A Vienna-based car-sharing service company has outfitted nearly half of its 200+ fleet of cars with blockchain-based self-sovereign IDs for tokenization purposes. The car-sharing service ELOOP and peaq, a Web3 network for the Economy of Things, announced on June 27th that 100 Teslas have been tokenized via the peaq network. The blockchain integration allows users to own a fraction of the fleet and share the revenue the cars generate from daily rideshare operations.
Tokenizing High-Value Assets for Mainstream Adoption
According to the co-founders of ELOOP and peaq, tokenizing high-value assets such as ride-sharing fleets will help bring Web3 into the mainstream as it creates a direct revenue stream for token holders. In addition, the integration of blockchain in real-world assets will help with mainstream adoption and understanding of the technology. The democratization of tokenized assets such as autonomous vehicles could also reduce inequality by opening up investment opportunities to a wider audience.
Decentralization and Blockchain Integration in Real-World Assets
The co-founders of ELOOP and peaq see potential for other decentralized services such as electric vehicle charging, Uber-like ride-sharing networks, and camera networks. As more physical high-value items are put on the blockchain and tokenized for public accessibility, the ability for “communities to fund and build infrastructure and also earn from it” becomes real.
Polkadot and IoT Use Cases
The transaction and data storage layer for the decentralized physical infrastructure network of the tokenized Teslas is hosted by the peaq blockchain network, which is built on Polkadot. According to Leonard Dorloechter, co-founder of peaq, the company chose Polkadot due to the “interoperability” aspect and said that they’ve built an economic model to “specifically incentivize those IoT use cases.”