According to a study conducted by Frost & Sullivan, the parking industry was valued at around $100 billion in 2014. In the coming 3-5 years, it’s expected to attract $200-$250 million in strategic investment. The lion’s share of this capital will be directed toward eliminating many of the inefficiencies that exist in the way vehicles are parked today.

Parkgene is an all-new blockchain-driven traffic solution that can also be thought of as ‘the Airbnb of parking’. It employs a mobile app that allows private parking owners to rent their parking spots when they are not using them.

All transactions are carried out digitally in an easy and secure manner, without the need for any technical knowledge. As for drivers who deploy Parkgene, they are able to find spots in a faster, cheaper manner than before, and are even able to make payments via the native GENE token—thereby cutting out transaction surcharges.

Parkgene offers a solution that has already been implemented and is operational. Through the use of technologies such as smart contracts, KYC, and blockchains, this platform is able to deliver a high level of:

• Robustness
• Security
• Transparency

Overview of the platform

• This service is in full compliance with security regulations that exist across the globe.
• Through the use of a native token, Parkgene is able to eliminate issues related to e-money licensing and invoicing that are commonly encountered with fiat currency.
• It allows users to save time and money when in crowded metropolitan areas.
• The app interface is visually-oriented and quite easy to navigate.

Key Features

Parkgene can serve as an additional source of revenue for individual customers as well as larger business establishments. Not only does this platform help relieve drivers of the stress of finding parking, but it also creates a parking spot supply that is not available on the market today.

Overview of the services provided by ParkGene

Parkgene provides users with spots, without the need for intermediaries like parking attendants and assistants—thereby allowing vehicle owners to have complete peace of mind.

Also worth noting is that Parkgene makes use of a dynamic pricing model which is quite similar to those of other service-based apps such as Uber. This helps vehicle owners find the right spot for the right price with the touch of a button.

The business model employed by the company

Lastly, Parkgene integrates with the infrastructure that exists in all the cities where the app is used. This eliminates the need to build new parking lots, and as a result, city traffic levels can be severely reduced.

How it works

ParkGene comes with an all-in-one app that allows the owner of a parking spot to remotely manage their space. Additionally, thanks to the Parkgene Internet Door Opener, the spot owner has the ability to control access to their parking space remotely.

Overview of how the system works

Parkgene records video from multiple vantage points if a camera is connected to the primary system module. All of the recorded videos are linked directly to blockchain records and can be used in the future in the case of a dispute.

People searching for parking spots can use the app to make bookings and pay using GENE tokens. Users who are not well-versed in crypto technology can also make payments using fiat currencies.

Here are a few more key points:

• All bookings are completed with a high level of security and transparency through the use of blockchain technology.
• After the conclusion of a parking session, the driver leaves the parking spot and the predefined smart contract automatically distributes GENE tokens to the relevant stakeholders.
• For every transaction involving GENE tokens, the owner of the parking spot receives 80-85% of the payment amount, whereas Parkgene receives anywhere between 10% – 20% in commission.

About the team

Ilias Hatzis is the CEO of this project. According to his LinkedIn profile, he has been in the digital domain for more than two decades, having founded several consumer internet and ad tech startups. Ilias also previously worked at big-name companies such as Google and JWT, and was the founder and CEO of Mercato Blockchain Corporation AG.

Yannis Ramfos is the COO of ParkGene. He describes himself as a “results-driven executive director” who possesses over 20 years of demonstrated success in directing business and technology operations for a host of organizations.

John Zarifis is the CTO of this venture. According to his online bio, he possesses over 15 years of experience as a senior software engineer and software architect, and 7+ years experience as a software research and development manager.

Token Performance Details

Transactions on ParkGene are facilitated by a native currency called GENE.

GENE token lifetime performance chart (courtesy of CoinMarketCap)

At the time of writing, ParkGene possessed a total market cap of US$3,861,452. There are currently 275,760,863 GENE tokens in circulation, while a total of 1,000,000,000 GENE have been created.

Introduced to the market at a value of $0.014, the currency has remained relatively stable over the course of the past week. As of May 20, the price of a single token currently stands at $0.0143.

Final Thoughts

With ParkGene introducing a blockchain-driven platform that can solve many of the parking issues that exist around the world, it would not be surprising to see this technology do well this year.

If you would like to start investing in ParkGene, GENE trading pairs are currently available on BTC-Alpha.