Crypto Terms: Letter B

What is Blockchain-Enabled Smart Lock?

Blockchain-Enabled Smart Lock MEANING:
Blockchain-Enabled Smart Lock - smart locks developed using blockchain technology.
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Let's find out Blockchain-Enabled Smart Lock meaning, definition in crypto, what is Blockchain-Enabled Smart Lock, and all other detailed facts.

A smart lock is an Internet of things (IoT) device that can be digitally controlled by another device, like a phone or a tablet. While consumer-grade smart locks are growing increasingly popular among customers, they experience issues related to digital security.

Some of the biggest issues with smart locks are related to their connectivity. Since they typically require WiFi or Bluetooth connection, they can become a vulnerable breach point for any malicious parties.

Blockchain-enabled smart locks use decentralized technology to improve the security measures of these devices. They utilize smart contracts that contain variables required to lock and unlock the device. Blockchain-enabled smart locks are highly programmable and can be easily connected to different payment methods, like digital tokens.

The addition of blockchain-enabled smart contracts makes the locking-unlocking functionality more versatile and reliable. This is useful for households utilizing smart locks as it ensures people can only access the house with the owners’ digital permission, and temporary entry codes can be generated as a security measure.

Since blockchain-enabled smart locks are decentralized, they are inherently very secure. The smart lock can receive instructions from anywhere in the world, and using joint signatures means that additional security infrastructure is not required.

Blockchain-enabled smart contracts can encounter some issues. They are dependent on a decentralized network of nodes. This means that any loss or interference of connectivity can impact its utility. Losing connection could leave the owner of the smart lock “locked out” without manual, non-digital access.

While there are some downsides to blockchain-enabled smart locks, they are a more secure solution compared to traditional smart locks thanks to being highly programmable.