In the Economy of Things on peaq, decentralized applications (dApps) play a crucial role as fundamental building blocks. These dApps cater to vehicles, robots, devices, and other machines, operating on smart contracts that harness peaq's core functionalities. With the potential to offer a diverse range of services, these dApps leverage the interconnectedness of machines to create tangible value for users through real-world economic processes and exchanges.
Alice, the owner of a private charging station, wishes to make it available to the public during her idle times. However, she is reluctant to join an expensive third-party subscription service to manage the charging sessions for her station.
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Thanks to the peaq network, Alice's charging station becomes visible to Bob, enabling him to reserve it for his use. Bob sends a reservation request for a 30-minute slot, and his car (Consumer) initiates the request via the smart contract associated with the charging station (Provider). The smart contract then verifies if Bob has sufficient funds and, if so, temporarily blocks the required amount. Upon successful authentication, Bob receives a booking confirmation for the charging station, and the station is informed about the identity of Bob's car (Consumer Public Key) that is expected to arrive.
When Bob arrives at the charging station and plugs in the cable, the smart contract performs a verification check to validate the identity of his car. Once the verification is successful, Bob's car is authorized to begin charging, and the energy flow commences. At the end of the charging session, Bob triggers the smart contract to calculate the consumed energy and transfer the appropriate amount (pay-per-use) from the temporarily blocked funds to Alice. Subsequently, Bob unplugs his vehicle and drives off into the sunset, all transactions executed seamlessly via the peaq network.