Wear-Based Equipment Billing via Blockchain and Sensor Monitoring
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Solution Overview
Problem
Existing systems lack efficient and automated means to monitor equipment wear and usage, leading to potential abuse, overuse, or misuse, resulting in increased maintenance costs and reduced equipment lifespan.
Innovation Solution
A system utilizing sensors to measure equipment wear via vibration, pressure, or temperature, coupled with blockchain technology for real-time billing and control, enabling automated wear-based billing and control through smart contracts and cryptocurrency transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If automated sensor monitoring and blockchain billing systems are implemented, then equipment wear tracking precision and billing automation are improved, but device complexity increases
Solution Approach 1:
The system enables self-service through autonomous operation where sensors automatically monitor equipment parameters, smart contracts automatically execute billing based on wear thresholds, and the blockchain network autonomously verifies and records transactions without human intervention, resolving the contradiction by automating complex functions
Solution Approach 2:
The blockchain network and smart contracts serve as intermediaries between the physical equipment and the billing system, automatically translating sensor data into billing decisions without requiring complex manual processing or direct integration between monitoring and financial systems
2Extent of automation
If real-time automated billing based on wear is implemented, then billing automation and equipment protection are improved, but loss of time in manual processes increases due to system setup complexity
Solution Approach 1:
The system applies preliminary action by pre-configuring smart contracts with billing rules, wear thresholds, and cryptocurrency wallet addresses before deployment. Once set up, the system automatically executes billing operations without requiring manual intervention during operation, achieving high automation after initial setup
3Ease of operation
If cryptocurrency billing is used, then financial control and automated fee collection are improved, but ease of operation decreases due to cryptocurrency management complexity
Solution Approach 1:
The system uses self-service mechanisms where smart contracts automatically manage cryptocurrency transactions, including holding funds in escrow, executing payments when wear thresholds are met, and recording transactions on the blockchain without requiring manual cryptocurrency management by operators
Data Source
AI summary
An apparatus for charging fees to a renter of equipment based upon wear to an item of equipment is disclosed herein. The apparatus can include a communications device proximal to the equipment that charges the renter, via a connected blockchain network, based off of the amount of vibration, pressure, flow rate, or temperature that the item of equipment is subjected to.