How the Polkadot Ecosystem Chain peaq Promotes the Development of the Internet of Things Economy

At the upcoming IAA MOBILITY 2023 auto show, Tesla and Jaguar will showcase an innovative technology - using the charging and parking fee payment system based on the Polkadot parachain peaq. This move marks a significant step forward for the internet of things economy (Economy of Things).

peaq, as a parachain of Polkadot, is an independent blockchain that shares the security and interoperability of Polkadot. It is dedicated to building a Web3 ecosystem based on blockchain and internet of things technology, aimed at connecting the digital world and the real world, allowing users to collectively own and benefit from services and goods in the real world.

Polkadot is a cross-chain protocol designed to connect and secure different blockchains. It allows independent blockchains to securely exchange messages and execute transactions without a trusted third party, enabling interoperability and interaction between blockchains. The architecture of Polkadot consists of three types of blockchains: the relay chain, parachains, and bridges.

In practical applications, ELOOP has deployed 100 tokenized Teslas in Vienna. peaq provides a unique ID for each vehicle, making it part of the decentralized physical infrastructure (DePin). These vehicles are "fragmented" and co-owned by multiple shareholders. The profits generated from fleet rentals will be evenly distributed between ELOOP and the shareholders, with revenue sharing conducted monthly.

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 peaq's testnet and the Fetch network based on the Cosmos SDK, which is responsible for handling transactions and identity verification.

Fetch.ai is another important component of this ecosystem. It aims to build a decentralized intelligent economy through the autonomous economic agents architecture (AEA) that enables self-management of network nodes. AEA includes four core components: agents, communication, skills, and protocols, allowing nodes to think and learn independently.

In this demonstration, Fetch.ai will present its autonomous AI agent framework. By enabling communication between AI agents through a multi-chain ID between the peaq network within the Polkadot ecosystem and the Cosmos-based Fetch ecosystem, these agents will promote interaction between devices, providing users with a high-quality charging and parking experience based on SSI.

This demonstration not only showcased the application of blockchain technology in the real world but also provided a concrete blueprint for the future of smart cities and the internet of things economy. By combining blockchain, artificial intelligence, and internet of things technologies, we are witnessing the birth of a more intelligent, efficient, and decentralized economic system.