A software giant is enabling a city with smart parking, using real-time information captured by sensors on the vehicle and sensors in parking lots. when the vehicle leaves, data can be shared between the vehicle and parking system, which will prompt a payment from the driver’s payment device stored in their account. how would the use of blockchain to store this data help reduce potential risks?
Question: A software giant is enabling a city with smart parking, using real-time information captured by sensors on the vehicle and sensors in parking lots. when the vehicle leaves, data can be shared between the vehicle and parking system, which will prompt a payment from the driver’s payment device stored in their account. how would the use of blockchain to store this data help reduce potential risks?
By using blockchain technology to store this real-time data, it would help reduce potential risks by using a distributed and immutable ledger to securely store and share data, ensuring that records and transactions can not be tampered with or modified without the consent of all parties. In addition, authentication and authorization can be implemented, ensuring that only the intended users have access to the data and transactions. Finally, due to the decentralized nature of blockchain, no single entity will have control over the data and payments, reducing fraud and increasing transparency.
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