Trials kick off on a commercial real-estate development in the city centre where agents will negotiate the price of parking spaces with users able to earn rewards in a digital currency.
The German city of Munich is launching a smart city zoning infrastructure trial, kicking off at the buildings and tenant properties of a major real-estate company.
It aims to address major issues such as reducing congestion and emissions and increasing the use of public transport via a rewards system based on a digital currency.
The trials are being run by UK-based artificial intelligence (AI) lab company, Fetch.ai, which has built an open-access decentralised machine learning network for smart infrastructure, in partnership with industrial blockchain solutions specialist, Datarella.
The trial will utilise blockchain-based AI technology to unlock data and provide smart mobility solutions in Connex Buildings’, commercial real-estate properties in the city centre. The aim of the project is to scale up in 2021, both in Munich and in other locations.
“Fetch.ai provides a decentralised framework for building and customising autonomous AI agents to carry out complex coordination tasks,” said Humayun Sheikh, CEO, Fetch.ai. “Our vision is to connect digital and real-life economies in order to enable automation over a decentralised network and change the way we use data.”
Fetch.ai will use autonomous economic agents (AEAs) to support the sustainable and efficient use of city infrastructure through an application where they will autonomously negotiate the price of parking spaces between the holders of them, and those looking for a space.
“Our system incentivises community use of public transport through a token distribution system while reducing the congestion that accounts for a great deal of Munich’s CO2 emissions”
Users can earn rewards in digital currency if they choose less popular spaces (or do not use the parking lot at all on some days). The car park AEA determines the reward levels based on maximising the resource usage.
“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 commuter traffic jams,” said Michael Reuter, CEO of Datarella.
He added: “Our system incentivises community use of public transport through a token distribution system while reducing the congestion that accounts for a great deal of Munich’s CO2 emissions.”
Users are incentivised to reduce their individual traffic to the Connex offices through a reward system which is measured by utilisation of parking spaces. Each registered user, who is a regular car park user, will be rewarded with a certain amount of tokens per minute for not parking at the parking lot. As soon as a car or its related wallet address is registered as parked by the car park AEA, the token airdrops to this wallet stop.
The number of tokens rewarded per wallet and minute depends on the current utilisation of the parking lot.
“Assuming there is a 10 per cent reduction in car usage across Munich alone, the city would see a 34,000 tonne annual Co2 emission reduction,” continued Sheikh. “Scaled up to cover all of Germany, that equates to 1.7 million tonne Co2 reduction, annually.
"This smart city solution has the potential to penetrate huge markets simply by tapping into wasted data and utilising it efficiently.”
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