How the Polkadot Ecosystem Chain peaq Empowers the Smart Automotive Industry

At the upcoming IAA MOBILITY 2023 auto show, Tesla and Jaguar will showcase an innovative technology that utilizes the Polkadot parachain peaq's solution for charging and parking fee payments. This demonstration marks an important breakthrough in the application of blockchain technology in the automotive industry.

As a member of the Polkadot ecosystem, peaq is committed to building a Web3 ecosystem based on blockchain and the Internet of Things. Its goal is to connect the digital world with the real world, enabling users to jointly own assets that generate income based on real-world services and goods. This concept aligns with the recently popularized real-world asset (RWA).

Although there are still limited successful cases of applying blockchain technology to real-world scenarios, the collaboration between peaq and the automotive industry is undoubtedly an in-depth attempt aimed at promoting the development of the Internet of Things economy.

Polkadot, as a cross-chain protocol, has the core advantage of being able to connect and secure different blockchains. It achieves an interoperable ecosystem through three types of blockchains: relay chains, parchains, and bridges. In this ecosystem, independent blockchains can securely exchange information and execute cross-chain transactions without relying on trusted third parties.

In practical applications, the car-sharing service company ELOOP located in Vienna has tokenized 100 Tesla vehicles. peaq provides a unique ID for each car, making it part of a decentralized physical infrastructure (DePin). These vehicles are "fragmented" and co-owned by multiple shareholders. The profits generated from rentals will be evenly distributed between ELOOP and the token holders, with settlements occurring monthly.

Currently, this fleet of Tesla vehicles has completed over 7,000 trips, with each transaction recorded on the peaq testnet. In the future, this data will be migrated to peaq's Kusama parachain, krest.

At the upcoming auto show demonstration, the vehicle 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.

Fetch.ai, as a project focused on building decentralized intelligent economies, plays an important role in this demonstration. It provides an Autonomous Economic Agent (AEA) architecture, which includes four core components: agents, communication, skills, and protocols. This architecture enables network nodes to manage themselves autonomously, achieving more efficient, secure, and intelligent interactions.

In practical applications, Fetch.ai's autonomous AI agent framework will drive interactions between vehicles, charging stations, and infrastructure. By establishing multi-chain ID communication between the peaq network within the Polkadot ecosystem and the Cosmos-based Fetch ecosystem, these AI agents will provide users with a premium charging and parking experience based on autonomous sovereign identity (SSI).

This demonstration not only showcased the application prospects of blockchain technology in the automotive industry but also reflected the potential for collaboration between different blockchain ecosystems. With the continuous development of technology, we have reason to expect more innovative applications to emerge in the future, driving progress in the smart automotive industry.