Fully decentralised autonomous payment services for the parking industry – sounds sophisticated, but what does it mean?
To start: the parking industry is huge and deeply traditional in its financial structure. The way parking operators run their lots hasn't changed significantly in decades, making the system ripe for disruption through cryptocurrency smart contracts.
Parkbyte addresses the tedious and time-consuming system of getting parking tickets, obtaining validation, and paying for the right to park a car in a public space.
Anyone who has ever had to pay a fine because they lost a parking validation ticket understands the frustration this cryptocurrency addresses.
Instead of focusing an entire industry on codes written on small slips of paper, cryptocurrency smart contracts allow motorists to autonomously pay for their parking without even thinking about it.
Not only is payment automatic, but it can also be directly tied to the existing market for parking spaces at a specific time. For instance, spaces can change in value according to the laws of supply and demand – when there are many parking spaces available, drivers may pay almost nothing to park their cars.
Importantly, Parkbyte incorporates parking meter technology into the blockchain. By doing this, all the parking industry's data processing needs may be effectively handled digitally.
Unlike other cryptocurrencies, Parkbyte features four separate elements that work together to provide value to the industry.
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