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Continental’s New Blockchain-Based System Lets You “Earn as You Drive”

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Continental’s New Blockchain-Based System Lets You “Earn as You Drive”

The renowned German automotive manufacturer, Continental has revealed a new blockchain-based parking system in partnership with Hewlett Packard and Crossbar.io. The company earlier this year had revealed a telematics platform that allows the information collected from car rides to be stored on a blockchain. The data has to be shared by the riders for this system voluntarily and to incentivize data sharing there is a monetization mechanism in place.

Putting the Platform to Use

This parking system is a demonstration of how the telematics platform has been used to provide a stable service based on driver data. This can lead to the use of information from many car rides to provide essential services in the transportation sector, leading to efficient transportation. Sustainable business models come out of this system.

Why Continental is Different? 

The technology behind on-road parking data collection is not nouvelle in itself. However, the Continental system not only collects data through car sensors about the on-road parking spaces but also monetizes the data. The data collection is not only about empty parking spaces, but it is also about whether cars are exiting or entering parking spaces.

All these data are shared in real-time over a platform where the information is aggregated and sold to third parties who use it to operate a connected parking space management. By the end of the trip, the driver, unlike the existing automotive sensor systems, gets rewarded in the form of cryptocurrencies over the platform.

Moving Towards a Shared Economy 

This can be seen as a part of a new age sharing economy. Where all commodities including data have a collective stake. One other great blockchain-based innovation in the transport sector has been the Siemens’ ride-sharing service. As big players are getting involved in the construction of such an economy, a radically different economy with mature data-sharing norms like GDPR can come into existence.

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I am a content writer with interests in life sciences and blockchain. I believe that blockchain has the potential to transform every aspect of human endeavor. I love surfing the internet, reading, learning new things, and trying new cuisines.

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