By
Chimamanda U. Martha
April 25th, 2024
The Germany-based startup, focused on the Ethereum blockchain, is working on a new device that is expected to promote the use of the IoT technology.
Ethereum has been attracting a lot of attention lately, as the price of Eth coin has shown a huge spike within the recent months. Among the latest projects that involve the use of the decentralized technology is a new electronics device for the IoT sector.
Called the Ethereum computer, a new blockchain-based solution was designed by Slock.it to enable businesses and consumers generate profit by using their assets. With the new technology, the company expects to drive the use of decentralized applications.
Slock.it was founded last year by three developers – Christoph Jentzsch, Simon Jentzsch, and Stephen Tual. The startup aims at creating blockchain system infrastructure, connecting the distributed ledger technology to the physical world.
The Ethereum Computer is a small consumer electronic device running an optimized Ethereum blockchain node as well as a number of decentralized apps. It serves as a blockchain hub enabling users to rent various objects, including real estate, vehicles, smart devices and even wi-fi routers.
Slocks are physical items that can be managed by the blockchain. The holders of these objects set the price for using the device as well as define the deposit amount. A deposit, meantime, is optional and is returned when the user stops using the item.
To rent a device, users have to find an object via the mobile app, make a payment on the blockchain, after what they will then be allowed to open the chosen Slock using their mobile device.
The technology enables direct payments between items, letting consumers to avoid the use of expensive centralized servers. It gives connected devices an identity, allowing them to get payments and conclude complex agreements. It also minimizes operating costs through the use of simplified billing, while ensuring fraud proof accounting.
Slock.it is committed to create the infrastructure of the sharing economy, allowing everybody to rent any compatible smart device and receive revenues without middlemen.
According to the PWC report, the sector’s annual revenue is forecasted to achieve $335 billion by 2025. The sector has already attracted about $15 billion in investments.
The Ethereum computer is also a perfect platform for the development of the Ethereum-based decentralized apps, providing all the necessary software.
In the near future, the startup’s founders believe, business owners will prefer to rent work spaces instead of leasing them. “Owners in a sharing economy become both consumers and producers, leveraging the Ethereum Computer to earn an income without losing revenue to a third party,” the company wrote on its website.
Slock.it is currently looking for new partnerships and has already collaborated with such giants as Microsoft and Samsung. A few months ago, it partnered with German energy firm RWE to charge electric cars using Ethereum Computer. Under the project, users will be able to rent an autonomous electric charging station, make a deposit, charge their vehicle and receive the deposit back.