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PermaRent

PermaRent is a decentralized smart contract platform tailored for rental agreements. Whether it's housing, vehicles, appliances, or storage facilities, PermaRent leverages blockchain technology to provide secure, transparent, and automated rental services.

PermaRent

Created At

ETHGlobal Bangkok

Winner of

Blockscout - Blockscout Explorer Big Pool Prize

Prize Pool

Coinbase Developer Platform - OnchainKit Pool Prize

Prize Pool

World - World Pool Prize

Prize Pool

Project Description

Both lessors and lessees can create trustless agreements on the blockchain and manage payments and terms seamlessly.

Key features of PermaRent include:

  • Smart Contract Driven: No intermediaries needed; the system automatically handles rental payments and deposit refunds based on predefined terms.
  • Event Tracking: Records every transaction and event on the blockchain for complete transparency.
  • IoT Integration: Future-ready with IoT device compatibility for real-time verification and management of rental assets. PermaRent is the next-generation solution for rental services, delivering unmatched efficiency and trust.

How it's Made

PermaRent leverages cutting-edge decentralized technologies and AI tools to create a seamless and secure rental platform. Here's an overview of the development approach:

  • Wallet Integration with Coinbase OnchainKit PermaRent uses Coinbase OnchainKit as the wallet gateway, enabling users to easily connect their wallets and interact with the blockchain. This ensures a smooth user experience for onboarding and performing blockchain transactions.

  • Deposit and Payment Functionality The platform implements a deposit feature where users can top up funds (e.g., USDC) into their wallets for rental payments. Payments are automatically triggered based on predefined smart contract terms.

  • Off-Chain Agreement Digitization Using GPTs Using GPTs' multimodal capabilities, users can upload images of physical rental agreements. The system extracts payment parameters, such as rental amount, deposit, and payment intervals, and uses these to dynamically create PermaDeal contracts.

  • Identity Verification with WorldID PermaRent ensures the authenticity of signatories using WorldID, a decentralized identity solution that verifies the renter is a real person. This step adds an extra layer of trust and prevents fraudulent activities.

  • Automatic Payment and Attestation Generation Upon successful agreement signing: Payment in USDC is automatically processed according to the contract terms. An attestation is issued using SignProtocol, serving as a tamper-proof rental certificate stored on the blockchain.

  • Key Encryption with LitProtocol Rental agreements involving physical or IoT-enabled assets use LitProtocol to encrypt and manage access keys. The keys are securely shared with the lessee, ensuring privacy and security.

  • IoT and On-Chain Attestation for Validations By combining IoT devices with blockchain attestations: The system validates the rental agreement's validity. The encrypted key's correctness is verified before granting access, such as unlocking a smart lock or enabling IoT-enabled assets.

Privacy and Security The platform ensures the safety of the lessee’s sensitive information (e.g., encrypted keys) and maintains the privacy of transaction details while adhering to decentralized principles.

This innovative combination of blockchain, AI, and IoT technologies transforms traditional rental processes into a trustless, efficient, and secure digital experience.

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