Blockchain-enabled smart locks are innovative devices that combine the functionality of a traditional smart lock with the security and programmability of blockchain technology.
Smart locks, commonly used in homes, can be controlled digitally through mobile devices.
However, they can be vulnerable to cybersecurity risks.
By leveraging blockchain technology, smart locks address these security concerns and introduce new possibilities through smart contracts.
Enhancing Smart Locks with Blockchain-powered Smart Contracts
A smart contract is the underlying logic for determining whether to lock or unlock the smart lock.
This adds a layer of versatility and security to the conventional smart lock concept.
The addresses associated with the smart lock can be linked to digital identities, enabling features such as temporary or entry codes.
For instance, homeowners can grant guests or service providers access even when they are away.
This opens up opportunities for commercial applications in offices, hotels, and rentals.
In addition to programmability, blockchain-enabled smart locks offer enhanced security compared to traditional smart devices.
Locking and unlocking instructions can be sent from anywhere globally, and blockchain’s inherent security allows for collaboration and joint signatures without additional security infrastructure.
Challenges and Considerations
However, there are a few downsides to consider.
Blockchain-enabled smart locks may face connectivity issues if access to a decentralized network of nodes is lost.
Like a mechanical lock, losing the private key can result in being locked out without any recovery options.
Additionally, public blockchains may present challenges related to privacy and processing time.
Despite these potential drawbacks, the programmability and integration with the token ecosystem make blockchain-enabled smart locks capable of supporting novel business cases.