Blockchain-Enabled Smart Locks

Blockchain-enabled smart locks are electronic locks that grant or deny access based on rules recorded on a blockchain. A smart contract holds the permissions, and the lock, connected to the internet as part of the Internet of Things, opens when a user proves they hold the right key, token or payment. Proposed uses include short-term rentals, shared cars, bike hire, storage units and parcel lockers, where paying in crypto could unlock access automatically without a central booking company. The idea was popularised by start-ups in the mid-2010s, notably Slock.it in Germany. Real-world adoption has been limited, because ordinary cloud systems can do the same job, and locks still depend on hardware security, connectivity and power. Also see Programmable Money and Tokenization.