Digital Assets: Blockchain And AI Combine To Optimize Car Parking In Munich

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Fetch.ai and Datarella launched smart city trials in Munich.

Cambridge-based AI lab Fetch.ai and enterprise blockchain solutions provider Datarella announced trials of M-ZONE, their smart city zoning infrastructure.

The project will utilize multi-agent blockchain-based AI digitization services to unlock data and provide smart mobility solutions around commercial real estate in the city center.

The area is subject to traffic congestion, parking non-availability, and loss of time for all the concerned persons such as car owners, taxis, and parking management services.

Smart city project and the vexed issue of parking

The trials will commence today (November 12) at the Connex Buildings in Munich. The concept is to optimize parking at Connex and adjacent corporate offices by using a system of “incentives.”

Autonomous Economic Agents (AEAs) will work through an app to autonomously negotiate the ‘price’ of parking spaces between the holders of parking spots, and those looking for parking spaces.

By electing to park in not so popular spaces, or by not parking in the city complex at all, the users can earn tokenized “rewards.”

“As soon as a car or its related wallet address is registered as parked by the Carpark AEA, the token airdrops to this wallet stop/slow,” says the release from Datarella. “The number of tokens rewarded per wallet and minute depends on the current utilization of the parking lot.”

“Our system incentivizes community use of public transport through a tokenized incentive system while reducing the congestion that accounts for a great deal of Munich’s CO2 emissions,” said Michael Reuter, CEO of Datarella.

Smart city AI solutions

The autonomous AI agents are built and customized by Fetch.ai.

“Our vision is to connect digital and real-life economies to enable automation over a decentralized network and change the way we use data,” says Humayun Sheikh, CEO of Fetch.ai.

The video below is a depiction of Fetch.ai’s smart parking and congestion solution.

The AI-powered software agents, therefore, optimize resource usage and reduce the city’s carbon footprint.

Datarella and Fetch.ai predict that mass implementation of smart city infrastructure could result in a reduction in annual CO2 emissions by 34,000t.

Related Story:  Automaker Ford Using Artificial Intelligence To Optimize Daily Driving

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