Assets can be classified into two types, namely the tangible asset and the intangible asset. Tangible assets are the ones you can touch like the house, vehicle. Intangible assets are the ones you cannot feel. Now for securing intangible assets like the pictures in your mobile, or the net banking credentials you have got it covered by your fingerprint. Now for tangible assets, security is mostly backed by the locks. But, every lock has obtained a duplicate key. Isn’t it a security concern for you?
Yes, it is. What can be something which is unique and can be used instead of a key? The Bengaluru based startup Openapp answers this question. The fingerprint is unique to every person. It cannot be duplicated. The startup has leveraged the property of uniqueness of fingerprint as a parameter to unlock the lock. It is nothing but a fingerprint enabled lock. We can also call it a personalized, customized lock.
Features of the lock: The best feature of the lock is that your keys are always at the tip of your fingertips. The lock can access the fingerprint of two persons. That means it has got two owners. The owners are given the flexibility to add up to twenty other owners who can access the lock. The lock has got a battery life of two months. The built-in led will notify the owner when the battery is drained out. The lock comes in two flavours namely the “Latch Mini” and the “Latch Pro”. The lock is weatherproof and tamper-proof.
The other exciting feature is the lock is connected to the internet. So any time it is being cut through or been hit by someone, it can be known in real-time. The lock can withstand the temperature up to seventy to eighty degree Celsius.
Features for the corporates: Unlimited users can access the lock when it is under the corporate radar. From the perspective of logistic, the lock once put on the truck can determine the exact location of the car. It is called geofencing. Geofences are virtual fences around the physical location. Geofences can sense when someone enters or leaves the premises. When it happens, stakeholders can be notified. This way the exact location of the vehicle inside the premises can be known via geofencing.
No Plastic Wastage: Smart locks have got a value-added benefit for the environment. We have been facing plastic issues for a long time. For every 1000 Openapp locks approximately forty-three thousand and two hundred kilograms of plastic is kept out of the seas annually — an excellent step for plastic wastage.
Presence: The startup has a presence in two continents and seven countries. It is serving in twenty-one states in India.
Future outlook: The startup is in the B2B business. It aims to enter the B2C market in the future. The founder thinks there are some challenges to overcome in the consumer space, which needs to be overcome.