AI-powered parking infrastructure launched in Munich

The smart city zoning trial in Munich, Germany will launch in Connex Buildings and will utilise multi-agent blockchain-based AI digitisation services to unlock data and provide smart mobility solutions in its commercial real estate properties in the city centre.

“Fetch.ai provides a decentralised framework for building and customising autonomous AI agents to carry out complex coordination tasks,” said Humayun Sheikh, CEO of Fetch.ai. “Our vision is to connect digital and real-life economies in order to enable automation over a decentralised network and change the way we use data.” 

Upon implementation, Fetch.ai AEAs (Autonomous Economic Agents) will support the sustainable and efficient use of city infrastructure in Munich through an application where they will autonomously negotiate the 'price' of parking spaces between the holders of them, and those looking for a space. Users can earn rewards in digital currency if they choose less popular or in-demand parking spaces (or do not use the parking lot at all on some days). The Carpark AEA determines the reward levels based on maximising the resource usage. 

“Landlords, as well as the City Council, are interested in optimizing the parking space management, to allow for available parking for all employees of corporate tenants while organizing the traffic flow and preventing commuter traffic jams,” said Michael Reuter, CEO  of Datarella. “Our system incentivises community use of public transport through a token distribution system while reducing the congestion that accounts for a great deal of Munich’s CO₂ emissions.” 

Users are incentivised to reduce their individual traffic to the Connex offices through a reward system which is measured by the utilisation of parking spaces. Each registered user who is a regular car park user will be rewarded with a certain amount of tokens per minute for not parking at the parking lot. As soon as a car or its related wallet address is registered as parked by the Carpark AEA, the token airdrops to this wallet stop. The number of tokens rewarded per wallet and minute depends on the current utilisation of the parking lot.

“Assuming there is a 10% reduction in car usage across Munich alone, the city would see a 34,000 tonne annual CO₂ emission reduction,” continued Sheikh. “Scaled up to cover all of Germany, that equates to 1.7 million tonne CO₂ reduction, annually. This smart city solution has the potential to penetrate huge markets simply by tapping into wasted data and utilising it efficiently.”