The Parking Industry is a multi-billion dollar Industry, still growing and with a lot potentials.It is currently estimated to be worth about $100 billion annually.However,the industry is clogged with a lot of inefficiencies such as difficulty in connecting drivers and parking spots across cities(in a way as efficient as Ubber does for its drivers and customers)as well as poor payment systems,others challenges include regulatory and tax compliance,issues of marketing and scaling to a larger reach,lack of user motivation,lack of parking spots etc.Without much attempt to address these issues,it is often a daunting enterprise for parking spot business owners.How about changing the entire landscape such that even private owners of parking spots can make money from their parking spots when they are not personally using it?It is possible-That’s exactly what Parkgene Ecosystem seek to achieve.Creating efficiency and making income from owning parking spots available to all.
What is Parkgene?
Simply put; Parkgene is the Airbnb of the Parking industry.It will connect people who owns parking spots with drivers who need them,provide additional parking space to the market and under cut the high cost of parking,thus providing income for all parties involved.It is putting the parking industry on the blockchain,creating a decentralized ecosystem where contracts(smart) are executed automatically in an efficient manner. Parkgene aims to make parking in cities twice as easy and ten times as cheap.
How Does It Work?
Parkgene will employ the use its novel app (to be launched immediately the completion of its initial coin offering)to connect drivers who are in need of a parking spot with private owners of parking garage.Once a driver in need of a parking spot reserves a spot,a smart contract is triggered off on the ethereum public blockchain. The parkgene app then transfers the full amount of the parking fees in Gene token from the driver’s wallet and placed in a temporary depository account pending when all deals are concluded.In event of inadequate funds from the driver,other forms of payments such (as credit cards,bitcoins,ether)can be used.Successful reservation and payments offers drivers and park owners additional features needed for the completion of the parking session.For example;the driver will be able to open the garage door using his mobile phone while the parking slot owner monitors the entry and exit of the driver with video camera on his garage.At the end of successful transaction,the parties conclude a smart contract on the ethereum with entry and its confirmation on the blockchain.The parking space owner receives,from the depository to their wallet 70–80% of smart contracts in Gene tokens when the driver checks out of the parking space.10–20% goes to parkgene to cover for operational costs,developments,cloud services and advertising.The remaining 5% is paid to the driver and parking spot owner as they perform certain tasks to enhance the ecosystem (such as ratings and reviews).
Current Challenges of Similar Proposition and Why Parkgene is Different
There are a couple of small enterprise within the parking industry who are currently trying to profer solutions to the teeming problems in the industry.They are often faced with problems such as:
Lack of security and transparency-this usually arise due to poor technological approaches and lack of a viable product to ease smooth transactions. Parkgene already has a proven product that is operational and has proved its robustness and security.Transparency is enhanced through the blockchain,smart contracts and through KYC processes
Regulatory and Tax Compliance-licenses are required most times for e-money transactions and receipt issuance (between drivers and garage owners)are needed for tax purposes. Parkgene will typically use its tokens-Gene tokens-to conduct its transactions.The exchange of tokens between individuals will typically not require regulations as with fiat currencies.This gives parkgene the extra advantage of compliance with regulations.Gene tokens can be exchanged for cash by holders as tokens will be publicly traded on exchanges
Poor Marketing- this often times is as a result of poor funding,thereby creating poor awareness.The success of Parkgene ICO will provide enough funding for a trully global market-reach and awareness.
Poor Scaling,user movitation and engagement-this is usually as a result of lack of access to resources,effective team and communications. Parkgene already has a team personnel who are skilled in industry matters to drive the vision of parkgene. Parking needs,decentralized technology,the Gene token,interest for innovation combined with a possible over-performance of token with respect to fiat currency as well as revenues received from services are ingredients for a quick and global expansion.
Advantages of Parkgenes,who will Benefits from it?
Parkgenes will create additional revenues for individuals and businesses.Owners of parking spots can get paid for renting out their space when they are not using it while also giving room for more revenues for operators of garages.Private owners will be able provide parking spots without the need to leave their keys to a parking attendant.
Parkgene will eliminate the stress of drivers finding parking spots.A driver only need to look into his app to locate the closest parking spot.
Parkgene will create access to previously unavailable parking spots for use as it will integrate owners of private parking spots into the ecosystem.It will reduce the need to build more parking spots.
Parkgene provides cheaper and dynamic parking model.
Parkgene will help reduce city traffic levels as private owners open their doors to drivers.
Parkgene Team and Business Model
Parkgene is not new to the parking industry,there is already a vibrant team who already own and manage a successful parking app known as Parkguru.Parkguru already integrates owners of parking garage businesses and municipals to an on-street and off-street parking solution.Introducing Parkgene will create an even larger ecosystem based on the blockchain and its attendant advantages.Owners of private parking spots are fully integrated in the parkgene ecosystem- decentralized peer to peer ecosystem.The parkgene business model is investor-friendly ,ensuring that returns on investment is Every transaction is paid for using the Gene tokens.Owners of Parking spots receives 80–85% while 10–20% goes to Parkgene
Parkgene ICO
Parkgene is currently offering its token- Gene tokens- to investors,giving an early the opportunity to be a part of its ecosystem.Details of the offer are thus below https://tokensale.parkgene.io/?ref=02a9049f49bc8e8389be8925
Token sales starts 15th January,2018 and ends 19th February 2018 at 0.10$ per Gene token.
Sucecess Indicators of Parkgene
As trust and familiarity with sharing economy continue to grow, so will industries sharing same model.e.g Airbnb,Ubber. Parkgene is has a movers’ advantage in having its services nicely plotted on the ethereum blockchain which is very effective in executing smart contracts.Parking is a major issue for everyone living in the city and peer to peer parking is set to grow exponentially as did other sharing economies.
Also,autonomous cars that park without a driver will require services that can legally secure and book parking spots.Tomorrow’s cars will require book park and pay automatically while their owner enjoy living and working in the city.The future is here already
Parkgene is primed for success in this multi-billion dollar industry.
