How does peaq utilize Polkadot technology to create "on-chain vehicles"?

Recently, a well-known electric vehicle brand and a luxury car manufacturer will showcase a demonstration of charging and parking fee payments using Polkadot parachain peaq technology at the IAA MOBILITY 2023 auto show.

peaq is a parachain in the Polkadot ecosystem that shares security and interoperability with Polkadot. Built on blockchain and Internet of Things technology, peaq has created a Web3 ecosystem aimed at connecting the digital world with the real world, allowing users to jointly own income-generating assets based on real-world services and goods.

Although there have been some recent attempts in the market to combine real-world assets with digital tokens, there are still relatively few cases that can truly empower real scenarios and produce actual effects. Today, we will explore how large automobile manufacturers leverage peaq's technology for empowerment, as well as the concept of "on-chain vehicles". This is actually a deeper exploration of the Internet of Things economy (Economy of Things).

Introduction to Polkadot Architecture

Polkadot is a cross-chain protocol designed to connect and secure different blockchains. It allows independent blockchains to securely exchange information and execute transactions without a trusted third party, thereby providing interconnectivity and interoperability between blockchains. Polkadot supports cross-chain data or asset transfers and allows for the building of cross-chain applications on its network.

The Polkadot network consists of three main types of blockchains:

1. Relay Chain: As the core of the network, it integrates all parallel chains and bridges into a shared interoperable ecosystem.
2. Parachain: An independent blockchain that can connect to the Polkadot relay chain, enabling parallel transaction processing and system scalability.
3. Bridge: Responsible for connecting Polkadot to other networks, enabling cross-network transfer of tokens and functionalities.

"on-chain vehicle" example

ELOOP is a car-sharing service company based in Vienna, with 100 tokenized electric vehicles. peaq provides each vehicle with a unique peaq ID, making each car a decentralized physical infrastructure (DePin).

These vehicles are "fragmented" and co-owned by multiple shareholders. Investors can become partial owners of the vehicles. The profits generated from fleet leasing are shared monthly at a 1:1 ratio between ELOOP and the holders.

Currently, these 100 electric vehicles have completed over 7,000 trips, and the transaction records of each trip are stored on the peaq testnet. The officials stated that these records will soon be migrated to peaq's Kusama parachain krest.

Vehicle Autonomous Payment Demonstration

Gaia-X is a union supported by the European Union, aimed at promoting Europe's digital sovereignty, with the goal of creating a digital infrastructure based on privacy and transparency. moveID is part of the Gaia-X 4 Future Mobility project, dedicated to creating standards and digital infrastructure for the future mobility ecosystem, such as enabling electric vehicles to pay for charging costs through their own digital wallets.

peaq plays the role of Layer 1 in this process, providing underlying blockchain infrastructure support for projects. On the peaq network, vehicles will demonstrate how to autonomously pay for charging and parking fees.

When the user puts the vehicle in a charging state, the vehicle will use its Self-Sovereign Machine Identity to register with the charging station or parking space and pay the relevant fees from its decentralized wallet.

In this demonstration process, peaq's testnet and a certain blockchain network based on Cosmos SDK will serve as the transaction and identity layer, responsible for supporting these interactions.

decentralized economic agency framework

A certain blockchain network aims to build a decentralized smart economy, providing a new economic interaction model for businesses and consumers, achieving more efficient, safer, and smarter transactions.

The core idea of the network is to allow network nodes to self-manage, thereby achieving an Autonomous Economic Agent architecture (AEA). AEA mainly consists of four core components:

1. AEA Agent: Each node is an independent smart agent with its own wallet address, identity, and smart contract.
2. AEA Communication (Connection): A peer-to-peer communication protocol based on blockchain technology, used for information transmission and interaction between agents.
3. AEA Skills: Pluggable modules used to extend the functionality and capabilities of AEA agents, such as natural language processing, machine learning, etc.
4. AEA Protocol: Defines the rules and guidelines for communication between agents.

On this network, individuals or companies that possess data connect with the agents of individuals or companies seeking data. The agents operate within the Open Economic Framework (OEF), which serves as a mechanism for search and discovery, allowing agents representing data sources to announce the data they have access to.

In the actual demonstration, the network provided its autonomous AI agent framework for the live demonstration. By enabling communication between AI agents using multi-chain IDs within the peaq network of the Polkadot ecosystem and the Cosmos-based ecosystem, these agents will facilitate interactions between connected devices, including vehicles, charging stations, and infrastructure, offering users the optimal SSI-based charging and parking experience.