MONETIZATION OF PARKING SLOTS USING IOT EDGE DEVICES

Abstract

We propose a new “smart parking” system for an urban living environment. The system will assign and  reserves an particular parking space for a driver which is based on the smart parking system  on the user's requirements that combine proximity to destination and parking cost, while also ensuring that the overall parking capacity is efficiently utilized. Our approach solves a problem at each decision point in a time-driven sequence. The solution of each individual car  is an optimal allocation based on current state information and subject to random events such as new user requests or parking spaces becoming available.

The allocation is updated at the next decision point ensuring that there is no resource reservation conflict and that no user is ever assigned a resource with higher than the current cost where a customer is already assigned. Implementation issues including parking detection, reservation guarantee and Vehicle-to-model  or, model-to-Vehicle  communication are resolved in the paper. Our system can save driver time, fuel and expense, while reducing the traffic congestion and environment pollution. The android app which is build for our particular application will help us to define the overall functioning of the model developed, this app gives the overall control of the smart parking system where a user can book his particular slot, calculate the amount of cost for a given period  of time etc. This efficiently enhances the overall working of the model.