The Polkadot ecosystem chain peaq assists TSL and Jaguar in achieving a new in-car payment solution

At the upcoming IAA MOBILITY 2023 auto show, TSL and Jaguar will showcase an innovative payment solution based on blockchain technology. This solution utilizes the peaq parachain technology within the Polkadot ecosystem to enable vehicles to autonomously pay for charging and parking fees.

peaq is a parachain in the Polkadot ecosystem, dedicated to 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 in the real world. The application of this technology marks a deeper development of the Economy of Things.

Polkadot, as a cross-chain protocol, aims to achieve interoperability between different blockchains. Its network architecture consists of three main components: the relay chain, parachains, and bridges. The relay chain is the core of the entire network, responsible for coordinating the operations of various parachains; parachains are independent blockchains that can connect to the relay chain; bridges are responsible for connecting Polkadot with other external networks.

In practical applications, the car-sharing service company ELOOP, headquartered in Vienna, has tokenized 100 Tesla vehicles. Through the decentralized identity (peaq ID) provided by peaq, these vehicles have become part of a decentralized physical infrastructure (DePin). Investors can purchase partial ownership of these vehicles and receive a share of the rental income.

In the upcoming demonstration, the car will show how to interact with charging stations or parking spaces using autonomous machine identities and pay fees from its own decentralized wallet. This process will take place on the peaq test network and the Fetch network based on Cosmos SDK, with the two networks responsible for transaction processing and identity verification.

Fetch.ai, as a decentralized intelligent economic system, plays an important role in this project. It provides an Autonomous Economic Agent architecture (AEA), which includes four core components: agents, communication, skills, and protocols. These components work together to enable network nodes to have self-management and decision-making capabilities.

In the actual demonstration, Fetch.ai will provide its autonomous AI agent framework. These AI agents will communicate through multi-chain authentication between the peaq network and the Fetch ecosystem, coordinating interactions between vehicles, charging stations, and infrastructure to provide users with a high-quality charging and parking experience based on self-sovereign identity (SSI).

The application of this innovative technology not only demonstrates the potential of blockchain in real-world scenarios but also provides new ideas for the development of future intelligent transportation systems. As the technology continues to mature, we can expect to see more similar applications gradually implemented in various fields, promoting the deep integration of Web3 technology with the real world.