🇬🇧 Rental NFT and vision
The mass adoption of blockchain and web3 will only happen when users no longer use this technology out of conviction but out of practice.
Web3 will never replace web2, it will enhance it. It will simplify and secure industries, and not just those based on online business. It will allow the acceleration of their digital transformation.
Simplify because it can provide turnkey tools to web2 companies that want to be able to quickly deploy scalable solutions.
Secure through decentralization and the fact that blockchains are regularly audited and tested. There is no longer any reason to have confidence in its development teams or in their database security. On the client side, the web3 offers a real change knowing that the data cannot be manipulated.
In any case this is my vision as a business leader who has spent 15 years working in the web and who has found solutions to numerous challenges thanks to the blockchain.
TERNOA was designed to be this bridge between the WEB and the IRL world and I’m going to highlight one of our features that could be a real game changer for any organizations who use it.
RENTAL NFT
I present to you a use case of the NFT TERNOA which would allow AirBnB-like organizations to drastically simplify their key management.
We will explore the issue of keys in a basic manner. To avoid weighing down the topic, I will not discuss security, but feel free to ask any questions in the comments.
There are 3 solutions to open a door:
-a physical key,
-an NFC key,
-a code.
These 3 solutions are problematic:
-The physical key may be duplicated and must be passed from person to person. It is expensive to replace it.
-NFC may be duplicated and requires hand-to-hand transmission. The copy is almost free and extremely easy to create.
-The code, on the other hand, may be remembered and must be changed with each new renter to prevent theft and misuse.
TERNOA already offers a solution that would solve this problem by offering NFT:
- unable to duplicate,
- ridiculous low cost,
- simple to implement,
- return of the automated key upon contract termination.
AirBnB could deploy this solution in 4 steps:
Step 1: AirBnB creates an NFT that permits access to an apartment.
Step 2: AirBnB establishes the price/duration contract for this NFT.
Step 3: A tenant pays the fee to hold the NFT and uses it to gain access to the apartment.
Step 4: Upon expiration, the NFT is returned to AirBnB and can be rented again.
To create a contract on an NFT, just one line of JavaScript code is required:
create_contract(nft_id: NFTId, duration: Duration, acceptance_type: AcceptanceType, renter_can_revoke: bool, rent_fee: RentFee, renter_cancellation_fee: Option<CancellationFee>, rentee_cancellation_fee: Option<CancellationFee>);
Ref.: https://github.com/capsule-corp-ternoa/ternoa-proposals/blob/main/TIPs/tip-400-Rental-NFT.md
In this example, the owner of the NFT must have an internet connection on his mobile, but the lock must also be connected to the Internet.
However, we have the possibility, with TERNOA, to make the NFT usable even without an internet connection, thanks to our secret.
The workflow would be quite similar:
Step 1: AirBnB creates an NFT secret that grants access to an apartment.
Step 2: AirBnB establishes the price/duration contract for this NFT as well as a secret that holds a key (who can access and when).
Step 3: A tenant pays the fee to hold the NFT and uses it to gain access to the apartment.
Step 4: Upon expiration, the NFT is returned to AirBnB, the secret is swapped and it can be rented again.
In this example, one of AirBnB’s biggest pain points could be solved on the business side and on the guest side in a very simple way.
Thanks to RENTAL NFT, any industry requiring access management may use web3 to simplify and secure access: real estate, hotel, ticketing, parking, schools, access badges, subscriptions, etc. The list is long. How would you use NFTs to simplify your daily life?
I will offer an NFT with VIP access to our party during Paris Blockchain Week for the most convincing answer.
