Parkres is using the Ethereum blockchain to reinvent the parking industry across the U.S., London, Russia, Germany, France, Italy and beyond. The blockchain startup describes itself as a “decentralized parking reservation system that lets you find and reserve parking spots from anywhere, anytime.” It’s built around the notion of the gig economy, giving users the ability to rent unused parking spots, which the company compares to Air bnb.
Parkres is looking to solve several issues, including fights that break out as a result of competing for parking space and stress and anxiety that is often associtated with these events, not to mention missed appointments, meetings, etc. that result from parking-related delays.
Parkres uses an IoT- and cloud-fueled sensory network to keep track of parking spots in public lots and across cities. This system works in two ways -- either to allow Parkres to suggest parking spots to a driver or to give the driver the ability to reserve a parking spot ahead of time to remove the hassle of searching for a place.
At the center of the platform is a dashboard on which “real time availability and rates for any parking spot across the city” will be displayed, removing the need for a third-party service provider and the higher rates associated with them. Data feeds in from various channels like Google and parking authorities and users are alerted to data surrounding individual parking spots as well as traffic conditions. Parkres will be accessible via a mobile app on iOS and Android systems in addition to Windows and a web version.
Parkres boasts features like “real-time parking availability, advanced parking reservations, advanced payment and navigation to parking, notifications and updates about traffic congestion, alternate parking spot suggestions [and] parking AirBNB system to help reduce parking scarcity in the city.” There is also “token-based entry and exit validation,” which removes the need for paper tickets.
The ecosystem is fueled by the Ethereum-based PARK token, which in addition to other cryptocurrencies and fiat money can be used to reserve and pay for parking. But for certain features, such as the company’s API, the native PARK token must be used. Users who rent out their parking spots Air BNB style will be paid exclusive with the PARK token.
Parkres includes a payment platform on which both cryptocurrency and fiat-based payments can be made via various channels including phone, auto-pay, online, etc. Transactions are completed in a matter of seconds and can be done via mobile, removing the need to wait in long lines at kiosks or booths. The digital nature of the payments removes the need for cash or waiting for change, while the cross-border nature of cryptocurrencies and blockchain make it simpler to pay for parking while traveling.
The fact that Parkres is built on the Ethereum blockchain introduces smart contracts for payments and other functions. Parking providers and authorities can use these contracts to attach standardized rates in a given jurisdiction. The blockchain ensures that all parties adhere to the same standards.
“Parking providers, garage owners, parking authorities, institutions (airport, hospitals, etc.) and individual customers,” as per the white paper.