PARKGENE - Automotive Services Ecosystem
Imagine a world where your car takes you to where you’re going and drives
away to go and park itself. Imagine a world where your car using its own digital
wallet pays for parking, completely on its own.
The future is bright and we are only getting started at PARKGENE.
PARKGENE is a decentralized ecosystem where parking owners and drivers meet
to conclude short-term or long-term parking rental contracts. PARKGENE, based
on the Ethereum Blockchain combined with smart contracts, will eliminate the
dependence on centralized systems between the transaction participants, and
will significantly reduce the cost of parking for drivers, while offering an
alternative source of income to parking owners. PARKGENE provides innovative
approaches, openness, convenience and ease of use to enable the parking
industry and its stakeholders to raise the quality of urban life to a whole new
level.
The ecosystem will be of interest to individual, professional or municipal parking
owners, who are engaged in offering parking spaces, as well as to the drivers.
PARKGENE will create the most comfortable and straightforward conditions for all
platform users to achieve their goals. Furthermore, due to its decentralized
nature, PARKGENE will offer all the tools to customize and streamline all
operations according to specific needs and requirements.
We believe that over time PARKGENE will offer a valuable solution not only in
Western Europe and North American markets, but also in other markets around
the world that face congestion and parking problems, providing a viable
alternative that can help improve the entire parking industry.
PARKGENE PTE Ltd is incorporated in Singapore and is wholly subsidiary of
PARKGURU LTD (UK), a company that owns and operates an advanced omnichannel
parking booking service (https://parkguru.com). Today, PARKGURU’s
applications provide booking services and detailed information on millions of
parking spaces located in Europe and North America.
The introduction of PARKGENE will create an operational fork. PARKGURU will
remain focused on providing on-street and off-street parking, sourced by
municipalities and professional parking operators (garages), while PARKGENE will
be a new product focused on efficient decentralized peer-to-peer parking for
individually owned driveways and home garages.
Vision
PARKGENE is a convenient and secure way to find parking, connecting drivers,
individuals and businesses.
Our Vision is to disrupt the traditional – mainly off line – Parking industry, sized
at $100 billion annually, and to provide drivers with a better parking experience,
while helping cities become smarter and environmentally friendly.
We aim to make parking in cities twice as easy and ten times as cheap. We will
establish the GENE token as a payment method for the automotive industry,
allowing drivers to pay for parking and integrating it with mobility services,
vehicles and automotive infrastructure.
Parking Industry Overview
Industry Overview
In the present scenario, the world is facing critical issues of traffic cramming with
a significant rise in the vehicle population and congestion in cities, and this has become an ongoing challenge for municipal councils and the traffic authorities to
track and manage vehicular traffic.
According to research by Frost & Sullivan, the worldwide parking industry is
about $100 billion and is expected to attract institutional and strategic
investments to the tune of $200-$250 million over the next 3–5 years, mostly to
spur innovation and smarter parking. One big reason for this infusion of capital is
to remove the inefficiencies in the ways that we currently park, per recent
findings.
A 2011 study by Cisco revealed that just within the US alone, the total cost of
personal transportation amounts to $3 trillion per year. Parking represented a
staggering 12.5 percent of this total, or $374 billion. This includes not only the
actual cost to park but also associated inefficiencies, such as the urban traffic
created by people looking for parking. With numbers this large, it’s not surprising
that automotive OEMs increasingly view parking as an important service that
needs to be integrated within the vehicle’s telematics system to streamline
efficiencies.
In the coming years, P2P parking will generate new opportunities globally for
myriad commercial parking lots, garages and residents to rent out their parking
spaces with the aid of online marketplaces running over mobile and web
platforms.
On-street & Off-street Parking Market
Until recently, parking and innovation have mixed like water and oil. This is
largely due to the slow-changing nature of the two-headed parking industry,
which is comprised of both on-street and off-street parking.
On-street parking represents about one-third of all parking-related revenue[1] in
the US and is typically controlled by cities and municipalities. These
organizations are not the fastest moving when it comes to initiating technical
change, and while there has been progress within the realm of mobile payments
at meters, truly scalable, innovative parking availability projects that help drivers
find spots when they need them are few and far between.
Off-street parking represents about two-thirds of all parking-related revenue in
the US and is largely owned by private enterprise and therefore, theoretically,
should be faster moving when it comes to innovation. But even this segment of
parking has been slow to change, mostly because its fragmented nature.
Despite the theoretical supply of parking spots sourced by Municipalities and
Private Parking Operators, drivers globally spend an average of nearly 20
minutes per trip in pursuit of a parking space according to a 2011 IBM survey.
This is a colossal waste of time and the concept of pre-booking parking prior to
arriving at a destination is still nascent. Most people continue to drive around
searching for a spot, either on-street or off-street, typically unaware of what
parking inventory is available to them.
Peer-to-Peer (P2P) Parking Market
Parking in private garages and driveways is a massive market by itself.
According to a research published by CNT (Center for Neighborhood Technology
(CNT) there is a huge supply of parking spaces totaling 61% of the number of
residential units in Chicago, when only half of them are occupied during night.
According a study contacted by parkgene , based on housing and driving data
published by the US Census Bureau, Eurostat and indexmundi.com, we estimate
that the 100 biggest and busiest cities in the US and Europe generate a market
of 20 million usable parking spaces and a potential revenue of 60 Billion USD.
It is obvious that P2P Market is massive and its efficient utilization could result in
tremendous benefits for the cities, drivers, parking space owners and the
economy overall.
Over the past two years, several innovative startups (JustPark, ParkEasier,
CitiFYD), mainly in the US and Europe, have launched services and apps focusing
on P2P Parking offerings. The P2P concept is simple. Individuals buy and sell
goods and services from one another. In doing so, they circumvent traditional
businesses, including parking operators.
Nevertheless, all these apps are still facing scaling issues and most of them are
counting a few thousand users, as their operational geographies are limited and
global marketing is a big issue. Transparency, payment, security, high credit
card processing fees, regulatory and tax issues are some of the major barriers
for all these startups to scale, to become national or international champions.
The Problem
Parking imposes a significant burden on drivers and the wider economy. One in
three drivers abandoned their search for a parking space at least once in the
past year in pursuit of a coveted spot.
The factors that predispose a city to congestion are the same as those that cause
parking pain: large and growing populations, vibrant economies, relatively cheap
motoring, and dense urban environments with limited land space.
The parking problem is compounded due to the lack of information; many drivers
simply don’t know where space is available, increasing driver frustration and
wasting time. Just like congestion, parking pain is costly. For the individual
driver, the search for parking results in wasted time and fuel, and incorrectly
parking or running out of time can result in a parking fine.
In the city, the search for parking clogs intersections and city streets, increasing
traffic congestion. The search for parking also worsens air quality, as vehicles
emit greenhouse gases into the environment.
Generally, off-street parking rates reflect local market conditions and central
locations in major cities of commercial, political or cultural significance. Similarly,
local political and policy considerations generally dictate on-street parking rates
with many cities favoring relatively high on-street fees to encourage high
turnover and to support local business activity.
In short, parking pain extends far beyond the driver’s seat. The economic cost of
parking pain is quantified and monetized in terms of: searching for parking,
which results in wasted time, fuel and emissions, overpaying for parking, and
parking fines. Several non-economic costs are also quantified, such as avoiding
trips due to problems finding parking as well as increased frustration and stress.
Standard parking charges are a cost of driving like fuel and maintenance, but
parking pain imposes an unnecessary economic burden in much the same way as
traffic congestion does. According to a recent market research, conducted by
INRIX Inc, the parking pain costs (time lost in search for parking, parking
fines, fuel consumption etc) for drivers in the U.S. $95.7 billion a year, drivers in
the U.K. £31.2 billion and drivers in Germany €45.2 billion.
To reduce these costs, technology providers, automakers, cities and businesses
are relying more on providing drivers with real-time parking availability to ease
parking pain. But as cities grow bigger and busier, while real estate value is
rocketing, parking spots in the city are becoming more and more difficult to find.
Opportunity
This is where parkgene comes in.
PARKGENE’s decentralized technology will supply new parking spots in already
crowded cities, which now remain unutilized, by enabling not only the Peer-toPeer
sharing but also the seamless integration of all competing parking
technology solutions offered by the industry, thus creating a functional
marketplace.
P2P marketplaces, is not a new idea. We have seen several successful
applications in the lodging industry with companies like Airbnb, or in the automotive industry with Uber and Lyft. A few startups have already evolved in
offering P2P Parking but scaling has always been a problem.
We believe that PARKGENE will create the foundation where the whole P2P and
Professional Parking Marketplace can operate seamlessly by connecting drivers,
spot owners and Technology providers who offer park booking services on a
robust blockchain infrastructure which utilizes the GENE Tokens (GENE) as a common mean of payment.
How does parkgene work?
Drivers looking for a parking spot meet virtually with parking owners through the
PARKGENE app. The following diagram shows the different stages of a parking
session completed on the PARKGENE platform and over the Ethereum Blockchain
with smart contracts.
Once a driver reserves a parking spot, the reservation triggers the PARKGENE
smart contract on the Ethereum Public Blockchain.
The parkgene App transfers the full parking fee amount in GENEs from the
driver wallet, to a depository (a temporary wallet). Should there not be enough
GENEs balance in the driver’s wallet, the driver can use his credit card or other
means of payment (Bitcoins, Ethers) to buy GENEs real-time and pay for the
transaction.
The successful reservation and payment provide additional App functionality to
drivers and parking owners which is needed for the completion of the actual
parking session. For example, the driver will have the ability to open the garage
door from his mobile phone, while the parking owner is notified and monitors –
in live video – the entrance and exit of the vehicle. This functionality is optional –
although very helpful – and is achieved through integration of PARKGENE
platform with existing remote access tools that are available in the market, or a
specific device that PARKGENE will offer to the Parking Space owners at very low
cost.
At the end of a successful transaction the parties conclude a smart contract on
Ethereum, with the entry and its confirmation on the blockchain.
The parking space owners receive, from the depository to their wallet, 70-80%
of smart contract in GENE tokens, when drivers check out of the parking space.
The remaining:
- 5% of the total amount is paid to the driver and parking space owner as they perform several actions that enhance the ecosystem (e.g. Ratings, Reviews).
- 10-20% of the total amount is paid to PARKGENE to cover operational, development, cloud services and advertising costs.
At any time, the users of the platform can buy or sell GENE tokens for FIAT
currency (USD, EUR, JPY, CNY, etc.) or other cryptocurrency (BTC, ETH, etc) by
using several cryptocurrency exchange services that may trade the GENE token
(if and once GENEs may be available at such exchanges).
GENE is available in a limited edition of 1,000,000,000 GENE Tokens.
We are considering that the possible increase of users and number of smart
contracts may increase the demand for GENEs among drivers, resulting in a
token that other service providers (i.e. Tolls, Car Wash, Car Insurance, Tow
Service providers etc.) will likely receive as payment for their services.
PARKGENE Features
Reduction of High Parking Fees
Existing platforms, which are intermediaries in the parking industry, take a high
percentage as a commission. At the same time, P2P Parking economy is not fully
implemented, because there remains a middleman in the form of а booking
service or agent that takes the role of а guarantor and arbitrator in resolving
disputes and nonstandard situations. At the same time, several tax regulations
restrict payment using FIAT currency from one user to another thus limiting the
potential growth of P2P Parking economy growth in several places of the world.
Research indicates that the world’s leading parking marketplaces charge a
service fee of up to 20% to the parking owner.
Currently, based on research from INRIX the average cost for off-street
parking across 10 cities in the US is $15.51 for 2 hours. We expect with our P2P
solution to be able to reduce this cost by at least 50%, a huge saving for drivers,
while at the same time to double – at least – the availability of parking spots in
cities resulting in numerous benefits for drivers, reducing traffic congestion, gas
emission and overall improving the quality of living in big cities.
Trusted Reviews & Rating – Incentives and Bonuses
parkgene offers a system of bonuses that drivers and parking owners receive
for making certain actions in the system: an identification process, a detailed
description of the parking space, adding photos, writing reviews, etc. Putting
ratings on the economic rails, will allow drivers to receive more profitable offers
and save money.
The parking owners, receiving reviews and ratings, will be able to reach the full
level of their real load much quicker and thus earn more money, since even
lower-rated ads get higher rental loads than those which do not have reviews at
all. For each feedback both driver and the parking owner will collect GENEs,
which they can use in the future. The size of the bonus is determined by both
the rating given by the opposite side as a review, and by the duration of use.
Users will be able to receive up to 5% of the parking fees paid back in the form
of bonuses instantly received after they perform an action in our ecosystem.
Security Measures
PARKGENE values the security of both the parking space owners (who provide
access to their premises) as well as the drivers who park their cars. There are
several measures we have put in place to manage all these security issues.
There are different stages where security measures are applied:
• Account ownership and access
The most common security breach is when a scammer or other bad actor
takes control of someone’s account by obtaining the password. Normally,
this would mean access to someone’s email or the ability to make
purchases on their behalf. But in the case of parkgene , it could mean
giving a stranger access to private details about your home parking space
and the ability to rent it out to others.
Multi-Factor Authentication is implemented to prevent account takeovers. parkgene will require both hosts and guests when logging in from new
devices to verify their identity with a second account, either via SMS or
email. This policy is common among a clear majority of other social and
communication apps that use multi-factor authentication, including
Facebook, Google, etc.
Predictive models, trained using machine learning techniques, look for
uncharacteristic behavior to flag for instance, if the account is seeing an
abnormal number of login attempts or a login from a foreign country,
PARKGENE system will ask for an additional confirmation that the person
logged in is truly in good faith.
In addition to multi-factor authentication, PARKGENE is also adding SMS
alerts, Push Notifications and Email alerts to let people stay up to date
about changes made to their account in the event a stranger has gained
access and starts tinkering with settings.
• Physical Access to the Parking Spot
Check-In Process. To provide additional security and increase the level of
loyalty and trust between the driver and the parking owner. When the
driver checks in, the parking owner (or the PARKGENE Service) gives the
driver the “digital keys” (or the remote control) and uses the mobile
application to either scan the QR code or even press the “Open Garage
Door” button from the driver’s phone screen. This feature is optionally
implemented with PARKGENE Internet Door Opener (PIDO) or any other
world class garage door opener manufacturers such as Chamberlain,
Nortec and others.
Check Out Process. When the driver departs from the parking space, the
digital keys are deactivated, and the check-out is confirmed to the system.
Monitoring and Auditing of Parking Session. Depending on the situation,
the Parking Owner and the Driver may have access to video recording of
the Parking session, which is securely stored for 1 year on PARKGENE’s platform and available to anyone who has the link and the authority to
view it. This feature is implemented with the use of any Video Camera
connected with the parking space account and it is extremely helpful to
both users to resolve any issue that may arise.
• Financial transactions
Financial transactions conducted over the parkgene platform are secured
in multiple ways.
PARKGENE offers high level of Wallet Security to both drivers and Parking
Owners who transact with each other. All GENE Tokens including additional
cryptocurrency (Bitcoin, Ether, etc.) stored in wallets are pooled and
securely stored in different wallet layers such as Hot and Cold Storage
Multi Sig Wallets so the risk of hacking is minimized.
PARKGENE parking session fees are managed by the PARKGENE parking
smart contract deployed on the Ethereum blockchain and the funds are
distributed to the stakeholders automatically after the end of each parking
session. All funds distribution is traceable through Etherscan.
Transactions with FIAT currency, which is automatically exchanged to
GENE tokens for the completion of a parking session, are handled through
Credit Card processing providers who comply with the highest levels of
Banking Security measures such as PCI-DSS etc. PARKGENE does not hold
any type of Credit Card information but in special cases it may require
basic KYC (Know Your Customer) verification, which will be completed
electronically and takes less than 1 minute to complete.
Escrow
Funds received from the Initial Coin Offering will automatically be placed in
escrow account.
All funds will go directly into 2-of-3 multi-signature wallet. This means the
money can only be withdrawn, if two of the three signees agree. We have partnered up with trusted and reputable law firms. Each get one key to the
multi-signature wallet.
The funds will be placed in escrow wallet and will be released after we:
- transferred purchasers their GENE tokens.
- Launch the Beta Version of our parkgene platform, allowing token holders to use their GENE tokens.
All GENE tokens will be issued 7 days after the token sale is completed. We plan
on releasing the commercial Beta version of the PARKGENE platform as soon as
the token sale is completed.
Road Map
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