How peaq leverages the Polkadot architecture to build a "smart automotive ecosystem"?

The Polkadot ecosystem once again showcases its innovative strength, announcing that Tesla and Jaguar will demonstrate an intelligent payment system based on the Polkadot parachain peaq technology at the IAA MOBILITY 2023 auto show. This demonstration will show how vehicles can autonomously pay for charging and parking fees, marking an important step forward in the Economy of Things.

peaq, as a parachain of Polkadot, inherits the security and interoperability advantages of Polkadot. It is committed to building a Web3 ecosystem that connects the digital world with the real world, allowing users to derive benefits from tangible assets. This attempt to combine real-world assets with blockchain technology is gradually moving from concept to practice.

Polkadot's multi-chain architecture provides an ideal foundation for this innovation. As a cross-chain protocol, Polkadot facilitates secure interactions and asset transfers between different chains through three types of blockchains: relay chains, parachains, and bridges. This architecture not only enhances the scalability of the entire network but also creates conditions for the development of cross-chain applications.

In practical applications, peaq is collaborating with ELOOP, a car-sharing service company in Vienna, to tokenize 100 Tesla vehicles. Each vehicle is assigned a peaq ID, becoming part of a decentralized physical infrastructure (DePin). These vehicles are "fragmented," allowing multiple investors to jointly hold them and receive a share of the rental income. Currently, these vehicles have completed over 7,000 trips, with each transaction recorded on the peaq testnet, which will later migrate to peaq's Kusama parachain krest.

At the upcoming auto show demonstration, peaq will collaborate with the EU-supported Gaia-X alliance and its subproject moveID to showcase how electric vehicles can interact with charging stations or parking spots using Self-Sovereign Machine Identity and pay fees from their own decentralized wallets. This process will be supported by the peaq testnet and the Fetch network based on the Cosmos SDK.

Fetch.ai plays an important role in this ecosystem, providing the Autonomous Economic Agent (AEA) architecture that enables network nodes to learn and manage autonomously. AEA consists of four core components: agents, communication, skills, and protocols, allowing nodes to engage in intelligent interactions and decision-making.

In the actual demonstration, Fetch.ai will provide its autonomous AI agent framework. Through multi-chain ID communication between the peaq network and the Fetch ecosystem, these AI agents will coordinate interactions between vehicles, charging stations, and infrastructure, providing users with an optimized charging and parking experience based on Self-Sovereign Identity (SSI).

This innovative project demonstrates how blockchain technology can be combined with real-world assets and artificial intelligence to pave the way for future intelligent transportation systems. As technology continues to evolve, we can expect to see more similar applications emerging across various fields, driving further development of the Internet of Things economy.