Bucheon, the satellite city of South Korea’s capital Seoul, is using a blockchain solution under its smart city initiative to address the parking problems in the area. With participation from the local government and companies, the solution enabled shared parking in the Sangsalmi area of Bucheon.
The project was initiated by the Ministry of Land, Infrastructure and Transport under the Smart City Challenge project. The project secured 280 shared parking spaces, increasing the supply and demand ratio to 109% from the previous 37%. Additionally, illegal parking saw a decline of 41%.
These parking spaces were secured from local residents reserved parking spots and companies, including Technopark. The town also set up a company to operate this shared parking service, called ‘Sangsalmi People’.
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