ConKey wants to position as a technology leader applying distributed ledger technology in its products. For those companies who are in need of high quality-top performing locking mechanisms, ConKey is the right product to use, having the most advanced locks in the market. Commitment to innovation and quality is what leads the way for us.
ConKey is a future paving provider of innovative locking mechanisms that give you additional security and transparency for your products transported in containers. We also offer you the possibility to save your merchandise supply chain history.
We make emphasis on a data driven and connected world taking into account the importance of security and data safety that can be secured through Blockchain Technology. We are the first and only existing provider of smart locks for any kind of container. We use a private Blockchain to store our data. The advantages of the Blockchain are transparency, decentralization and immutability of the stored data. The immutable aspect gives our customer the opportunity that they can see who opens the container at any time.
17% of the worldwide trade is containerized. The sheer freight volume of the container shipping amounts 153 billion EUR in 2019 and will increase to 185 billion EUR till 2023.
The container market booms. The market volume amounts 530 million containers with an estimated amount of 2,6 million TEU (Twenty Foot Equivalent Unit) new containers per Year. By offering a changeable smart lock our customers will not just be the Container producers, producing 2,6 million TEU new containers a year but also the Container Owner and Carrier which can retrofit their already owned containers with our smart lock.
We see a market need for a new generation of locks and therefore we offer our customers a smart lock that can be used and interchanged between containers. ConKey is developed and produced in a partnership with an existing and successful smart lock producer. The smart lock will be offered in combination with a software based on Blockchain Technology. The user will interact with the lock by an App runned on smart devices. This smart device will be registered to a smart contract.
It is possible to permit access to everyone, even the customs, owning smart devices by offering a personal key, at any time, within seconds.
The smart lock will have an automatic mechanism in case of interchanging between containers. Once the smart lock is untacked, an automatic signal is sent that the lock has been removed from the container. By scanning the QR Code on the new container, it is possible to fasten the lock again.
In order to guarantee the advantages of the Blockchain we came up with the following security mechanism: the used smart devices are validated against the Blockchain and communicate with the lock via Bluetooth. Leaves the following question: How is the user validated against the blockchain in order to make sure that only authorized people can open the locks? The user is either authorized by face ID or finger print in combination with a personal key which information is stored on our private Blockchain.
The current price of a high-end container lock is 270 EUR. As we want to position on the high-end smart lock market, therefore we strive for a target price of 400 EUR and even higher. Take a look at the following calculation and see your value-add.
Obviously there will be additional costs for employee training and change management (ca. 55 EUR). With the help of the ConKey, the custom and shipping companies could save critical time and optimize the process from a financial point of view. Assuming that the efficiency at the harbor can be decreased by 20% that result in a reduction of storage costs and opportunity costs, ConKey can add 113 EUR. Added up with higher security of 5 EUR per key. Thus increasing the efficiency with ConKey is our main driver of value-add to your business.
Improving the efficiency of the processes at the harbor will not only optimize the sustainable supply chain of our customers, but also fights smuggling – unauthorized people do not have access to the contents of a container by not being able to open them.
An additional nice side-effect for our customers is the sustained reduction of their paper consumption, thereby investing in CSR activities and helping the environment. This can lead to a better reputation of our customers using ConKey.
Our revenue Stream consists of two different models, a basic fee for the hardware and the charges for the software. Each user pays per registration to cover our fixed costs. The charges of the locks are either based on pay per user or on a fixed amount which is negotiated individually with our main customers (large enterprises). This model will guarantee us fixed incomes on the one hand and flexibility for the customer on the other hand.
After the successful go-to-market with around 1000 locks proving the value-add factors we strive to sell 12.000 locks in our second year and 48.000 in our third year as measured by the number of containers produced per year. Our goal is to reach our break-even after three years. We calculate with a revenue of 19,2 million EUR in our third year to give you an impression how valuable our product will be. Our goal is to increase hardware sales by factor 30 within 5 years after the pilot project by reaching the three biggest container producers.
Are you ready to take the next step with locks that rely on the most recent technology? Do you want to realise higher efficiency and take advantages of our promised value-add, then make yourself familiar with ConKey. In case of question reach out to us, we are happy to hear from you.
The ConKey team consists of four motivated students at the age of 22 to 30 studying Management & Technology (M.Sc.) at the Technical University of Munich with a minor in either informatics, computer engineering or chemistry. The team members have acquired relevant expertise, knowledge and know-how through several internships and working student positions in different industries (Start Ups, multinational enterprises).
So if you also want to make your container logistics more secure and thus secure a decisive competitive advantage, invest in ConKey.
Executive Summary - Blockchain Seminar - Technical University Munich