How Parachain peaq Empowers the Automotive Industry in the Polkadot Ecosystem

Recently, the Polkadot ecosystem has welcomed an exciting development - a well-known electric vehicle manufacturer and a luxury car brand will showcase a payment demonstration for charging and parking fees based on peaq parachain technology at the IAA MOBILITY 2023 auto show.

peaq is a parachain in the Polkadot ecosystem, inheriting the security and interoperability of Polkadot while operating as an independent blockchain. peaq is dedicated to building a Web3 ecosystem based on blockchain and Internet of Things technology, aiming to connect the digital world with the real world, allowing users to jointly own and benefit from services and products in the real world.

Although many projects have recently attempted to combine blockchain technology with real-world assets, there are not many cases that can have a real impact. The demonstration by a major automotive manufacturer using peaq technology for charging and parking payments is undoubtedly a deeper exploration of the Internet of Things Economy (Economy of Things).

Introduction to Polkadot Architecture

Polkadot is a cross-chain protocol designed to connect and secure different blockchains. It allows independent blockchains to securely exchange information and execute transactions without the need for a trusted third party, thereby providing interoperability between blockchains. The Polkadot network mainly consists of three types of blockchains:

1. Relay Chain: As the core of the Polkadot network, it is responsible for coordinating the entire ecosystem.
2. Parachain: An independent blockchain that can connect to the relay chain, processing transactions in parallel to improve system scalability.
3. Bridge: Responsible for connecting Polkadot with other blockchain networks, enabling cross-chain asset and functionality transfer.

Blockchain Empowers Car Sharing

A shared car service company in Vienna, ELOOP, has tokenized 100 electric vehicles. Peaq provides a unique ID for each vehicle, making them part of the decentralized physical infrastructure (DePin).

These vehicles are "fragmented" and co-owned by multiple shareholders. Investors can purchase tokens that represent ownership of the vehicles, and the rental income from the fleet is distributed monthly between ELOOP and the token holders at a ratio of 1:1.

Currently, these 100 electric vehicles have completed over 7,000 trips, with each transaction recorded on peaq's testnet. The company plans to migrate this data to peaq's parachain krest on Kusama.

Automated Vehicle Payment Demonstration

At the upcoming auto show, peaq will demonstrate how vehicles can autonomously pay for charging and parking fees. This demonstration project involves multiple collaborations:

• Gaia-X: A digital sovereignty alliance supported by the EU.
• moveID: Part of the Gaia-X future mobility project, dedicated to establishing standards and digital infrastructure for the future mobility ecosystem.
• peaq: provides infrastructure support for projects as a underlying blockchain.

In the demonstration, when the user puts the vehicle in charging mode, the vehicle will interact with the charging station or parking space using its autonomous machine identity and pay the fees from its own decentralized wallet.

The peaq testnet and the Fetch network based on Cosmos SDK will serve as the transaction and identity layer, supporting interaction between these devices.

Fetch.ai and Autonomous Economic Agents

Fetch.ai is a project aimed at building a decentralized intelligent economy, with the goal of providing a new way of economic interaction for businesses and consumers, achieving more efficient, secure, and intelligent transactions.

The core of Fetch.ai is the autonomous economic agents architecture (AEA), which includes the following key components:

1. Proxy ( Agent ): Each node is an independent smart agent, possessing its own wallet address, identity identification, and smart contract.
2. Communication ( Connection ): A blockchain-based peer-to-peer communication protocol for information transfer between agents.
3. Skill (: A pluggable module for extending the functionality of the agent, such as natural language processing, machine learning, etc.
4. Protocol ): defines the rules and guidelines for communication between agents.

On the Fetch.ai network, data owners and demand parties interact through their respective agents within the open economic framework (OEF). OEF acts as a search and discovery mechanism, enabling data providers and demand parties to match efficiently.

At the auto show demonstration, Fetch.ai will provide its autonomous AI agent framework. These agents will facilitate interaction between devices through multi-chain ID communication between the peaq network and the Fetch ecosystem, offering users the best charging and parking experience based on autonomous identity (SSI).