Datarella, a provider of distributed ledger and blockchain technology, and artificial intelligence (AI) startup Fetch.ai are working on a smart city trial for parking in Munich.
The project, called M-ZONE, will be launched at the Connex business estate. Assuming a 10% reduction in car usage in Munich alone, the companies forecast the project could reduce annual CO2 emissions by 34,000 tonnes each year.
There are several factors at play in this project. Through what are described as autonomous economic agents (AEAs), an application will negotiate the ‘price’ of parking spaces between the holders of parking spots and those looking for parking spaces.
Drivers will be incentivised for using less in-demand spots, or eschewing the parking lot altogether. Each registered user who is a regular car park user will be rewarded with a certain number of tokens per minute for not using the parking lot. Token airdrops to a user’s wallet will stop, or slow, once a car is registered as parked.
Datarella and Fetch.ai see this as a win-win for all stakeholders. Drivers save time and money and reduce stress; tenants will enjoy lower rent costs through dynamic parking spot sharing; city councils will see better optimised traffic flows; and property owners have an easier path to new development projects.
“Landlords, as well as the city council, are interested in optimising the parking space management, to allow for available parking for all employees of corporate tenants while organising the traffic flow and preventing computer traffic jams,” said Michael Reuter, CEO of Datarella in a statement.
“Our system incentivises community use of public transport through a tokenised incentive system while reducing the congestion that accounts for a great deal of Munich’s CO2 emissions,” Reuter added.