In the parking industry, there are always several parking authorities and parking providers that exist today. Each of them has different policies, standards and framework. This creates an unregulated, unchecked marketplace, that has divergent rates on parking.
Blockchain can solve this issue, especially Ethereum-based blockchain. It is capable of managing and executing smart contracts. The smart contract can be set up between parking providers and parking authorities in a certain area, so parking rates across that area could be standardized.
Since the rates are managed over blockchain and executed by smart contract, there is no possibility of manipulation of the policies, and no system can bypass it. Moreover, parking providers do not have to go through payment gateways like visa, Mastercard or PayPal and being charged 3.9 to 10% from the transaction. Thus, the parking providers would be able to save all the revenue.
Without the middlemen, parking providers would be able to save all this revenue and improve the quality of the services of the parking spaces and make marking smart again. Parksen’s platform is the best blockchain parking solution, join us for the parking revolution with us!