Uses Digital Smart Contracts to Unlock Physical Objects

By: Alyson Wyers - Sep 17, 2016
References: & springwise
Smart contracts are defined as "blockchain-based areas of code that activate independently when particular criteria have been met" by Springwise. Used for a number of purposes, including financial conditions and the sale of solar energy, the computer protocols are now becoming a real world entity thanks to is able to unlock physical items (like literal doors) using digital smart contracts. This process is able to eliminate a third party middle man by enabling the creation of autonomous locks that can accept payment and unlock with a user crypto ID. Powered by a decentralized network, the smart locks can be applied in any way a normal lock would be, such as homes, bicycles and lockers.

This concept combines the Internet of Things with blockchain, resulting in a truly disruptive product.