- Polkadot’s peaq network is set to demonstrate web3 use cases using electric vehicles.
- The parachain will showcase EVs that register with EV chargers using peaq ID and with web3 wallets.
- Peaq is collaborating with industry leaders like Bosch and DENSO to develop the digital economy.
Polkadot, the open-source sharded multichain protocol that boasts one of the largest blockchains in the world, recently announced its plan to enter IAA Mobility in Munich next month. Polkadot would be accompanied by peaq, a decentralized web3 network that’s also one of its parachains, i.e. an application specific-data structure that can achieve the scalability of the Polkadot protocol.
Polkadot took to X (formerly Twitter) earlier today to announce its plans for IAA Mobility Munich:
1/ Envision a car with its own identity 🧠🚗
A car that locates & pays for its own charging session & parking spot, completely autonomously 🤖
Polkadot parachain @peaqnetwork is headed to Europe’s largest automotive fair to demo this technology. pic.twitter.com/IrmPdcSmKG
— Polkadot (@Polkadot) August 22, 2023
IAA Mobility is an international motor show that happens to be Europe’s largest automotive fair. Polkadot would demonstrate web3 use cases using electric vehicles, specifically Tesla and Jaguar cars in September 2023. The use cases would revolve around giving the vehicle its own identity, allowing it to register with the electric vehicle charger using a unique peaq ID aka a Self Sovereign Machine Identity.
The peaq network’s web3 utilities would also allow the demonstration electric vehicles to pay for the charging session as well as the parking charges, using its own decentralized wallet. Speaking on its objective with electric vehicles and collaboration with peaq, Polkadot stated:
A ‘Decentralized Physical Infrastructure Network’ (#DePIN) building on peaq is also providing a decentralized application, enabling peer-to-peer electric vehicle charging.
Polkadot also announced a collaboration with industry leaders including Bosch Global and DENSO Europe as part of the Gaia-X consortium aimed at building a decentralized digital identity infrastructure for mobility. Other partners include artificial intelligence lab fetch.ai, blockchain ecosystem Ocean Protocol, Delta DAO, and 51Nodes among others.
At the time of writing, Polkadot’s native token DOT was trading at $4.42, down more than 2% over the past 24 hours. The token had a market capitalization of $5.3 billion, with a 24-hour trading volume of $96.8 million. Data from the on-chain analytics platform Coinglass showed that the total open interest on DOT futures increased by 2.37% over the past 24 hours.
