Fetch.ai, a company specializing in artificial intelligence, and the block chain company Datarella have announced a joint “Smart City” project in Munich. The aim is to reduce CO2 emissions in Munich.

The “multi-agent system” based on block chain technology in combination with artificial intelligence is designed to optimize the traffic flow around the building. This should not only prevent traffic jams, but also ensure that there is always sufficient parking space available. The most important point to note is that CO2 emissions are to be drastically reduced. To this end, the system’s “autonomous agents” negotiate the price of parking among themselves, whereby users are rewarded if they select less advantageous parking spaces or do not use any parking spaces at all. Rewards are given in the form of the so-called FET token, which participating users are credited for every minute they do not park. Although this is initially only a test project, it could be an impetus for a more sustainable future in which block chain technology plays a key role.