Non-Fungible Tokens, the bullish term of the year 2021, has already taken its comfortable position by reaching the apex and is still wondering chances to touch a brand-new pinnacle. As an outcome of shrewd technologies, more novel concepts get in the market, thereby either putting a full stop to the existing problems or an alternate solution to make the process much efficient in the industry. One such next-gen solution provider linking the decentralized world to the physical world is SmartKey. What is a SmartKey? What does it do? How is it related to NFT? This blog turns out to be an eye-opener to all such curious questions wandering over your head. Dive in deep to know more!
What is SmartKey?
Would you believe me if I say SmartKey is an unnoticed part of the puzzle? Of course, yes, it is. It is a bridge that merges the decentralized world with the world of physical assets. Through this bridging, it paves a path for a novel platform known as Blockchain-of-Things (BoT). The prime use of BoT is to connect IoT devices, technology, cloud, and system to blockchain environments comprising Ethereum and Waves. Whenever there occurs a transaction between the physical and virtual world, it involves various stages such as converting one kind of virtual currency to another, which in turn converting into fiat currency and so on. Between these stages, the user spends a lot of fees – transaction fee or commissions to the platform. SmartKey eliminates such a process. The utility token of SmartKey is SKEY.
An NFT Access Token:
Being a part of Digital rights management, the NFT access token is an amalgamation of three unique technologies. It includes,
- Blockchain of Things: BoT assists in linking the IoT system’s information technology data to the blockchain. These devices could be installed in offices, parking lots, cars, gates, etc.
- Oracle System: SmartKey utilizes second-gen Oracle systems to make the NFT access token. The objective of utilizing such systems is to validate the elements that would influence the value. It comprises seasonality, weather, etc. This may also be used to validate a user’s data, say the current credit limit when the user is about to rent a product.
- Smart Contract Conditions: It is generally the conditions and standards that are set by the issuers. It is entirely customizable according to the requirements. Some examples include time to access, expiration period, price, deposit cost, and much more.
So amalgamating the aforementioned technologies conceives a contract in the form of an NFT token called SmartKey. It specifically defines the standards of access for the value handled by an IoT sensor. These values could be traded in exchanges, websites, or applications or even utilized in establishing novel business models. On the flip side, it enhances the practice of using NFTs.
Witness some of the real-time examples to understand the concept more clearly.
- Rental Systems: SmartKey owns the potential of revolutionizing the rental industry. Let’s talk about the car rental system. Imagine a car that opens only using specific NFT tokens. Once the user receives the access (key), it can be used to lock/unlock the car and drive it easily even when the owner is out of town. It utterly monitors the time, distance and automatically calculates the price once the specified contract standards are met. In a similar manner, properties, documents, and others could be rented by proposing the required set of rules and regulations.
- Access to Services: Imagine a hotel door that opens only using a unique SmartKey device. The fixed IoT sensors will automatically log on to the data and commence charging them. The advanced system will provide value to the contract. The value encompasses the period to access rooms, authentication of users will be processed, enable the addition of deposit, and so on. In a similar process, access to services can be implemented in the related field.
- Rescue Teams: SmartKey module can be utilized by the emergency service providers, say fire service, ambulance, police squad, etc., as it greatly diminishes the critical response times. Since the gated communities could not be reached more swiftly, the SmartKey-based network makes it simple for emergency services. This network will notify the keyholder’s address in the restricted zone. The interesting fact is that this technology has already been implemented in Poland, and it is presently in use. It is soon to be incorporated worldwide.
- Wallets: The SmartKey wallets are a kind of crypto wallet that can be utilized to save and handle access keys. The key will be initially framed by the service provider, and it will be shared with the user’s wallet. It now can be shared with other users if required.
The Future of SmartKey:
Undoubtedly bringing blockchain to real-time applications will revolutionize the industries. In such a way, SmartKey has already started to bridge the gap and still plans to do wonders. Most importantly, this technology is trusted by other leading organizations such as Kia, Chainlink, Teltonika, Ferguson, and much more. Its token named SKEY is now available in top exchanges like Uniswap, Kucoin, etc. Considering the future, Smartkey would definitely seize the attention of crypto investors.
Also, it has few rivals in the industry. Out of the 4000 listed projects in CMC, only about four projects are operating on the same technology. The assorted range of use cases such as cloud, business models, key manager, rescue solution, and rental applications enhance its potential. The various other use cases are in developing stages and will soon be launched in the near future.
The Bottom Line:
Thus, by this time, you would have a clear understanding of what SmartKeys is all about. The ability to connect the decentralized world with the real-time world instantly makes it unique in the market. The process was successful due to the two available connectors – API (physical assets and values. For instance, apps, systems, and sensors) & Defi (A smart contract connector). Its top-notch service in providing digital services as well as access key would comprehensively make the industries come out in flying colors.
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