Munich has the first parking lot that regulates demand through the blockchain

Munich has the first parking lot that regulates demand through the blockchain

November 17, 2020 0 By autotimesnews

Fetch.AI, a Cambridge-based AI startup, has teamed up with the German blockchain company Datarella in an extraordinary smart city project, M-ZONE. Companies have created an infrastructure for parking lots connected to a decentralized blockchain network. The system independently determines the demand for parking spaces and pays the participants in the system in digital currency if they choose a less popular space or if they do not use a parking space at all on some days. M-ZONE launched next to the Connex Buildings business center in Munich, Germany.

The Fetch.ai and Datarella project brings together literally everything modern IT companies love: blockchain, automation, smart city and CO2 reduction. As part of the project rollout, Fetch.ai has created an AI-powered network of autonomous economic agents (AEA). These agents analyze the demand for parking in real time and automatically reallocate customers based on the current load, motivating them to reward them for cost-effective solutions. Thus, according to SiliconANGLE, the authors of the project expect to reduce harmful carbon emissions and unload the transport system.

“Fetch.ai provide a decentralized framework with autonomous AI agents for complex coordination tasks. Our idea is to bring the digital and real economies together to automate the decentralized web and change the way data is used, ”explains Fetch.ai CEO Humayun Sheikh.

According to Sheikh, if Munich cuts traffic by 10%, carbon emissions will decrease by 34 thousand tons per year. And if the infrastructure is expanded to all of Germany, as Fetch.ai and Datarella are counting on, annual CO2 emissions will be reduced by 1.7 million tons. Moreover, all participants in the system will only benefit.

The partners promise to save the residents of Munich three important points: time, money and stress. Users will be less likely to get stuck in traffic jams, will not waste time looking for free parking spaces, and using the Datarella system will bring additional benefits. When the owner of a parking space at Connex Buildings on certain days abandons a private car in favor of public transport (reports this via the app), the AI ​​registers the solution and charges digital currency. The same thing happens when the user selects unpopular, distant parking spots. Carpark AEA determines remuneration levels based on maximum resource utilization.

Pilot testing of the M-ZONE in Munich has already begun, and the test results will determine the future of the project.