BCL Foundation – keyvox

Smart lock, in our definition, is a ‘lock’ which knows when to open for the ‘right person’ at the ‘right time’. This unlocking can be done via digital authentication, if a person has the legitimate private key, which in the case of blockchain, will allow the person to access the property by allowing the lock to be opened. BCL Smart Lock records all the transactions of ownership changes against blockchain and verifies the ‘rightness’ of the ownership. This is what we refer to as the ‘tokenized sharing economy’. All ownership changes will be recorded against the blockchain in an immutable way. The ownership will be tokenized and be transferred from A to Bx and back to A. This is the abstraction of a lock which links the physical world and digital world.