Automatic, continuous payments, settled machine-to-machine, will enable a smart parking ecosystem.
- Frictionless parking enhances the user experience, increases efficiency and reduces costs
- Dynamic pricing optimizes the parking space infrastructure utilization
- Proof of concept by d-fine and EDAG integrates IOTA technology in the existing trive.park parking app
- EDAG and IOTA had a joint presence at the IAA 2019 where the project was showcased
Drivers will be able to lean back and worry less about parking in the near future: in the context of a smart parking ecosystem, cars will pay automatically and continuously for the time and space they need for parking. A proof of concept (PoC) developed by d-fine and trive.me (Software Innovations by EDAG), and powered by IOTA, recently demonstrated this potential. In addition to automated and seamless microtransactions, dynamic pricing — based on historical data and current demand — helps to optimize the valuation and utilization of parking space infrastructure.
Julian Schultheiß, Manager for Mobility & Transportation at d-fine, says: “The application of dynamic pricing allows to effectively value the parking space according to expected demand and optimize the utilization of parking space infrastructure.” Marcus Hennig, Manager for DLT & Fintech at d-fine, adds: “The feeless microtransactions of IOTA are ideal for exchanging data and settling payments seamlessly.”
For additional information also visit www.d-fine.com/smartparking
This smart parking ecosystem proof of concept uses the latest distributed ledger technology: the IOTA Tangle.
d-fine and trive.me are bringing the vision of a machine economy into a parking context, in which the so-called microtransactions between car and parking infrastructure happen automatically and continuously in the background for the duration of the parking.
The feasibility of microtransactions requires that no transaction fees are involved. And that’s where the IOTA Tangle comes in place: the feeless nature of the IOTA Tangle makes it ideally suited for this digital mobility use case, as well as other use cases concerning the internet of things (IoT).
“In this proof of concept we are able to show the advantages of IOTA for the business case of our existing product trive.park (www.trivepark.de).
We regard the use of innovative new technologies such as IOTA’s 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 and infrastructure operators of tedious tasks such as payment, registration and data protection, thus enhancing the driving experience,” explains Alexander Süssemilch, Product Owner at trive.me.
This application shows that the IOTA technology is already simplifying people’s lives, and soon it will become a basic necessity for autonomous vehicles to be able to transact. Autonomous vehicles will become economic agents with their own wallet that lets them earn and pay for services — as in this case, the parking. The infrastructure to enable such advanced vehicles is being tried out today in order to be ready for autonomous vehicles tomorrow — vehicles that, integrated into a digital mobility ecosystem, will pay autonomously for parking, charging, road usage and more.
“Smart parking is just one part of the puzzle that is the future of mobility. This PoC demonstrates how IOTA can be used not only to enhance transparency and reduce costs but simply make using a car more convenient and stress free”, says Jan Pauseback, Senior Technical Analyst at the IOTA Foundation.
d-fine is a leading European consultancy, which provides technology and business analysis services across a range of industries in the transformation space. Within the mobility and transportation regimes, these include digitization of mobility services, integration of e-mobility and logistics optimization. Our hands-on blockchain and DLT experience stems from numerous solution implementations, including a digital asset custody solution and a debt capital markets issuance platform. d-fine’s experience combined with its unique consulting approach, which is based upon strong analytical, quantitative and technological skills, facilitates the implementation of sustainable and future-proof solutions.
trive.me is a digital accelerator within the mobility industry. The interdisciplinary experts at trive.me develop user-focused software and always question the industry’s status-quo. As a brand of EDAG Engineering, we combine innovation management, our own products and software development services.
IOTA is a not-for-profit foundation incorporated and registered in Germany. The IOTA Foundation’s mission is to support the development and standardization of new distributed ledger technologies (DLT), including the IOTA Tangle. The IOTA Tangle is an innovative type of DLT specifically designed for the Internet of Things (IoT) environment. It is an open-source protocol facilitating novel Machine-to-Machine (M2M) interactions, including secure data transfer, fee-less real-time micropayments, and the collection and dissemination of sensor-based and other data.
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