August 31, 2022

TU Munich and fortiss Working Group Prototypes Vehicle Parking Marketplace on peaq

A new decentralized application (dApp) prototype running on peaq offers a novel approach to optimizing the use of parking spaces. The dApp, a peer-to-peer marketplace for finding and renting unused private parking spots, was built by a group of students from the Technical University of Munich (TUM) during a practical course under the supervision of fortiss, the research institute of the Free State of Bavaria for software-intensive systems.

The dApp enables users to rent their personal parking spaces out for specific periods and specify their prices. Each parking spot is minted as a non-fungible token (NFT) the owner can hold in a regular crypto wallet.

Drivers can choose the timeframe where they will need the parking and book their preferred location through a convenient interface displaying the available spots, their prices, and the distance from the vehicle. Once the booking is processed, the dApp generates a QR code the driver can download and use as a parking ticket. The tickets are minted as NFTs and are automatically burned when the time runs out.

The dApp leverages digital tokens for processing all payments; during the trial, the developers used $AGUNG, the native token of peaq’s test network, but with further network development, this could expand on to any supported digital currencies, including stablecoins. The developers brought the app to the minimal viable product stage, with its source code available on the project’s GitLab

The dApp is designed to help communities optimize their use of parking areas, thus reducing the traffic congestion and opening up more urban space for other purposes. It had been developed by a team of four students working on their Master’s degrees in Informatics. Arda Ersoy, Buse Barcin Halis, Ferhat Karaca, and Serhat Bezmez completed the project within several months, building the dApp from scratch.

“We are thrilled to see the peaq ecosystem expand with more creative projects,” says Till Wendler, Co-Founder of peaq. “We are impressed by what the student group has been able to achieve within just months, building the foundation for the first parking marketplace within the larger Polkadot ecosystem. Their excellent work is the ultimate testimony of peaq’s capability to live up to its mission and grow into the Web3 digital backbone for future mobility and more. In the future, we will be supporting such projects coming from the community with grants and investment from peaq Foundation’s ecosystem fund and other sources, helping turn prototypes into end products.”
“Creative, pragmatic and easy to use.” says David Moszko of fortiss. “The application developed by the students creates smart parking spaces that can help solve the problem of limited parking lots. peaq has been instrumental in supporting the project with staff and software resources."

About the partners:

Fortiss - For many years, fortiss has been conducting first-class research activities, with a highly-recognized level of expertise, into the development of software-intensive systems, an issue that plays a central role for Bavaria’s high-tech industry.

Technical University of Munich - TUM ranks among Europe’s most outstanding universities in research and innovation – an achievement powered by its distinctive character as the Entrepreneurial University.

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