Smart Contracts in Action!
The Edinburgh University branch of B-IoT is working on “GeoPact” that is demonstrating location verification and smart contracts through a participatory tech experience, open to the public as part of the Petras Transport and Mobility demonstrator (TRaM).
GeoPact presents a vision of the future that explores a fusion of location-based IoT and ledger technology. Focusing specifically on verifying the location of smart objects and vehicles, we consider futuristic new models of consumption and essential low carbon transport solutions. GeoPact presents an exciting new experience enabling participants to explore this new technology combination through a playful future scenario.
Situated in a city in miniature GeoPact replaces storage depots with IoT beacons and small goods vehicles with electric scooters equipped with special IoT lock-boxes for transporting the ‘goods’. The participants, acting as customers, sign up to a smart contract for an electric car. The contract contains a set of sub-transactions with individual suppliers of the parts. Each transaction is comprised of a set of location-based rules and conditions dictating how and where each part of the kit can be collected. The customers must adhere to these rules to successfully collect the parts from various depots around the city bringing them back to their build site to construct their own electric car.
In this scenario we imagine how consumer products, in this example an electric car, can be bought via a smart contract that moderates customers collecting parts directly from manufacturers for self-assembly. This reduces intermediaries in the supply chain, cutting costs, and puts consumers in closer connection with the origins of the components in their new product. We also see this as creating a potential shift in models of transport for delivery, reducing the need for large freight vehicles and opening up new ideas around the use of smaller, greener electric or self-powered vehicles. Most importantly this experience enables participants to physically enact and fulfil location based smart contracts and get a taste of how these might be used in the future. Following the experience, participants will be able to take part in a short workshop, that will explore perceptions of smart contracts in this context, and probe ideas for how this might play out in real-life.
GeoPact is being developed as part of the IoT-TraM demonstrator in collaboration with Universities of Warwick and Surrey and user partners including Telefonica, Ordnance Survey, Costain, Meridian, Network Rail, Honda, TUV-SUD and BT. GeoPact will be up and running and open to the public at Edinburgh University on January 9thand 10th.