Following the Stream of Money: How Does Parkade.io Collect ETHER Payments?
Never before have people been able to pay for parking with ETHER. With Parkade.io, that will change. Accepting ETHER as a payment method through the Parkade.io app is an innovation that will benefit investors and app users.
So, how will it actually work? How will the app interact with a physical parking lot?
Let’s look at the process for checking in and out of a parking lot through the Parkade.io app.
When Entering the Parking Lot:
- The driver pulls up to the parking lot entrance and scans the entrance QR code on his or her smartphone
- The QR code links to the smart contract on the Ethereum Blockchain
- The driver sends a check-in through the Parkade.io app to indicate they’d like to park in the lot
- Following checks, the smart contract stores the driver’s Ethereum wallet and timestamp information
- The entrance gate is opened and the driver can enter and park in the lot
When Exiting the Parking Lot:
- The driver pulls up to the parking lot exit
- The driver requests a checkBalance query to the smart contract on the Parkade.io app
- The app tells the driver how much is owed
- The driver sends a checkout transaction to the smart contract, which makes a payment from his or her wallet in ETHER
- The smart contract check that the correct balance has been received
- The transaction triggers the exit gate to open and the driver leaves the parking lot
This process is more clearly defined in the Parkade.io technical framework outline on our website. For more information about how smart contracts work, you can also view our previous blog post on the subject.
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