Blockchain firm Datarella and artificial intelligence specialist Fetch.ai have launched a ‘smart parking’ infrastructure trial in the German city of Munich. The pilot uses a rewards system based on digital currency.
Through the M-ZONE app, the ‘price’ of parking spaces will automatically be negotiated between the holders of them and those looking for a space.
The trial will initially be based at the ‘Connex’ office development in the city centre, with a view to scaling up in other parts of Munich in 2021.
Rebecca Johnson, Blockchain Architect, Datarella, told Cities Today: “This token has real economic value and can be traded for fiat or other cryptocurrencies. It can [also] be staked and used to power Fetch.ai applications, such as paying for parking.”
Users can earn the digital currency if they choose less popular or in-demand parking spaces, or if they do not use the parking lot at all on some days. They receive a settlement in FET, an Ethereum based ERC20 token (1 FET is currently worth US$0.046).
The creators claim this incentive will ultimately reduce car use and, in turn, lower CO2 emissions.
Michael Reuter, CEO of Datarella, said: “With the help of a tokenized reward system, our system creates incentives for greater use of local public transport. This can reduce traffic jams and thus a significant proportion of Munich’s inner-city CO2 emissions.
“Landlords, as well as the City Council, are interested in optimizing parking space management to allow for available parking for all employees or corporate tenants while organizing the traffic flow and preventing commuter traffic jams.”
Rewards will be added via an airdrop of Fetch.ai’s FET token to registered car park users for every minute that their vehicle is not in the parking lot. The number of tokens awarded per minute will depend on the amount of available space in the car park.
“Fetch.ai provides a decentralized framework for building and customizing autonomous AI agents to carry out complex coordination tasks,” said Humayun Sheikh, CEO of Fetch.ai.
“Our vision is to connect digital and real-life economies in order to enable automation over a decentralized network and change the way we use data.”