We introduce a novel concept which solves the challenge of finding the parking spot for your car, increases the efficiency of the current cloud-based parking system and develops a network architecture based on the Internet-of-Things technology. This utilizes Computer Vision, IoT and next generation Blockchain – Tangle to help users automatically find a parking space at the least cost based on location and availability metrics. It calculates the user parking cost by considering the distance and the total number of free places in each car park. This also includes the option to the garage owners to rent out their garage to the vehicle owners on weekly/monthly basis. The users (both the vehicle and the parking lot owners) would perform transactions in IOTA Token which will be the digital currency for accepting payments.

The idea involves the use of smart IP cameras and sensors, real-time data and applications that allow users to monitor available and unavailable parking spots. The goal is to automate and decrease time spent manually searching for the optimal parking floor, spot and even lot.

Government can also implement this decentralized application as a tool for enforcing their integrated on-street parking policy, usually related to traffic and mobility management policies or use it for revenue. The user who park their vehicle in no parking zone can get fined as per the hourly rate for that area based on the location and traffic data. This way the tracking of offenders is easy as the image with the number plate of the car is in the blockchain containing the time duration of the vehicle being parked. The system eliminates any data tampering and is equal for all citizens across the world.