Cryptocurrencies such as bitcoin have been in the news lately, and could leave you with major questions. Just like the internet and smartphones, this technology is coming, and it will support many changes in the parking industry.
What is Bitcoin?
Bitcoin was created in 2009 by an unknown person using the alias of Satoshi Nakamoto. Bitcoins can be used to buy merchandise anonymously, without a middleman, and involves no banks and lower or no fees.
The currency is traded on “bitcoin exchanges” where people can buy and sell using various currencies. Bitcoins are the products of “blockchain technology,” and they are stored in digital wallets that exist in the cloud or on people’s computers.
Although the currency is unregulated, currency experts agree that bitcoin represents the next evolution of money.
"The parking industry could utilize cryptocurrencies
for fundraising, governance, community ownership and for conducting
Advantages to Parking Companies
Companies, including parking operations, could build an app on the blockchain. Blockchains allow for interesting constructs of corporate fundraising and governance. One can imagine in the future a parking company funded and governed by its customers, for example.
There may also be use cases today for keeping track of parking spots and ticketing on a transparent database such as a blockchain.
At a high level, the parking industry could utilize new blockchain technologies and cryptocurrencies for fundraising, governance, community ownership and for conducting efficient transactions.
Parking companies that own its assets can use bitcoin to raise funds by conducting an initial coin offering (ICO). Similar to a Kickstarter program, all funds would be raised in advance and can be used to build a system on the blockchain. More simply put, a company could raise millions of dollars in an ICO and use that money to build out a new product, and to pre-sale parking for future use.
Top Airport Parking Accepts 40+ Cryptocurrencies
Top Airport Parking accepts cryptocurrencies, including bitcoin, for online reservations at 11 major U.S. airports. All of the payments received with cryptocurrencies have negligible fees compared to current credit card processing companies.