Slock.it is a technology company that has been working diligently to develop a revolutionary way to unlock Smart Locks. The company is using Ethereum, which is a platform to develop Smart Contract software that offers users full control over their money. This automatically exempts any type of third party interference and downtime. Ethereum will be combined with Blockchain, which a high cryptographic database that grants everyone access and transaction sending capabilities.
To break this down further for better understanding. The Slock technology will allow business owners that rent out specific products and customers the ability to complete a virtual currency transaction using the Ethereum/Blockchain platform. The customer will send a deposit amount through the Ethereum/Blockchain platform to the owner of the Slock Smart Contract.
Slock does not handle any part of the currency transaction. Once the deal has been locked in, the customer will receive a digital key code through their iPhone. When the customer returns the product and digital key to the contract owner, then the deposit minus the rental fees will be returned to the customer.
The customer will eventually have the option of paying the fees using PayPal or credit card. This technology will be introduced to Smart Lock manufacturers at the Devcon Conference, which will take place November 10-13, 2015 in London. It is scheduled to be released some time in mid-2016.
The Slock technology can be integrated into any Smart padlock or lock and can be utilized by rental companies. This is definitely an innovative digital locking system that will offer high security, convenient transactions, and flexibility.