The startup is trying to solve the problem of parking payments and eventually aims to be a single platform for all car related payments like tolls and EV charging.
In their latest product, carVertical.CITY the driver will be able to automatically pay for the parking. The app will automatically start and stop the cars parking meter and ensures the driver pays accurately using IOTA.
Audrius Kučinskas, CTO of carVertical summarises:
“We’ve created a cute combination of OBD (on-board diagnostics) features, GPS tracking and IOTA Tangle possibilities. Everything is packed and served in a single user-friendly carVertical.CITY app which accepts payments in cV tokens,”
As the car is integrated with the OBD device, there won’t be any overpayments or manual intervention needed.
The blog explains:
An OBD device tracks your car and processes data to the IOTA Tangle. When your vehicle is riding, it’s being constantly checked via GPS. Coordinates, engine status and battery level is stored as an IOTA transaction.
We created a cute combination of #OBD, #GPS and #IOTA #Tangle possibilities, then gave it a name. Meet https://t.co/0z76guiRML, a platform which will bring #iot benefits to the real life, starting with an automatic car parking. Watch the video and more: https://t.co/Qe9tJuen8j pic.twitter.com/zM7z1W9eaF
— carVertical (@carVertical_com) November 7, 2018
Why use IOTA?
IOTA acts as a single point of truth for the vehicles parking state. The server makes a final transaction which will have the GPS location, start and end time, duration and parking price.
IOTA is ideally suited for IoT devices like the OBDs, with only the IOTA address users will be able to track the parking status anytime. IOTA’s Tangle is also secure enough that without the need of a central third party the data can be relied upon.
The platform has also integrated MIOTA (IOTA) on its platform for payments. The app is already live in a major city in Lithuania and plans to expand worldwide to all major cities.
This is good news for IOTA as it is a real adoption of its technology in the automobile industry. With products like these, the demand for IOTA is likely to increase.
The product is explained well in this video:
Did you like the news you just read? Please leave a feedback to help us serve you better