Blockchain Controlled Lockbox Set to Premiere at Blockchain Expo Europe

The Telos Foundation, in conjunction with Telos Blockchain Solutions, has announced that it will be premiering a prototype unlike any other at the 2019 Blockchain Expo Europe in Amsterdam.

The safe was commissioned by the foundation to show the power of the Telos blockchain. The remote controlled safe can be accessed anytime, anywhere via blockchain permissions and is powered exclusively by Telos.

This small miracle is possible, thanks to the design of the Telos blockchain and the way it operates. Because of its ability to execute smart contracts in mere seconds, directions can be sent to the lockbox in real time, allowing the owner of the safe to grant access to specific individuals at any time of day. Each time someone accesses the safe, an event log is timestamped and hashed on the blockchain. The Telos blockchain is immutable, public, and able to audited by anyone with internet access. This means that if the safe is ever (physically) compromised, or missing important items, the owner can check the blockchain to see who accessed it last.

Blockchains like Telos provide a secure, reliable, and robust permissions system that cannot be matched by the centralized service providers of today. Blockchains are immutable, meaning that once data is on chain, it cannot be changed. They are also unable to be hacked, since multiple server systems need to verify information on the blockchain, and each server would only have a tiny piece of given information at any time. For products like the Telos safe, owners have complete control and access, without having to trust a third party provider with their information or data.

The creator leveraged the robust permissions structures Telos accounts provide to its users. The prototype allows for the owner of the safe to grant permissions to other blockchain accounts, or people, via a simple user interface. These permissions can be meticulously set to allow access to people other than the owner, with fine grain detail; examples include specifying access on specific dates, time of day, recurring access, or one time use. The owner can even determine how long the safe will be unlocked for, and when it should close and lock again. For those that want even more control over the safe, additional permissions can be set up, requiring more than one person to give permission to access the safe, or banning certain accounts from ever being able to access the safe in the future.

The safe is a proof of concept prototype designed to show the power of Telos. Due to how Telos account structures and permissions are executed, this same kind of system can be applied to any number of use cases, including access doors, computers, and cars.

The safe, crafted out of solid wood and metal, is the brainchild of the unnamed founder of blockchain application Proxibots. He brought the idea to the Telos Foundation, which sponsored its creation and helped with its execution. The “lock” on the safe is a built in touch powered screen, and can be accessed via the Lynx wallet’s user friendly interface. In the near future, more electronic wallets will integrate the interface allowing users to choose their favorite Telos-supported wallet.

Telos Safe by Proxibots, Proof-of-Concept to be unveiled at Blockchain Expo Europe this week.

The lockbox, dubbed the “Telos Safe by Proxibots,” can be viewed in person at booth #289 where Telos Foundation members will be giving live demonstrations. The Telos Foundation will be one of several Telos representatives at the event. Douglas Horn, Telos blockchain architect and whitepaper author, will be part of a panel discussing enterprise solutions that blockchain can provide. He will be joined by Andrea Redaelli of Hugo Boss, Ilya Kleyner of McKinsey & Company, Emmanuel Delerm of Carrefour, and Duco Drenth of Dietsmann. The panel will start at 11:40am on June 19th.

Blockchain Expo Europe, 2019, will be taking place June 19th -20th at RAI in Amsterdam. The event will bring together more than 5,000 people across key industries for two days of world-class content from leading brands embracing and developing cutting edge blockchain technologies.

If you are interested in learning more about the Telos Foundation, please reach out to us at hello@telosfoundation.io.

The Telos Foundation is a Decentralized Autonomous Organization established as a promotional and funding body to advance the Telos Blockchain Network and provide support to network functions that are not funded in other ways.

More about the Telos Foundation can be found at https://telosfoundation.io/

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