Internet of things (IoT) device</strong></a> that can be digitally controlled by another device, like a phone or a tablet. While consumer-grade smart locks are growing increasingly popular among customers, they experience issues related to digital security.</p>\n<p>Some of the biggest issues with smart locks are related to their connectivity. Since they typically require WiFi or Bluetooth connection, they can become a vulnerable breach point for any malicious parties.</p>\n<p><strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">Blockchain-enabled smart locks</strong> use <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized technology</strong></a> to improve the security measures of these devices. They utilize <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> that contain variables required to lock and unlock the device. 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Investing","slug":"trading-and-investing","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-trading.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-trading-101.jpg","rating":80,"sections":[{"slug":"where-to-trade-crypto","title":"Where Can You Trade 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Have?","featured_image_id":10729,"status":"published","chapter_id":7,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-invest-in-crypto","featured_image":{"id":10729,"uuid":"3439a1db-9892-404a-b4b6-a1db5a34bca4","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","path":"crypto/storage/optimized/how-to-invest-in-crypto-featured-image.jpg","original_path":"crypto/storage/original/how-to-invest-in-crypto-featured-image.jpg","name":"how-to-invest-in-crypto-featured-image.jpg","original_name":"how-to-invest-in-crypto-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"75.22KB"},"youtube_video":null},{"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the 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Them?","featured_image_id":11359,"status":"published","chapter_id":7,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-an-airdrop","featured_image":{"id":11359,"uuid":"7b43c968-1275-4d3e-acb1-1707a43a4014","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","path":"crypto/storage/optimized/what-is-an-airdrop-featured-image.jpg","original_path":"crypto/storage/original/what-is-an-airdrop-featured-image.jpg","name":"what-is-an-airdrop-featured-image.jpg","original_name":"what-is-an-airdrop-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"66.05KB"},"youtube_video":null},{"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","featured_image_id":null,"status":"published","chapter_id":7,"language":"en","order":6,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-arbitrage-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-fud","title":"What is FUD: How to Use It to Your Advantage While Investing in Crypto?","featured_image_id":11394,"status":"published","chapter_id":7,"language":"en","order":7,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-fud","featured_image":{"id":11394,"uuid":"defd32c5-d3e1-4e66-9f58-e2ee316bad3a","public_url":"https://assets.bitdegree.org/crypto/storage/optimized/what-is-fud-featured-image.jpg","path":"crypto/storage/optimized/what-is-fud-featured-image.jpg","original_path":"crypto/storage/original/what-is-fud-featured-image.jpg","name":"what-is-fud-featured-image.jpg","original_name":"what-is-fud-featured-image.jpg","title":null,"alt":null,"width":1024,"height":576,"disk":"spaces","status":"uploaded","readable_file_size":"65.30KB"},"youtube_video":null},{"slug":"investing-in-cryptocurrency","title":"Investing in Cryptocurrency: How to Manage Your 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Crypto?","featured_image_id":6532,"status":"published","chapter_id":7,"language":"en","order":9,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-a-rug-pull-in-crypto","featured_image":{"id":6532,"uuid":"be8043fb-078c-4487-9af9-d2d9c2b574ea","public_url":"https://assets.bitdegree.org/crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.o.jpg","original_path":"crypto/storage/media/what-is-a-rug-pull-in-crypto.jpg","name":"what-is-a-rug-pull-in-crypto.o.jpg","original_name":"what-is-a-rug-pull-in-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"92.28KB"},"youtube_video":null},{"slug":"how-to-avoid-rug-pulls-in-crypto","title":"How to Spot and Avoid Rug Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto Taxes","featured_image_id":6526,"status":"published","chapter_id":7,"language":"en","order":11,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-crypto-taxes","featured_image":{"id":6526,"uuid":"1e44162c-ef1d-4010-81b4-9e8d1809aedf","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","path":"crypto/storage/media/how-to-avoid-crypto-taxes.o.jpg","original_path":"crypto/storage/media/how-to-avoid-crypto-taxes.jpg","name":"how-to-avoid-crypto-taxes.o.jpg","original_name":"how-to-avoid-crypto-taxes.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"99.10KB"},"youtube_video":null}]},{"id":8,"title":"Crypto Analysis","slug":"crypto-analysis","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-analysis.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-analysis-101.jpg","rating":100,"sections":[{"slug":"what-is-bullish-and-bearish","title":"Bearish and Bullish Markets: Do They Matter?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":1,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-bullish-and-bearish","featured_image":null,"youtube_video":null},{"slug":"best-technical-analysis-indicators-for-crypto","title":"5 Best Crypto Technical Analysis Indicators You Must Know About","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":2,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/best-technical-analysis-indicators-for-crypto","featured_image":null,"youtube_video":null},{"slug":"what-is-candlesticks","title":"Technical Analysis: What are Candlesticks, Trendlines, and Patterns?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":3,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/what-is-candlesticks","featured_image":null,"youtube_video":null},{"slug":"how-to-track-new-crypto-coins","title":"Crypto Tracking: How to Track Your Favorite Coins & Tokens?","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":4,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-track-new-crypto-coins","featured_image":null,"youtube_video":null},{"slug":"how-to-research-crypto","title":"Crypto Research Fundamentals & Social Signals: Your Daily Trading Strategy","featured_image_id":null,"status":"published","chapter_id":8,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-research-crypto","featured_image":null,"youtube_video":null}]},{"id":9,"title":"Mining","slug":"mining","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-crypto-mining.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-mining-101.jpg","rating":80,"sections":[]},{"id":10,"title":"Crypto Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":122,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Bonding Curve?","slug":"what-is-bonding-curve","section":"B","keyword":"Bonding Curve","status":"published","definition":"a mathematical curve that is used to define the relationship between an asset’s price and supply.","content":"<p><strong>A bonding curve is a mathematical concept.</strong> It&rsquo;s used to define the relationship between the price and supply of a particular asset.</p>\n<p>When someone buys an asset of limited quantity (such as <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a> or <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-binance-coin-bnb/">Binance Coin (BNB)</strong></a>, which are programmed to have a limited supply), every buyer will have to pay more with subsequent purchases.</p>\n<p>The price increase occurs because the volume of the asset progressively decreases with each acquisition, making it more valuable. This kind of financial mechanism is expected to be more profitable to the earlier investors.</p>\n<p>The bonding curve plays an important role in the crypto market, as many cryptocurrencies, including the biggest one in the world, Bitcoin, are developed to be of a limited quantity.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">Smart contracts</strong></a> <strong>known as bonding curve contracts have been created specifically for token issuance.</strong> These smart contracts are independent of crypto exchange platforms.</p>\n<p>Using bonding curve contracts, users can buy or sell tokens with <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum (ETH)</strong></a>. The average price of a token is used by converting its price into ETH to determine the base rate.</p>\n<p>There is no limit to how many tokens can be created this way. The circulation is instead limited by how much ETH is in existence at the given time. Bonding curve contracts automatically ensure that as the number of issued tokens goes up, their price increases.</p>","level":"easy","meta_title":"What is Bonding Curve? Definition & Meaning | Crypto Wiki","meta_description":"Bonding Curve meaning: Bonding Curve - a mathematical curve that is used to define the relationship between an asset’s price and supply.","meta_keywords":null,"language":"en","created_at":"2022-02-18T07:19:10.000000Z","updated_at":"2022-09-20T10:45:32.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-bonding-curve"},"prevSection":{"id":120,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Blockchain Transmission Protocol (BTP)?","slug":"what-is-blockchain-transmission-protocol-btp","section":"B","keyword":"Blockchain Transmission Protocol (BTP)","status":"published","definition":"a technology that enables compatibility between diverse blockchains by allowing data exchange and value transfer.","content":"<p><strong>Blockchain Transmission Protocol (BTP)</strong> is a technology used to enable compatibility between diverse <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchains. This allows for&nbsp;service invocation, value transfer, and data exchange. BTP can be enabled for blockchains with distinct <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-algorithm/">algorithms and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus-mechanism/">consensus mechanisms</strong></a>, creating flexibility.</p>\n<p>BTP is often applied to token exchanges across blockchains and utilizes <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a> to conduct such transactions without a trading platform acting as the middleman.</p>\n<p>BTP can also enable data transfers between different partners powered by ICONLOOP. One of such services, MyID, verifies <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralized-identifier-did/">Decentralized ID (DID)</strong></a> credentials on the open ICON Network. Users can then connect to BTP without having to submit their credentials to other blockchains individually.</p>\n<p>BTP has been utilized as a streamlined solution to <strong>issue certificates for blockchains</strong>. The public ICON network service Broof allows users to create and store validated certificates on-chain. BTP can trigger the ICON Network&rsquo;s smart contract issuing mechanism.</p>\n<p>The validation processes are accessible for auditing or verification since BTP uses smart contracts to validate all external data.</p>\n<p>BTP only links two chains directly. However, these chains may be linked to other chains. This forms a network of interconnected blockchains. It was developed to be versatile.</p>\n<p>Even blockchains that do not enable smart contracts can take part in BTP transactions with some restrictions. For example, such a blockchain may take part as the sender chain but be unable to act as the receiver chain.</p>\n<h2>The ICON Network</h2>\n<p>Blockchain networks typically operate in isolation, as each blockchain has its own ecosystem, <strong>structure</strong>, and consensus mechanism. The ICON Network has been established to connect separate blockchains, making them interoperable. This process occurs via the Blockchain Transmission Protocol (BTP).</p>\n<p>There are certain functions and standards set for BTP to transfer data and maintain its integrity. Namely, these are message relayers, message specifications, <strong>message verifiers</strong>, and service smart contracts.</p>\n<ul>\n<li>Message Relayers &ndash; applications that receive and deliver BTP messages;</li>\n<li>Message specifications &ndash; details that have to be provided in the message: recipients, senders, service names and data, and serial numbers;</li>\n<li>Message verifiers &ndash; functions that validate message data;</li>\n<li><strong>Service Smart Contract (SSC)</strong> &ndash; the contract that verified messages are delivered to. SSC executes the transition from the source blockchain smart contract to the destination blockchain smart contract.</li>\n</ul>","level":"medium","meta_title":"What is Blockchain Transmission Protocol (BTP)? Definition & Meaning | Crypto Wiki","meta_description":"Blockchain Transmission Protocol (BTP) meaning: Blockchain Transmission Protocol (BTP) - a technology that enables compatibility between diverse blockchains by allowing data exchange and value transfer.","meta_keywords":null,"language":"en","created_at":"2022-02-18T07:06:28.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-blockchain-transmission-protocol-btp"},"currentChapter":"B","currentSection":"what-is-blockchain-enabled-smart-lock","chapterTitle":"B","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-blockchain-enabled-smart-lock","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Handbook Cover Page
Crypto Terms: Letter B

What is Blockchain-Enabled Smart Lock?

Blockchain-Enabled Smart Lock MEANING:
Blockchain-Enabled Smart Lock - smart locks developed using blockchain technology.
Easy
1 minute

Let's find out Blockchain-Enabled Smart Lock meaning, definition in crypto, what is Blockchain-Enabled Smart Lock, and all other detailed facts.

A smart lock is an Internet of things (IoT) device that can be digitally controlled by another device, like a phone or a tablet. While consumer-grade smart locks are growing increasingly popular among customers, they experience issues related to digital security.

Some of the biggest issues with smart locks are related to their connectivity. Since they typically require WiFi or Bluetooth connection, they can become a vulnerable breach point for any malicious parties.

Blockchain-enabled smart locks use decentralized technology to improve the security measures of these devices. They utilize smart contracts that contain variables required to lock and unlock the device. Blockchain-enabled smart locks are highly programmable and can be easily connected to different payment methods, like digital tokens.

The addition of blockchain-enabled smart contracts makes the locking-unlocking functionality more versatile and reliable. This is useful for households utilizing smart locks as it ensures people can only access the house with the owners’ digital permission, and temporary entry codes can be generated as a security measure.

Since blockchain-enabled smart locks are decentralized, they are inherently very secure. The smart lock can receive instructions from anywhere in the world, and using joint signatures means that additional security infrastructure is not required.

Blockchain-enabled smart contracts can encounter some issues. They are dependent on a decentralized network of nodes. This means that any loss or interference of connectivity can impact its utility. Losing connection could leave the owner of the smart lock “locked out” without manual, non-digital access.

While there are some downsides to blockchain-enabled smart locks, they are a more secure solution compared to traditional smart locks thanks to being highly programmable.
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