Bockchain Platform Introduces Cryptocurrency Payment Solutions for Parking
NetObjex Inc,—CA-based IoT-BlockChain platform company, demonstrated a new payment solution for smart parking, which uses cryptocurrency.
The new payment solution makes use of IOTA decentralized network and cryptocurrency. The solution was demonstrated at the IOT Developer’s Forum organized by Advantech, in Santa Clara, California.
The company demonstrated showcased automobiles that autonomously paid for parking through the integration of crypto wallets. The Smart Parking solution used PNI’s PlacePod smart parking sensors for accurate, real-time vehicle detention and location of available parking spaces.
“Our goal in organizing the IoT Developer’s Forum is to engage the developer community in leading edge solutions that exercise all of the capabilities of our M2.COM architecture, and multi-protocol approach in enabling IoT solutions,” said Shawn Jack, Director, Sales & Embedded Ecosystems.
Car to parking meter communications occurred via Bluetooth Low Energy technology, with Digital Short Range Communication (DSRC) versions planned in the future. Completing this sophisticated architecture was the use of the IOTA decentralized network by the NetObjex platform as a distributed ledger for enabling device discovery, authentication, communication, and transactions.
“The smart parking solution is a practical demonstration of the NetObjex platform in bringing together state-of-the-art capabilities in the form of IoT sensor technology, LoRa communications, decentralized networks and cryptocurrency. Our partnership with Advantech, PNI, and IOTA augurs exciting possibilities ahead” said Raghu Bala, CEO, NetObjex.
The solution provided further evidence of the digital transformation in the transportation sector, and the interplay between various advanced technologies in bringing about effective change.
This novel application of cryptocurrency integrated payment is expected to in turn, increase the demand for cryptocurrency, as per cryptocurrency market report published by Coherent Market Insights.
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