Smart contracts: Next level IoT

As pioneers within the elevator industry, our mission is to make this industry more transparent and fair. We look critically at 'how we've been doing it for thirty years' and we notoice a lot of room for improvement. Improvement when it comes to mindset, efficiency, sustainability, but certainly also when it comes to innovation. We find it very important to look at the future, which is closer by than you’d think. It’s good to be prepared. Therefore, we would like to take you into the world of a new form of contracts: the smart contracts.

 

What is a smart contract?

A smart contract is a digital contract that is completely programmed. Such a contract consists of nothing but computer code. All the agreements you agree to are recorded in computer code on a blockchain. This contract is executed fully automatically based on those agreements. This leaves no room for misinterpretation. What has been established is automatically fulfilled by both parties.

 

This happens on the basis of the 'if this then that principle'. Have there been 15,000 elevator movements (If this)? Then a maintenance visit is automatically scheduled (then that). Once a smart contract has been established, the data can only be changed by modifying the code if all parties agree.

 

What is a blockchain?

Good question! And important to know. Smart contracts are in fact created based on blockchain technology. A blockchain is a new kind of database in which transactions are stored. These can be financial transactions, but also contracts or property deeds. A blockchain consists of blocks of information that are digitally signed by two parties. All blocks are stored in a large network of computers and each new block contains information about the previous block, which in turn contains information about the block before it. This results in an immutable chain of information that cannot be cracked.

 

How secure is blockchain?

We can hear you think; "multiple information blocks, stored on multiple computers, is that secure? The answer is simple: there is no safer way to store data. Blockchain is super secure. All computers in the database are automatically notified of possible changes. Data storage is not dependent on one location, but there are always multiple backups. There is no single owner or supervisor. That oversight lies with the users themselves. All users (and computers) must agree with each other before a change can be made. Persons with bad intentions cannot make wrong transactions or manipulate data. A blockchain is actually an online notary.

 

Say goodbye to paper

Okay, back to smart contracts. Like our Online Lift Book, maintenance contracts will eventually be fully digitized. This is not only more sustainable, but also safer, more transparent and more honest. What's more, smart contracts allow you to work a lot faster. The actions that take up a lot of time with paperwork can be digitally automated so that you don't have to spend time on them.

 

Will this technology completely replace human beings?

For the time being, contracts will always need to be signed by people. The data can indicate that a certain component needs to be replaced, but it does not know, for example, that the building in which the elevator is located will be demolished in a week's time. We do know that if technology (ai) and people work together, a much better result can be achieved. With the support of technology, we work faster, more accurately, more efficiently and more sustainably.

 

Want to know more?

There is a lot to tell about this subject. It is therefore logical if you have questions about it. We are also planning to start testing smart contracts in the near future. If you want to know more about this, please do not hesitate to contact us.

 

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