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Fetch.ai has partnered with blockchain solutions provider Datarella to launch trials on smart city zoning infrastructure in the German city of Munich.
The UK-based artificial intelligence (AI) laboratory says the process will use multi-agent blockchain-based AI digitizing services to unlock data and provide smart mobility solutions in its commercial real estate properties in the city center.
Fetch.ai says its AEAs (Autonomous Economic Agents) will support the sustainable use of city infrastructure through an application where they will autonomously negotiate the price of parking spaces between parking owners and those looking for space.
Users can earn digital currency rewards for choosing less popular or less in demand parking. The AEA car park determines reward levels based on maximizing resource utilization, the lab adds.
The reward system is measured by the use of parking spaces. Each registered user who is a regular user of the car park will receive a certain amount of tokens per minute for not using the car park.
The token should be transmitted to the wallet stop as soon as the car or its related wallet address is registered as parked by the AEA parking lot.
Fetch.ai emphasizes the number of tokens awarded per wallet and the minute depends on the current parking usage.
Fetch.ai CEO Humayun Sheikh says, “Fetch.ai provides a decentralized framework for building and customizing standalone AI agents to perform complex coordination tasks. Our vision is to connect digital and real economies to enable automation on a decentralized network and change the way we use data. ”
Datarella CEO Michael Reuter says: “The owners, as well as the city council, are interested in optimizing parking management, to allow parking availability to all employees of company tenants, while organizing the flow of traffic and prevent commuter traffic jams. Our system encourages the community use of public transport through a token distribution system by reducing congestion which is responsible for a large part of Munich’s CO2 emissions. ”
“Assuming there is a 10% reduction in car use in Munich alone, the city would see a reduction in CO2 emissions of 34,000 tons per year,” continues Sheikh.
“Increased to cover all of Germany, this equates to a CO2 reduction of 1.7 million tonnes per year. This smart city solution has the potential to penetrate huge markets simply by tapping into wasted data and using it efficiently.
