Blockchain in Parking
Blockchain has been a popular theme in recent news about innovations through many different types of industries. While you may not need to understand what blockchain is in order to use it, it can help you understand how it can help such a diverse group of industries, you have to understand what blockchain is. This technology was originally created for the digital currency, Bitcoin, in 2008. However, over time the technology community has found other innovative uses for this technology-and continues to discover new ways it can bring us into the future.
Don & Alex Tapscott, authors of Blockchain Revolution, described blockchain technology as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
Block geeks created a comparison to help people understand the basics of blockchain by stating the following: “Picture a spread sheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet…”. One of the interesting things about blockchain is the level of security it provides because the databases aren’t stored in one location and no centralized version of this information exists for a hacker to corrupt.
Due to its unique way of storing blocks of information Bitcoin has operated without a significant disruption.
Ian Khan, a Technology Futurist and TEDx Speaker, shared his perspective of Blockchain by stating that “As revolutionary as it sounds, Blockchain truly is a mechanism to bring everyone to the highest degree of accountability. No more missed transactions, human or machine errors, or even an exchange that was not done with the consent of the parties involved. Above anything else, the most critical area where Blockchain helps to guarantee the validity of a transaction by recording it on a main register and a connected distributed system of registers, all of which are connected through a secure validation mechanism.”
In order to delve into more of the nitty gritty of blockchain, check out this video here: https://youtu.be/27nS3p2i_3g
Here at Diogras, we were interested to research if blockchain could affect the parking industry and, in an unexpected way, it has! Susie Li from ParkQ detailed how blockchain being “a decentralized system that exists between all permitted parties” in other words, “there is no need to pay a middleman for anything, so that saves you time and money.” This detail has gained the interest from banks and governments, specifically when it comes to creating contracts.
The realization that “the decentralized ledger (created through blockchain) could be used for smart contracts” was a gamechanger in this process. It allowed for all parts of a transaction to be held on a network of computers that would organize all the important facts, such as a service you use or money you paid. The integration of blockchain as a replacement of a middleman contract allows you to “exchange money, property, shares, or anything of value” in a transparent way.
In fact, Parken’s cloud parking solution is including this in their services as “a solution for governments to be able to manage the bills for citizens who pay for parking or penalties.”
This interesting integration of blockchain to make it easier for citizens to pay for parking opens up a wide variety of ways that blockchain can help streamline the parking industry-and even the valet industry.
Imagine the ability to store all the payment transactions from your valet service on a secure network of computers. This technology can not only save you time and money, but also help you be more transparent with your investors and customers.
Stay tuned as we delve into other ways that blockchain is changing industries!
The Vark Team