IOTA (MIOTA), a distributed ledger technology (DLT) for the Internet of Things (IoT) ecosystem, has been used by EDAG, a Germany-based engineering firm and d-fine, to develop a proof-of-concept (PoC) for a Tangle-powered smart parking ecosystem, according to a blog post on September 26, 2019.
Smart Parking on the Blockchain
In a bid to make life easier for drivers, EDAG and d-fine have joined forces to conduct a proof-of-concept (PoC) for an IOTA-based smart parking solution.
As stated in a blog post, the PoC was designed to demonstrate how cars will be able to pay “automatically and continuously for the time and parking space they need,” enabling drivers to enjoy their ride and worry less about parking.
Using IOTA’s Tangle network, EDAG and d-fine are poised to bring the vision of the machine economy into the automatic parking ecosystem, enabling automatic and continuous microtransactions in the background, between car and parking infrastructure for the full duration of the parking.
The team says the IOTA technology is best suited for the project as it offers feeless transactions and fosters dynamic pricing which helps to optimize the valuation of the parking space.
“The feeless microtransactions of IOTA are ideal for exchanging data and settling payments seamlessly,” declared Julian Schultheib, Manager for Mobility and Transportation at d-fine.
IOTA Making Life Easier
Interestingly, the IOTA team has revealed that the successful PoC has shown that IOTA has the potential to make life easier and it will soon start gaining traction in the autonomous vehicles industry.
The team envisions a future where autonomous vehicles will be transformed into economic agents with dedicated wallets that help them to facilitate payments for services such as parking.
Commenting on the PoC, Jan Pauseback, Senior Technical Analyst at the IOTA Foundation reiterated that the project has proven that IOTA has a huge role to play in the future of mobility, not just smart parking.
In his words:
“Smart parking represents just one part of the puzzle that is the future of mobility. This PoC shows how IOTA can be used not only to enhance transparency and promote cost-efficiency but simply make using a car more convenient and stress-free.”
In related news, on September 22, 2019, BTCManager informed that IOTA had launched a decentralized and autonomous industry marketplace as part of plans to promote interconnectivity between humans, machines, and machine-readable contracts.