Pay4Meter
A tool for decentralized property leasing and costing based on consumed resources.
The technology includes the use of IoT-devices and smart contract.
The technology includes the use of IoT-devices and smart contract.
About project
Pay4Meter is a decentralized system that connects the owner of the object and the tenant, safely concludes a lease agreement and performs financial exchange, depending on the resources spent. The system works in the blockchain's open network - Ethereum, but can be transferred to a private blockchain - Hyperledger. It consists of a smart contract that manages the system and embedded IoT devices in the system to measure resources, send information to the Blockchain and make changes to the system.
Technical solutions
System structure
We have worked out the optimal structure of the system:
1. Smart contract is created by the owner
2. The tenant makes a deposit in the smart contract and starts renting
3. IoT sensors read information about consumed resources and send to smart contract
1. Smart contract is created by the owner
2. The tenant makes a deposit in the smart contract and starts renting
3. IoT sensors read information about consumed resources and send to smart contract
Smart contract
It is located in the blockchain network, provides a secure interaction of agents: owner, tenant, IoT devices.
Accepts deposit from the tenant at the beginning of work, receives information from the sensors and deducts payment for resources from the deposit, returns the earned money to the owner and balances to the tenant.
Accepts deposit from the tenant at the beginning of work, receives information from the sensors and deducts payment for resources from the deposit, returns the earned money to the owner and balances to the tenant.
IoT devices
Requesting information from a smart contract. Open / close access to resources.
Read and transmit information about the amount of resources spent in a smart contract, with a certain frequency.
Read and transmit information about the amount of resources spent in a smart contract, with a certain frequency.
Technology benefits
Decentralization
Anyone can rent their own apartment, anyone else can rent, without intermediaries and meeting persons.
Security
Thanks to the blockchain technology, reviews and information about the tenant and owner is always open and reliable. The entire transaction history is recorded.
Flexible cost
The rent payment is calculated by a smart contract based on the information on the resources expended received from the IoT devices.
The project team. Winners BlockchainFounder Hackathon 2018.
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Product demo
Watch a video demo
Product demo