The startup Slock.it is a universal information exchange system designed for renting various things and objects (apartments, cars, etc.). The system functions on the basis of smart contracts, so the work of the service is fully automated.
When someone buys a Slock, it will be connected to and controlled by a Slock smart contract in the Ethereum blockchain. The Slock owner can set the amount of the deposit and the price to rent his property, and the user will make that deposit through a transaction on the Ethereum blockchain (without us), thereby gaining permission to open and close this smart lock through his smart lock. Phone. The deposit will be locked in the Ethereum blockchain until the user decides to return the virtual key by sending another transaction to the Ethereum blockchain. The contract will then be automatically executed. The deposit will be sent back to the user, minus the cost of the lease, which will be automatically sent to the owner of the Slock. All of this happens without any help from anyone else!
Since the data for each Slock is publicly available in the blockchain, any web service can scan it and offer partner searches. The current model of giving all power to one company because they have all the data will be broken. The data will now be available for use by any blockchain browser.
In this way, Slock can be described as an open platform that others can use and develop. It can be used in a completely decentralized way, connecting tenants directly to the owners of the properties they rent.
What exactly are we doing? First, we will build the foundation for this platform by deploying a smart contract on the Ethereum blockchain and selling the hardware that uses it. Second, we will provide services such as the “Slock Blockchain Explorer,” a way to use traditional payment methods (credit cards, PayPal, etc.) to purchase the ether to be used in the contract, as well as customized solutions for various businesses (hotels , bike stores, tool rentals…). However, users do not need to rely on our services to use the underlying platform.
We will offer hardware and software to use this system and encourage others to use this standard as well. Imagine being able to rent out your apartment, house, bicycle, car, washing machine, lawnmower, etc. efficiently and securely. etc., simply by locking it with a padlock. Execution of the contract and payments will be processed automatically.