This application was done during the ChainLink Hackathon Fall 2022
- VaultFactory contract 0xC7433eBC21b216fe6484DA1b8A7bC3e4b1055279
- VaultImplementation BASE contract 0x9F5bc02E5167FE98C4933BE0a8A7DBC217F7cb78
In many countries, flat tenants and landlords agree on a certain amount of money (called security deposit) to be given by the tenant and stored in the landlord’s or a third party’s bank account. This amount of money is returned in total or in part to the tenant at the end of the rental period if the flat didn't get damaged.
This system has multiple problems. When using a third party, both tenant and landlord need to trust the company they store the deposit to. When the deposit is just sent to the owner's bank account, the tenant still needs to trust this person. In any situations, some people in the deal are never really sure they'll see their money again. In addition to that, the process is cumbersome, especially in underprivileged parts of the world, because both parties need a bank account, because sending the funds can take long enough to threaten the conclusion of the deal, and because you might even need a clerk to oversee the whole process. Imagine having to do this for amounts smaller than in real estate, like car rentals, construction machinery rentals etc.
Thanks to SmartDeposit, all these problems are sorted. Any owner of any item can create a Vault in which the renter will send the deposit into. At the end of the rental period, owner & renter agree on an amount to be returned and both can withdraw their funds.