Inspiration

It was August of 2008 in San Francisco. My friends and I were going to Burning Man. Each of us had to pay a $100 share to buy a generator for a small camp of folks. Apparently it was cheaper to buy than rent. We only used it for a week. Next time I had to buy a generator was also while preparing for Burning Man, in 2013, with another group of friends. The same story. We bought generator, never saw it again.

What it does

Allows individuals, small businesses, or companies to rent out industrial equipment down to an hourly rate. This allows for cheaper costs and overhead.

Problem

Cost. In a US market of $40B dollars per year, it is still very expensive to rent equipment. Oligopoly - local markets are still controlled by a handful of middleman companies. Lack of innovation - hourly and per-minute rentals are unheard of. Low utilization of equipment owned by contractors.

Example of rental quote from Hertz Industrial Equipment Rental for Zip Code 94085, retrieved on May 7, 2016. Cost:

Daily: $650 Weekly: $1,950 Monthly: $4,875

Solution

A blockchain-based solution for locking, renting and collecting fees, in the form of mobile app and a website where owners of equipment list and rent their own equipment to others.

Challenges we ran into

We were unable to fully test out our chaincode due to a proxy error with IBM Bluemix about an hour before

Why Blockchain? Which problem does Hyperledger solve?

Contractors don’t always trust each other. Blockchain solves the trust problem between contractors. Hyperledger allows building permission-based networks of blockchain nodes with private transactions (not visible to outside parties), yet available for audit by regulators.

Is it a decentralized autonomous organization?

No, it’s software solution for real-world individuals and organizations who may want to become rental companies but are not always trusted in their marketplaces.

What is your go-to-market strategy

Dealers of equipment now can become rental companies. Owners of equipment

  • Individual contractors
  • Construction companies who own equipment

Built With

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