Internet of Things Blockchain Startup Slock.it Raises $2 Million

Slock.it, most known for its involvement with the DAO, has announced that it has secured $2 million in seed funding. The German startup will use the new capital infusion for is building its Universal Sharing Network (USN) project, which aims to revolutionize the sharing economy by enabling both companies and individuals to easily and securely rent, sell or share any IoT connected object.

Built on top of the Ethereum public Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, the USN will provide users with a set of mobile and desktop applications to find, locate, rent and ultimately control any object mediated by smart contracts, from anywhere in the world according to the developers.

Christoph Jentzsch, CEO of Slock.it, explains: "Slock.it's solution is not limited to smart locks. Once deployed, the USN will connect the blockchain to the physical world, effectively giving any connected object - including vehicles, white goods and routers - an identity and the ability to send and receive Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term."

Stephan Tual, COO of Slock.it, adds: "We're talking about the deployment of a global, real-time, ad-hoc Internet of Value: with the USN, rental apartments and offices will become fully automated, smart objects will be rented on demand and unused vehicles get a new lease on life".