Blockchain Technology Revolutionizing City Parking

The blockchain is a decentralized group of blocks that is continuously developing itself. It is an open distributed ledger. The transaction or block that is added to the blockchain must be validated by a peer-to-peer network, and once added to the blockchain it is nearly impossible to ever alter the record.

One of the best things about blockchain is that, because it is a decentralized system that exists between all permitted parties. There is no need to pay middlemen for anything, so it saves you time and money. It’s a faster, cheaper, and more secure system, that is why even the banks and governments are turning to use them.

SMART CONTRACTS HELP MANAGEMENT OF CITY PARKING PAYMENT

In 1994, Nick Szzbo, a legal scholar and cryptographer realized that the decentralized ledger could be used for smart contracts. In this format, contracts could be converted to computer code, stored, and copied on the system and supervised by the network of computers that run the blockchain. At the end, there will be ledger feedback such as the amount of money you transfer or the product or service you ordered.

Smart contracts could help you to exchange money, property, shares, or anything of value in a transparent way, while avoiding the conflicts that might have with the middlemen. As a result, it will be used by Parksen’s cloud parking solution. We would like to offer a solution for the governments to be able to manage the bills for the citizens who pay for parking or penalties.

“With blockchain, citizens are signing smart contracts right into the blockchain. Individuals involved are anonymous, but the contract is the public ledger,” Parksen’s CEO Eddie Postma explained.

Parksen CEO, Eddie Postma, explains about smart parking and blockchain

ETHEREUM BLOCKCHAIN IS THE BEST SOLUTION FOR TOKEN ECONOMICS

As the world’s economies begin to move online, cryptocurrency for parking is becoming a desirable option for drivers. Parken’s solution is embedded in the Ethereum system. Ethereum system is an open source that allows our cryptocurrency whose blockchain is generated by the Ethereum platform. The entire Ethereum network is a giant mass of nodes connected to one another. All the transactions that have happened in the network are automatically updated and recorded in an open and distributed ledger.

If you us Parksen’s parking app, you could use your PARQ token, Bitcoin, Ethereum, regular bank transfer, credit card or even Paypal. How convenient it is! Parken’s token economics is based on the most advanced technology and it is revolutionizing the parking world!

Get your PARQ tokens NOW!

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