Chicago, IL: EthVentures LLC, a Blockchain and Artificial Intelligence firm focused on Investments, Applied R&D, and Education in the digital currency space, announced that they earned First Place in IBM’s Blockchain Hackathon. The Unchain the Frame Hackathon was a four-month long competition that challenges participants to master Blockchain, Machine Learning, and Open Source technology, for a chance to win up to $50,000 in prizes.
For the final phase the competition, EthVentures submitted a feature-rich project called The Spot Exchange, an application that enables people to rent physical locations designated for parking traditional and autonomous vehicles. Parking spaces considered include garages, lots, alleyways, and driveways, which may be located on private residential and commercial property. The solution includes a smart, decentralized parking reservation marketplace based on the Enterprise Blockchain Solution, Hyperledger. The efficiency of their marketplace is greatly enhanced by artificial intelligence and machine learning models running on IBM Watson. The identity of their users is also managed via the blockchain, allowing a first of its kind private and permissioned blockchain that still allows for self-registration.
As a decentralized marketplace, The Spot Exchange does not own physical parking spaces, establish asset prices, or set policy. Instead, it serves as the mechanism in which owners of physical spaces connect with short-term or long-term renters, and provides an automated service for executing and enforcing contracts. As a smart marketplace, transactions stored on the distributed ledger are processed and mined in real time. This approach allows for a self-learning ecosystem that automates key components of the buying-selling process, more efficiently connects owners and renters, and provides dynamic, real-time price recommendations.
Key features of The Spot Exchange include:
- Sophisticated Marketplace: Many public and private parking spaces are completely underutilized, producing little or no value for owners. At the same time, buyers that are ready, willing, and able to rent spaces (often at a premium) in close proximity to their destination are forced to accept less desirable terms. The Spot Exchange solves this problem by more efficiently connecting owners and renters in real-time.
- Artificial Intelligence: In a traditional marketplace for renting physical parking spaces, owners of parking spaces have little direction about how to set prices. In addition, renters have little direction about whether they are paying a reasonable price for parking. As such, on the seller side, the decision to price parking assets is often made ad hoc without empirical support. On the buyer side, the decision about where to park is influenced by price, but in a suboptimal way. The Spot Exchange solves this problem by using AI to provide real-time price estimates called “Spotstimates”.
- Autonomous and Electric Vehicle Ready: One major barrier to the adoption of autonomous and electric vehicles is convenient access to charging locations. This is especially true for urban dwellers who would require landlord approval for the installation of a charging station. In urban areas where parking is already cost prohibitive to vehicle ownership, there is a real need for an affordable solution that combines autonomous charging and storage. The Spot Exchange solves this problem by taking an approach to development that serves autonomous vehicles.
While the initial focus of the service is to connect drivers the best possible parking spots, the project’s ultimate goal is to be the defacto exchange used by autonomous vehicles to negotiate prices, find charging stations, and locate appropriate storage when not in use.
About EthVentures LLC: EthVentures LLC is a Blockchain and Artificial Intelligence firm focused on Investments, Applied R&D, and Education in the digital currency space. Founded in 2017, EthVentures aims to serve as a catalyst for digital currency innovation and adoption.