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Munich will become a Smart City thanks to Blockchain

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Fetch.ai and Datarella have started a project aimed at transforming the city of Munich, Germany, into a Smart City.

Fetch.ai is a Cambridge-based artificial intelligence lab that is building a decentralized network based on blockchain for machine learning of intelligent infrastructures, while Datarella is a company that offers industrial blockchain solutions.

Today, the two companies announced the launch of an experiment involving Munich's zoning infrastructure.

The trial will be launched at Connex Buildings and will use multi-agent blockchain-based AI digitization services to unlock data and provide smart mobility solutions on its real estate downtown.

When implemented, Fetch.ai AEA (Autonomous Economic Agents) will support the sustainable and efficient use of the city's infrastructure through an application where parking prices will be automatically negotiated between their owners and those who are looking for one.

Users will also be able to earn digital currency rewards if they choose less frequented or requested parking spaces, or if they do not use the parking space at all on certain days.

This gives users an incentive to reduce individual traffic to Connex offices through a reward system that is measured by parking usage: each regular user of a parking space will be rewarded with a certain amount of token per every minute you don't use it.

The objective is to optimize the use of resources and above all reduce the city's carbon footprint, as Fetch.ai and Datarella predict that the massive implementation of the Smart City infrastructure could lead to a reduction in CO2 emissions from 34,000 tons per year.

Fetch.ai CEO Humayun Sheikh said:

“Fetch.ai provides a decentralized framework for building and customizing autonomous AI agents to carry out complex coordination tasks. Our vision is to connect real-life and digital economies to enable automation on a decentralized network and change the way we use data.

Assuming there is a 10% reduction in car use in Munich alone, the city would see a 34,000 tonnes annual reduction in Co2 emissions. Expanded to cover the whole of Germany, that equates to an annual reduction of 1.7 million tonnes of Co2. This smart city solution has the potential to penetrate large markets simply by harnessing wasted data and using it efficiently. ”

Datarella CEO Michael Reuter added:

“The owners, as well as the City Council, are interested in optimizing the management of the parking space, to allow parking available to all employees of the corporate tenants while organizing the flow of traffic and avoiding traffic jams of the commuters. Our system encourages community use of public transport through a token distribution system, while reducing congestion that accounts for a large part of Munich's CO2 emissions. "



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