The currency application on the Blockchain technology
A company has recently come up with a solution for easier making parking for businesses as well as individuals by using the Blockchain. The company has come up with a smart solution that is based on the principles of decentralization, through the decentralized network with the cryptocurrency application.
This solution is best suited for an individual who drives on a daily basis and spends much time finding parking spaces or having to find parking meters to pay for that parking space either in advance or during exit, which can waste valuable and a significant amount of time. Especially when a business has to deliver or visit clients on a regular basis.
This is the idea that has captured the smart solution company that goes by the name NetObjex (based at Newport Beach in the U.S). The project will make use of the IOTA decentralized network, IOTA is being described as the ‘ledger of things’ it also enables devices to be able to trade the exact amount of resources on-demand. The service also allows data to be captured and stored away from sensors and datalogs securely in order to verify via the ledger.
IOTA follows the principles of decentralization, however, this crypto asset cannot be mined as the algorithms do not require miners. This means that every participant in the network that makes a transaction will actively be participating in the consensus rules. According to a report from Baltic data science, IOTA is more decentralized than any other Blockchain.
Cryptocurrencies are being used for parking payments
NetObjex has been working with partnering company Advantech and PNI Sensor Corporation in order to create a system whereby drivers of a vehicle can autonomously pay for parking through the integration and use of cryptocurrency wallets.
This requires an accurate sensor at the vehicle parking meter according to reports from Smart2Zero .The project will be developed with a smart parking solution making use of the PNI’s PlacePod inground or surface-mounted smart parking sensors. These sensors that are put in place in order to provide real-time vehicle detection and signaling available locations for parking areas, is another implementation that will disrupt the parking meter system.
As more and more transactions happen on the network it increases the value of that cryptocurrency as well, creating a seamless ecosystem for value transactions.
The PlacePod sensors will be able to communicate with a cloud computing solution while sending signals via the Advantech’s LoRa Solutions. This is a standard M2.COM standardized LoRa IoT Sensor Node, with a WISE-1510 and LoRa IoT Gateway WISE-3610.
Parkgene has also been one of the companies that have been focused on the implementation of cryptocurrencies in parking meters worldwide. The Sensors in a vehicle will be able to communicate via Bluetooth Low Energy wireless communication. This will be a very short-term solution, however, with digital short-range communication equipment installed for the long-term.
With the technological communications, the IOTA platform will be able to decentralize the network which will allow the devices to be discovered, authenticated transacted and communicate much easier and frequently. Which also means you can pay from your phone in order to reserve a parking space.
This Set-up between cryptocurrencies and the payment of parking meters with them will set off a new digital transformation in the transportation industry.
This is also already possible in countries like The UK and Denver Airport parking, where drivers can pay for parking with Bitcoins, by using a service called SkyParkSecure. This service automatically converts the cryptocurrency directly back into fiat. However, the idea and devices are still not widespread and can expect to start working on a global basis in the coming years ahead.