Fetch.AI launches blockchain-based AI smart-city infrastructure in Munich

Fetch.ai and Datarella predict mass implementation of Munich’s smart-city infrastructure will reduce CO2 emissions by 34,000 tonnes per year.

Blockchain can be used to decentralize federated learning algorithms so that the benefits of collective machine learning are shared across the multiple owners of data. And, in Munich, it is helping commuters efficiently find a parking space.

Cambridge, UK-based artificial intelligence lab Fetch.ai is a building a decentralized machine learning network for smart infrastructures.

In partnership with Munich, Germany-based enterprise blockchain solutions provider Datarella, it has announced the implementation of its smart city infrastructure trials In Munich, Germany.

The smart city zoning trial in Munich, called M-Zone will launch in the Connex Buildings and will use multi-agent blockchain-based AI services to optimise parking resources in commercial real estate properties in the city center to reduce the city's carbon footprint.

Fetch.AI launches blockchain-based AI smart-city infrastructure in Munich zdnet

Datarella

In a smart city, rather than driving into a parking lot hoping to find a space, an autonomous agent within your car will search and communicate with nearby parking agents to find the nearest available space to your destination, book it for you before directing you to it.

When you come back to your car and drive off, your car agent checks out of the parking lot, calculates the payment and makes it for you, removing the hassle of parking tickets.

The Fetch.ai AEAs (Autonomous Economic Agents) will support the smart city infrastructure in Munich through an application where they will autonomously negotiate the 'price' of parking spaces between the holders of them, and those looking for a space.

The price in blockchain-based 'tokens' is hosted on smart contract platforms like Ethereum.

Users can earn rewards in digital currency if they choose less popular or in-demand parking spaces (or do not use the Connex parking lot at all on some days). The Carpark AEA determines the reward levels based on maximizing the resource usage.

Users are incentivized to reduce their individual traffic through this reward system which is measured by the utilization of parking spaces. Each registered user who is a regular car park user will be rewarded with a certain amount of tokens per minute for not parking at the parking lot.

As soon as a car or its related wallet address is registered as parked by the Carpark AEA, the tokens added to its wallet stop. The number of tokens rewarded per wallet and minute depends on the current utilization of the parking lot.

Michael Reuter, CEO of Datarella said: "Assuming there is a 10% reduction in car usage across Munich alone, the city would see a 34,000 tonne annual Co2 emission reduction.

Scaled up to cover all of Germany, that equates to 1.7 million tonne Co2 reduction, annually. This smart city solution has the potential to penetrate huge markets simply by tapping into wasted data and utilizing it efficiently."

The M-Zone project will help Individual commuters and drivers to save time, money, and reduce driver stress by directing them to the optimal parking slot. City Councils will benefit from optimized traffic flows, and the environment will benefit due to the reductions in CO2 emissions.