Polkadot parachain peaq empowers TSL and Jaguar to achieve autonomous payments

At the upcoming IAA MOBILITY 2023 auto show, TSL and Jaguar will showcase an innovative technology that utilizes the parachain peaq in the Polkadot ecosystem to enable autonomous payment for charging and parking fees. This demonstration marks a significant step forward in the Internet of Things economy.

peaq, as a parachain of Polkadot, aims to connect the digital world with the real world, enabling users to co-own and benefit from services and products in the real world. This platform is built on blockchain and IoT technology, providing a unique solution for the Web3 ecosystem.

The architecture of Polkadot allows multiple types of blockchains to coexist within a single network. It includes three main components: the relay chain, parachains, and bridges. The relay chain serves as the core, coordinating the entire network; parachains are independent blockchains that can process transactions in parallel; bridges are responsible for connecting Polkadot with external networks.

In practical applications, peaq has provided decentralized identities for 100 TSL vehicles of the Vienna car-sharing service company ELOOP. After tokenization, investors can become partial owners. The rental income is split equally between ELOOP and token holders, settled monthly. All transactions are recorded on the peaq testnet and will be migrated to peaq's Kusama parachain krest in the future.

In the upcoming demonstration, the car will showcase how to interact with charging stations or parking spaces using autonomous machine identities and pay fees from its own decentralized wallet. This process will be supported by the peaq testnet and the Fetch network based on Cosmos SDK.

The Fetch.ai network plays a significant role in this demonstration. It aims to build a decentralized smart economy by achieving autonomous management of network nodes through the Autonomous Economic Agents (AEA) architecture. The AEA consists of four key components: agents, communication, skills, and protocols, enabling nodes to think and learn independently.

In practical applications, Fetch.ai's autonomous AI agent framework will promote interaction between devices, including vehicles, charging stations, and infrastructure, providing users with the best charging and parking experience based on autonomous identity. This multi-chain identity authentication will occur between the peaq network within the Polkadot ecosystem and the Cosmos-based Fetch ecosystem.

The demonstration of this technology not only showcases the application potential of blockchain in the real world but also paves the way for future intelligent transportation systems and the Internet of Things economy. As these innovative technologies continue to evolve, we can expect to see more exciting application scenarios come to fruition in the near future.