Global e-commerce is growing exponentially, with the value expected to hit $4.5 trillion in 2021. Millions of packages are delivered each day, and this has led to an increase in package theft by “porch pirates” targeting homes without secured delivery boxes. In addition, third-party security systems have shown themselves to be susceptible to hacks and guilty of storing consumers’ personal data.
A new product called IoTLock, from the company It’s Here Inc., aims to put an end to this by allowing anyone to create their own blockchain-secured keypad devices for the home or office.
A blockchain is an expanding list of digital records, referred to as blocks. These blocks are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (what’s called a Merkle tree).
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IoTLock is a software system and mobile decentralized application that can turn any keypad-enabled device into a blockchain-secured container with just a few pieces of hardware. With this technology, users can manage their locked devices, monitor multiple devices, and share or revoke access — all without third-party providers collecting any data.
The solution works with mailboxes, delivery boxes, and safes, into blockchain-secured smart devices.
According to Kevin Barnes, Founder of It’s Here Inc.: “Not only is this a simple and secure way to build a DIY-secured box, it’s also a robust and frictionless system suitable for commercial use.”
To develop the technology, It’s Here Inc. worked with StreamIoT™, which is a blockchain-powered platform where IoT devices store and protect data, device authentication and privacy.
Through the technology, companies can build other types of locking products, to secure deliveries and keep other items safe.
