For most of us, we are used to going to a parking space and pay on a parking meter. It could be in advance or when we exit. Often, we don’t really like the whole process, because it really is a waste of time going through it.
IOTA ‘TANGLE’ MAKES TOKEN TRANSACTION EASY TO USE
The smart parking solution Parksen has changed this difficult situation by creating a new solution. Drivers could buy our tokens online and pay from the smart app. The technology our company uses for the fast connection between IoT devices is the IOTA decentralized network. It is an open source crypto-currency with a distributed ledger that focuses on providing secure communication and secure payments between devices on the internet of things. So, when drivers are using Parksen’s app, they could pay with our tokens on-demand.
IOTA is a blockchain-backed currency, it allows data to be captured and stored from sensors and to be verified via the ledger. So at the moment drivers park cars in the parking space and open Parksen’s app, the IoT device will start to communicate with the app, and so it starts to count the time and pay for the amount of time the drivers park there.
NEW TECHNOLOGY WILL CHANGE PRICING MODELS
New research from IDC reports shows that smart parking technology that uses sensors or video to identify parking spaces that has potential to be a revenue generator. This would boost revenue for cities since when sensors detect a parking lot is 90% full, it can charge a premium price for the remaining spaces.
The same report also suggests smart parking can also boost revenues by enabling drivers to easily pay fines via their smartphones or through car dashboards. The officers could also easily identify potential fine tickets through the system. The new technology will change the pricing models of traditional parking and bring more revenue to cities.
Parksen has issued utility tokens because it could raise funds for the long-term development of the Green, Smart & Connected City Platform. Moreover, the token payment has served as the go-to payment method within the Parksen app and platform for all stakeholders and end-users.