Polkadot ecosystem project peaq explores new applications of "on-chain cars"

Recently, the Polkadot ecosystem project peaq partnered with Tesla and Jaguar to showcase an innovative application at the IAA MOBILITY 2023 auto show. This technology allows vehicles to autonomously pay for charging and parking fees using blockchain, marking a significant step forward in the IoT economy.

peaq, as a parachain of Polkadot, is committed to building a Web3 ecosystem that connects the digital and real worlds. Its goal is to enable users to jointly own and benefit from services and goods in the real world. This concept aligns with the recently emerging real-world assets (RWA) concept, but peaq places greater emphasis on practical applications and scenario implementation.

The unique architecture of the Polkadot network provides strong support for peaq. As a cross-chain protocol, Polkadot achieves secure interoperability and data exchange between different chains through three types of blockchains: relay chains, parachains, and bridges. This design offers an ideal platform for building cross-chain applications.

In practical applications, peaq collaborates with the Vienna car-sharing service company ELOOP to tokenize 100 Tesla cars. Each vehicle is assigned a peaq ID, becoming part of the decentralized physical infrastructure (DePin). These vehicles are "fragmented" and collectively owned by multiple stakeholders, with rental income distributed proportionally to the holders. All transaction records will be stored on the peaq network, ensuring transparency and security.

At the IAA MOBILITY 2023 auto show, peaq partnered with the EU-supported Gaia-X alliance and its moveID project to showcase scenarios of autonomous payments in vehicles. When users put their vehicles in charging mode, the car interacts with charging stations or parking spaces using its autonomous machine identity and pays fees from its own decentralized wallet. This process is supported by the peaq testnet and the Fetch network based on the Cosmos SDK.

Fetch.ai, as another important participant, provides a framework for autonomous AI agents. The project aims to establish a decentralized intelligent economy through the autonomous economic agent architecture (AEA), enabling self-management of network nodes. AEA includes four core components: agents, communication, skills, and protocols, allowing nodes to engage in intelligent interactions and decision-making.

In this demonstration, Fetch.ai's AI agents communicate between the peaq network and the Fetch ecosystem through multi-chain IDs, coordinating interactions between vehicles, charging stations, and infrastructure, providing users with an optimized charging and parking experience based on self-sovereign identity (SSI).

This innovative application demonstrates the potential of blockchain technology in real-world scenarios, particularly in promoting the development of the Internet of Things economy. As the technology continues to mature, we can expect to see more similar applications emerge in the future, further driving the integration of Web3 technology with the real world.