Continuing along in our series of future technologies soon (or already) coming to the parking industry, we’re discussing blockchain. Yet another technology generating a lot off buzz in “non-parking” industries but will likely soon be implemented to support parking operations.

Blockchain is a distributed, immutable ledger that facilitates the process of recording transactions and assets. An asset can be tangible (a car, land) or intangible (patents, copyrights, brands). A Blockchain platform allows users and developers to create novel uses of an existing Blockchain infrastructure. Crypto currency is currently the most popular application of Blockchain.

There are number of opportunities in the parking industry ideal for the Blockchain and distributed ledgers. This is possible due to the security, trust, and transparency these technologies bring, as well as their decentralized, open, and democratized foundations.

Examples of how the parking industry could start using Blockchain are business processes such as knowing your customer (KYC), digital payments, authenticating the customer and the automobile digital identification, and parking enforcement. More specialized examples include customer monthly parking contracts and permits, accounts receivable, controlling fraudulent damage claims in parking garages, safely hiring and managing garage employees and contractors, and paying hourly staff, and many more.

Since these technologies would provide a safe environment for the garage and customer to discover, connect and transact directly, one of the possible outcomes would be tighter integration of the value chain with middlemen like aggregators more seamlessly integrated to provide the bottom line for the parking businesses.

As we continue along our series of trending technologies coming to a garage near you (or that already have) we are looking at the Internet of Things (IoT). IoT includes the growing number of everyday devices and objects with embedded sensors, processors, and software. They use the internet or other networks to exchange data with other devices and systems.

IoT devices like intelligent thermostat can sense the environment and track how you use its feature and make changes to increase efficiency. IoT sensors like infrared devices detect proximity and obstacles near them. IoT helps connect devices via the internet, gather data, and provide valuable information to aid in the overall parking experience for users and operators.

There are many examples of IoT having already impacted the parking industry. From sensor-based technologies used for parking guidance systems and parking availability, to the convenience and personalized services offered to parkers using micro location technologies in the garage. There are so many opportunities to anticipate consumer behaviors and streamline operations and offer targeted marketing offers using geo-fencing sensors and other IoT devices. The extensive amount of data and information available to parking operators today also highlights how IoT has transformed the industry and the opportunities created.

The industry is in a position to not only transform the parking experience altogether but provide the resources to create more effective, healthier communities. IoT is the backbone of this aspect of the future of parking.

These trending technologies have already and will continue to help further understand the customer behavior. This will prove valuable at allowing owners and operators effectively market and provide personalized service, while creating seamless and efficient parking experiences along their journeys.