Blockchain helps to determine the price for “green” parking spaces in Munich

The artificial intelligence specialists Fetch.ai and the blockchain solution provider Datarella have announced the start of a “Smart City” infrastructure trial in Munich., Germany, November 12th.

The test focuses on the Connex Buildings business hub in the city and uses a blockchain-based multi-agent artificial intelligence platform to optimize the management of parking spaces in the building. This is intended to promote a reduction in car consumption and thus CO2 emissions.

The autonomous economic actors negotiate the “price” of the parking spaces between the operators and the users. Users are rewarded for choosing less popular parking spaces or not using the parking lot at all.

Blockchain helps to determine the price for “green” parking spaces in Munich
Blockchain helps to determine the price for “green” parking spaces in Munich

The rewards are sent in the form of a drop of air from a FET token to registered parking users for every minute that their vehicle is not in the parking lot. The number of tokens issued per minute depends on the available space in the parking lot.

While this is just a small test, the impact could be big if the concept can be shown to be effective in “pushing” people towards more sustainable action.

For example, if the system can reduce the use of cars by 10%, it could cut CO2 emissions by 34,000 tons per year if increased across the city.

Humayun Sheikh, CEO of Fetch.ai, told Cointelegraph that this is only the first of several field tests conducted in a number of industries, particularly hospitality and mobility:

“Basically, our main thesis is that multi-agent systems that run in a decentralized network enable complex tasks to be coordinated between multiple stakeholders in a way that was previously impossible.”

As Cointelegraph reported, Fetch.ai recently launched a decentralized futures exchange that allows users to leverage cryptocurrencies as well as commodities such as gold, silver and oil.

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