PARKGENE Uses Blockchain Technology to Revolutionize the Way We Park

Athens, Greece, December 27, 2017 --(PR.com)-- We are all familiar with online marketplaces that offer lodging such as apartments, homes, hotels or hostels for short-term lease or rent. With the introduction of companies such as Airbnb and HomeAway, renters suddenly found they had a vastly expanded selection of possible types of accommodations from which to choose, and hosts found a new source of supplemental income. Fewer neighbors, more convenience, and a feeling of belonging in a city that is not your hometown all make the comfort of a homestay preferable for many people to a stay in a hotel. If such arrangements can be used to improve accommodations, why not parking?

Parking is another constant headache for millions of people around the world. What if you could use your computer or smartphone to rent a parking spot beforehand?

Imagine a guaranteed parking spot with no more long searches. Imagine being able to choose the cheapest parking spot at your destination with no more guessing about cost. This idea is not new. The problem to date has been transaction and taxation restrictions, a lack of scalability, and high marketing costs.

The PARKGENE project believes that the emergence of blockchain technology could hold the key to eliminating these problems and freeing up the $100 billion parking industry for a revolution. Its vision is to bring drivers together with parking owners through its blockchain-based P2P application.

The GENE Token
The GENE token is used as a means of payment, to pay for parking. Drivers use the GENE token to pay parking spot owners.Token holders will be able to use GENE Tokens to pay for services and products of PARKGENE (P2P Parking), PARKGURU (Professional Garages and Municipal Parking) as well as any other service that will be integrated with the PARKGENE platform or GENE Token in the future. GENE tokens have no expiration date and it is up to the buyer to use it for park booking accommodation on PARKGENE website/ App or to sell it if he wishes to someone else.

"We believe that there is immense untapped potential in the parking industry," says Nikolas Skarlatos, CFO of PARKGENE. "Most of today's parking services involve the purchase of a long-term parking space, leaving drivers who only need short-term parking with limited alternatives. Using blockchain technology and smart contracts, our app allows parking owners to rent out their parking space on a short-term basis, effectively filling this niche and providing drivers with a better parking experience."

Using the PARKGENE platform, a driver who has found a suitable parking space can reserve the space. The reservation initiates the PARKGENE smart contract. The app transfers the full parking fee payable in GENE tokens or FIAT or BTC or ETH from the driver's crypto wallet to a depository. Once that has been successfully completed, the parties conclude the smart contract by entering and confirming it on the Ethereum blockchain network. Parking owners then receive a minimum of 80% of the smart contract in GENE tokens from the depository when the driver checks out of the parking space. 15% of the contract is used to cover PARKGENE's expenses, and 5% is paid to the parking owner and driver if they support the ecosystem through reviews and ratings. Users of the platform will also be able to convert GENE tokens into fiat currency or other cryptocurrencies at any time.

For more information, see https://parkgene.io