How does peaq utilize the Polkadot architecture to build an "on-chain car" ecosystem?

Recently, Polkadot announced that Tesla and Jaguar will showcase a demonstration of charging and parking fee payments using the Polkadot parachain peaq technology at the IAA MOBILITY 2023 auto show. This initiative marks an important breakthrough in the application of blockchain technology in the automotive industry.

peaq is a parachain in the Polkadot ecosystem, designed to connect the digital world with the real world. It is built on blockchain and IoT technology to create a Web3 ecosystem, enabling users to jointly own and gain benefits from services and goods in the real world.

Polkadot, as a cross-chain protocol, aims to achieve interoperability between different blockchains. It consists of three main types of blockchains: the relay chain, parachains, and bridges. The relay chain is the core of the Polkadot network, providing the foundation for parachain transaction processing; parachains are independent blockchains that can connect to the Polkadot relay chain; and bridges are responsible for connecting Polkadot to external networks.

In the practice of "on-chain cars", the Vienna-based car-sharing service company ELOOP has 100 tokenized Tesla vehicles. peaq provides a unique peaq ID for each car, making it part of the decentralized physical infrastructure (DePin). These cars are "fractionalized" and jointly owned by multiple stakeholders. The profits generated from rentals are evenly distributed between ELOOP and the holders, with a monthly profit-sharing.

In the upcoming 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. The peaq testnet and the Fetch network based on the Cosmos SDK will support these interactions as the transaction and identity layer.

Fetch.ai plays an important role in this ecosystem. It aims to build a decentralized intelligent economy through the autonomous economic agent architecture (AEA), enabling self-management of network nodes. AEA includes four core components: agents, communication, skills, and protocols, allowing nodes to engage in intelligent interactions and decision-making.

In practical applications, Fetch.ai provides an autonomous AI agent framework for demonstration. Through multi-chain IDs facilitating communication between AI agents within the peaq network in the Polkadot ecosystem and the Cosmos-based Fetch ecosystem, these agents will drive interaction between connected devices, offering users an optimized charging and parking experience based on SSI.

This innovative application demonstrates the immense potential of blockchain technology in the automotive industry, opening up new possibilities for the development of future intelligent transportation systems. As the technology continues to mature, we can expect to see more similar applications emerging across various industries, driving further development of the Web3 ecosystem.