Smart-Contract implementation
How does it work?
The process is rather simple. First of all, the renter has to deposit a certain amount of TRT$ as collateral into the smart contract. All of the funds in the smart contract are locked until the renting period is over. After that, the owner can then alert the smart contract for it to release the fund.
In this case, the alert can mean one of 2 scenarios:
The item is returned in great condition, so the fund will be released back to the renter.
If the item is returned in poor condition, thus the fund will be to the owner instead.
Money Locked in Smart Contract
In case of owner fails to notify the system about the return of the rented item, there's a risk of the rental payment getting locked in the smart contract.
Therefore, a robust notification system is being implemented in our project:
The system will automatically prompt owners to confirm the return of the rented item within a specific timeframe.
If the owner does not confirm the return, the platform will be initiate a reminder process through multiple communication channels (e.g., email, SMS).
If the owner still does not respond, manual intervention by the platform's support team may be necessary to investigate and resolve the issue.
By actively engaging with the owners, the platform can ensure timely release of the rental payment.
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