Launched on Kickstarter today, Bitlock is a neat idea for anyone wanting to run their own mini bike hire schemes - or if you're brave enough to share your steed with friends.
Click to unlock
The app in action
The innards exposed
The product is a standard bike U-lock that has a control unit and bluetooth module.
It can communicate with Android and iOS devices, and when you get close and click the unlock button on an approved handset, it'll open.
Users can give their friends access at set times, effectively running their own bike sharing scheme.
The BitLock also remembers where you've parked, and can track your rides so you'll always know where your pride and joy is - and find out how many calories your daily commute burns.
It'll cost around £50, and the U-lock itself is made from heat-treated steel and is reinforced for security, and the BitLock system "uses encryption found in online banking systems" inventor Mehrdad Majzoobi claims.