Embermine in Action: Internet of Things Service Contracts
The Internet of Things is becoming a more pervasive part of our techno-social communities. Particularly in urban areas, IoT devices will become a function of our daily lives. One of the results of the growing IoT space is the opportunity for people to create small business around the leasing of connected devices. Embermine can help automate the leasing and maintenance of IoT devices in several ways. For an example, we’ll use a small business of IoT connected bike rental racks.
While Embermine’s system architecture is not designed specifically with IoT in mind, third-party developers can develop Embermine Projects for IoT applications or port them into the platform for Customers to purchase. The smart contracts and transactions between the Customer and the Project (the application) and within the Project itself can also be facilitated within Embermine.
Once a Customer leases a bike, the IoT application registers that a transaction has taken place. Depending on the transaction mechanism, this may or may not utilize Embermine’s smart contracts or payment mechanisms. Embermine is particularly suited for creating smart contracts between all Entities involved in the ongoing business of the company, allowing for any number of owners to own individual or multiple bikes to be stored and rented on any number of bike racks connected to the application. By ensuring proper revenue share, each owner can be assured to receive their revenue. But Embermine can also help ensure ongoing product quality.
Bikes require frequent maintenance for optimal performance and general safety of the rider; therefore, the bike rental business can partner with a local repair shop for ongoing maintenance. As increased use of the bicycles would also create a greater need for the repair shop’s services, the smart contract between them and Project could automatically send a certain percentage of incoming transactions to compensate them proportionally for their work. Through the use of barcodes or RFID chips for the repair shop to record the services performed upon every bicycle, that record can also be attached to the Embermine Project. This would allow the owners to audit service records to hold the owners of the service contracts accountable for the work they do.
The ability to connect IoT products to real world services within Embermine essentially creates an environment that allows for nearly autonomous, scalable small businesses.