Transportation at d-fine, Julian Schutheib stated:
“The application of dynamic pricing allows us to effectively value the parking space according to expected demand, and optimize the utilization of parking space infrastructure.”
Since it is powered by IOTA Tangle, The Smart Parking Ecosystem will also eliminate the necessity of fees in microtransactions. EDAG stated:
“Payments are processed in the background via the IOTA cryptocurrency, which is currently considered to be one of the most promising technologies in the field of micropayments. IOTA is geared to automated communication and payments between IoT devices. Together with other partners, trive.me qualifies this new decentralized service for the automotive industry. “
Drivers can now relax and let their smart cars automatically find, calculate time, and continuously pay for their parking spaces.
The Smart Parking Ecosystem powered by IOTA
The Smart Parking Ecosystem is developed on the IOTA Tangle technology, Proof of concept by d-fine and trive.me parking app by EDAG. In its Mobility and Transportation Brochure, d-fine stated:
“Together with the IOTA Foundation and trive.me, we developed a proof of concept for automated microtransactions within an off-street parking concept. In the PoC, we designed and implemented a DLT-based backend utilization IOTA Tangle that includes booking pricing as well as payment services, and that integrates with trive.me Smartphone application via dedicated APIs. The payment service executes microtransactions to settle payments between the wallet of active users and the wallets of the parking garage operator. ”
History data about demand and real-time utilization will be used to calculate user and time-specific prices depending on the size of the transaction. Users with Bluetooth on their smartphones can automatically trigger the automatic payment system by opening the barrier at the parking garage.
d-fine seeks the transformation of a digital mobility ecosystem by leveraging Internet Of Things (IoT), Distributed Ledger Technology (DLT), cars and infrastructure. The aim is to create an ecosystem in which machines can communicate with one another and perform payment services automatically.
The Future of The Smart Parking Ecosystem
The ecosystem’s development team is also planning to move this parking wallet from the user Smartphone into the smart vehicle themselves to fully realize the machine-to-machine automatic payment system of the mobile digital ecosystem. Heiko Herchet, Head of trive.park said:
“We regard the use of innovative new technologies such as IOTA Tangle for applications in the mobility industry as an important step in establishing automated driving and other mobility services. The technology will gradually relieve the driver of tedious tasks such as payment, registration, and data protection, thus enhancing the driver experience.”
Using innovative PoCs, d-fine’s goal for the Smart Parking Ecosystem is to turn mobile machines into autonomous economic agents capable of settling service payments in a mobility ecosystem.
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