Solutions: Smart Parking (Part 4)
By: Bigbang Core
Tags: IoT, Industry, Blockchain, Blockchain Technology, Business

In the next series of articles, BigBang Core will look into a number of different industries that are benefitting from blockchain technology.

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Photo by Patryk Sikora on Unsplash

The parking industry plays a vital role in urban areas. A city needs to have sufficient parking lots for providing space to its resident or visitors for parking cars. A city must fulfill the requirements of the drivers, vehicles are a prime component in transportation, and sufficient parking spaces ensure less traffic congestion.

With the increase in the number of vehicles on the road, searching for a parking spot is becoming more and more difficult. The limited number of parking spaces and difficulty in finding a free spot demands a lot of time and effort, but the needs of the parking industry can be met easily through the utilization of blockchain technology.

Issues with the Parking Industry

In the past few years, finding parking spaces has become a tough task for people. Nowadays, countries are facing severe parking challenges. When parking spaces are scarce, drivers are left with the option of parking in streets or in no-parking zones. Such acts can result in various issues i.e. accidents, road rage, traffic congestion, fines etc. In traditional parking mechanisms, the staff have to determine the identity of every vehicle owner manually to prevent any unauthorized vehicle from entering. This process is resource hungry and consumes a lot of time. Furthermore, recruitment of staff can result in higher costs.

Low Parking Efficiency

The conventional parking mechanisms demand a workforce on duty which results in lower parking efficiency, arbitrary collection of charges, etc.

Parking Data Sovereignty Problems

Parking data should remain private to the user in question. If it is somehow stolen by criminals, it can pose a severe threat to municipal security.

Information Island

There are various types of commercial/public/community parking lots and other systems, resulting in information islands, and their utilization rate is low.

Blockchain in the Parking Industry

Smart parking can be revolutionized completely with the help of blockchain. A decentralized parking platform can be formed with the use of blockchain to enable vehicle owners to search and reserve free parking spots. It will enable the drivers to pay through applications and even use cryptocurrencies via smart contracts. Furthermore, it will aid the drivers in navigating their parking spots and give live updates regarding traffic. Some other benefits include:

Transparent reservation pricing

Parking Spots’ digital renting

Data-driven fines

Transparent parking service

Decentralized smart parking will streamline parking, reducing time and effort for drivers. It will let the parking spot providers monetize key areas, and will ultimately reduce traffic issues. It will also allow drivers to find alternate spots in case there is high traffic. Eventually, this will lead to less traffic jams and a cleaner environment.

BigBang Core: Revolutionizing the Parking Industry

For ensuring information security along with realizing the characteristics of sharing, BigBang Core employs blockchain technology. It ensures the provision of solutions for the flaws in the parking field, including barriers gate systems, cloud payment systems, license plate recognition, access control systems, and other integrated solutions. It is committed to building a comprehensive urban parking management system for achieving the effective operation of parking resources. The following is a summary of what BigBang Core is doing to facilitate the parking industry:

Guarantees Data Sovereignty

BigBang Core employs consensus and immutability of the blockchain itself for rectifying differences in the data status of all parties, solving the risk of data being copied arbitrarily, and protecting the legal rights of data owners.

Ensures Data Security and Reliability

For realizing information desensitization and ensuring user privacy and management between different smart parking lots, BigBang Core employs blockchain’s anonymity mechanism and encryption algorithm.

Data Analysis for Providing Parking Planning

BigBang Core carries out real-time trend monitoring along with fast and accurate data analysis for realizing visual index analysis and oriented mining. It acquires an analysis of the demand for parking spaces to provide a basis for future parking plans.

Automated Management

The parking time is automatically calculated by the system and allows online billing via an application, eliminating the risk of cash loss.

Breaks Information Island

Using a distributed ledger and smart contracts, the parking lot realizes networked data sharing and building a smart parking Internet of Things platform.

Zhejiang Zhengtu Technology Co. Ltd:

BigBang Core provides smart parking solutions for Zhejiang Zhengtu Technology Co. Ltd.

Situated in Hangzhou, Zhejiang Zhengtu Technology Co. Ltd. is a prime parking solution provider, they are focused on the provision of parking services and management solutions to customers.

BigBang Core ensures the provision of top-notch integrated solutions for the company with the aid of big data processing and blockchain technology.

The Future of Parking?

BigBang Core ensures information security along with the realization of characteristic of sharing through blockchain technology. It provides smart parking solutions to companies, increasing revenue. There are a plethora of smart parking systems, yet they often fail at fulfilling the needs of their customers. However, BigBang Core is working hard to overcome these issues and provide optimal smart parking solutions.