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

The project will allow anyone to rent any smart object, disrupting the Sharing Economy landscape.

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, 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.

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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.”

Stephan Tual

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”.

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