Polkadot technology assists TSL and Jaguar in achieving smart payments

Recently, an eye-catching news came from the Polkadot ecosystem: TSL and Jaguar will showcase smart charging and parking payment functions based on the Polkadot parachain peaq technology at the IAA MOBILITY 2023 auto show. This move not only marks the beginning of traditional car manufacturers embracing Web3 technology but also provides a specific and promising application scenario for the development of the Internet of Things economy.

peaq, as a parachain of Polkadot, inherits the security and interoperability of Polkadot while focusing on building a Web3 ecosystem that connects the digital world with the real world. Its goal is to enable users to collectively own and benefit from services and goods based on the real world. This aligns with the current exploration of real-world assets (RWA) in the Web3 space, but peaq's solution places more emphasis on the practical application scenarios.

The unique architecture of the Polkadot network provides an ideal infrastructure for such innovations. As a protocol that supports multi-chain interoperability, Polkadot consists of three main components: the relay chain, parachains, and bridges. The relay chain serves as the core, integrating all parachains and bridges into a shared ecosystem; parachains are independent blockchains that can connect to the relay chain and are responsible for processing transactions in parallel; bridges are responsible for connecting Polkadot to external networks, enabling the transfer of cross-chain assets and functionalities.

Under this framework, peaq has showcased some remarkable applications. For example, in collaboration with the Vienna-based car-sharing service ELOOP, 100 Tesla vehicles have been tokenized and put on the blockchain. Each vehicle is assigned a peaq ID, becoming part of the decentralized physical infrastructure (DePin). These vehicles are "fragmented" and co-owned by multiple shareholders, with rental income distributed proportionally to the holders.

At the upcoming IAA MOBILITY 2023 auto show, peaq will collaborate with Gaia-X and moveID to showcase further applications. The demonstration will show how electric vehicles can interact with charging stations or parking spaces using autonomous machine identities and automatically pay associated fees from an onboard decentralized wallet. This process will be supported by the peaq testnet and the Fetch network.

Fetch.ai, as a project dedicated to building a decentralized intelligent economy, provided an autonomous AI agent framework in this demonstration. Its core idea is to enable network nodes to have autonomous management capabilities, achieving intelligent interaction and collaboration between nodes through four modules: AEA agents, communication, skills, and protocols.

The demonstration of TSL and Jaguar this time not only showcased the integration of the traditional automotive industry with blockchain technology but also highlighted the immense potential of Web3 technology in practical applications. By connecting physical devices such as cars, charging stations, and parking facilities to the blockchain network, we are witnessing the birth of a more intelligent, autonomous, and interconnected future transportation ecosystem. This will undoubtedly inject new momentum into the development of the IoT economy and pave the way for the application of blockchain technology in more real-world scenarios.