Problem: Their aim was to provide a pay per-use model.
Our solution: We took the ETH blockchain and build a layer2 that was supporting microtransactions done by IoT devices. We used a rule-based payment system using with they can put the SLA. If you want to sell a service on a paper-used model you can go to an admin model and configure the SLA. It will be a prepaid model and your balance will keep getting deducted based on your usage. The device will stop serving you once you are out of balance. The purpose was to enable new business models like paper-use and other biz models and to reduce financial costs. Because clients are using it as a prepaid model so they don't have to do a follow-up on invoicing etc. It also reduces their audibility costs. They don't have to spend a lot of money to get their financial transactions audited because all of those payments made by IoT devices are on the blockchain.
Orex 360
February 6, 2024
Blockchain
Results: They were able to secure their transaction with a prominent peer-to-peer smart contract licensing company out of Oldenburg.
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