OUR INNOVATIVE TECHNOLOGY
There is good news and bad news about mobility - the good news is that any densely populated area is suffering from traffic jams, the bad news is that it is going to get worse. Technology is not going to help, quite the opposite as fleets of self driving cars - Uber and similar - are already competing for access to infrastructure: the scarce resource in the mobility model, particularly on heavily traveled highways and in urban areas.
The obvious solution is to centrally control traffic using the connectivity available in every vehicle in order to maximize the volume of vehicles in transit.
But what is the optimal way to prioritize the access to roads?
The traditional way of prioritizing traffic is First-In-First-Out. Unfortunately such prioritization doesn’t consider that the urgency is different for every vehicle and driver, as is the perceived value to be able to complete a journey within a shorter or longer period of time.
By allowing market supply and demand to allocate for optimal or “best” solutions, it is possible for a central authority to really know what the “best” solution is, given everyone’s requirements and constraints.
A test done by the Israel Ministry of Transportation shows that when drivers received incentives for changing driving habits during rush hours, 45% of them complied. The test showed that a 10% decrease in road usage during rush hours will practically eliminate traffic jams.
Traffic Bid has created a new paradigm where priority is governed by social and economic principles assigning priority to the vehicles who need it the most or are willing to pay the most for it while at the same time providing incentives for drivers to use alternate roads.
A journey could be as simple as paying some money to get a traffic light to change faster, a bridge crossing, or even using a dedicated public transportation lane. It could be as complex as a multi-road commute or even a multi-state journey.
The key point is that the driver / autonomous vehicle, will be able to choose a route from A to B bidding on the fastest journey or alternatively to get credit for using a longer route avoiding congested roads. Relevant authorities will use the system to monitor the process and bill drivers accordingly.
Drivers: save time and know in advance the duration and cost of a journey.
Authorities: de-congestion, reduced pollution, additional income to replace missing revenues from
fuel taxes, parking fees, fines, and tickets. This will generate a new revenue stream from
Car fleets: control and optimize routes, more rides per car, offer “Premium” rides
Infrastructure vendors: value added application to monetize connectivity, add a smart layer and
offer a revenue share model .