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. Read More...