How peaq Builds an "on-chain car" Ecosystem Using Polkadot

Recently, Polkadot announced that Tesla and Jaguar will showcase an innovative payment solution based on the peaq technology of Polkadot's parachains at the IAA MOBILITY 2023 auto show. This initiative aims to enable automatic payment for charging and parking fees for electric vehicles, marking an important step in the practical application of Web3 technology in the automotive industry.

peaq is a parachain in the Polkadot ecosystem, dedicated to building a Web3 ecosystem that connects the digital world with the real world. Its goal is to enable users to collectively own assets that generate income based on real-world services and goods. This attempt represents a new trend in the extension of blockchain technology into the real economy.

Polkadot, as a cross-chain protocol, achieves interconnection and interoperability between different blockchains through three types of blockchains: relay chains, parachains, and bridges. This architecture provides an ideal technological foundation for innovative projects like peaq.

In practical applications, the Vienna car-sharing service company ELOOP has tokenized 100 Tesla vehicles. Each car has been assigned a peaq ID, becoming part of a decentralized physical infrastructure (DePin). After these vehicles are "fragmented," multiple investors are allowed to co-own them. The profits generated from leasing are distributed between ELOOP and the holders at a 1:1 ratio, with monthly settlements.

At the upcoming auto show demonstration, the vehicle will showcase how to interact with charging stations or parking spaces using its autonomous machine identity and pay fees from its own decentralized wallet. This process will be supported by peaq's testnet and the Fetch network based on the Cosmos SDK, which will handle transactions and identity verification.

Fetch.ai, as a decentralized intelligent economy, provides significant support for this demonstration through the Autonomous Economic Agent (AEA) architecture. AEA consists of four core components: agents, communication, skills, and protocols, enabling network nodes to autonomously learn and manage.

This presentation will demonstrate AI agent communication between the peaq network within the Polkadot ecosystem and the Cosmos-based Fetch ecosystem through multi-chain IDs. This cross-chain interoperability will drive intelligent interactions between connected devices, providing users with optimized charging and parking experiences based on self-sovereign identity.

Through these innovative applications, peaq is actively exploring the possibility of integrating blockchain technology with real-world assets, paving the way for the future of smart transportation and the Internet of Things economy. This concept of "on-chain cars" not only showcases the potential of Web3 technology but also provides new ideas for the digital transformation of the traditional automotive industry.