• The machine economy is an industrial IoT digital transformation frontier that could contribute up to $15 trillion to the global economy by 2030 according to a PwC report.
• A joint article by IoTeX and Siemens explores why IoT and distributed ledger technology (DLT) will enable machine economy growth and unlock new opportunities for IoT manufacturers and end-users.
• The study defines the machine economy as a network of smart, connected, and economically independent devices and machines acting as autonomous market participants, executing economic transactions and other activities with little to no human intervention.
The machine economy is an emerging industrial IoT digital transformation frontier that could bring tremendous economic benefits to the global economy. According to a PwC report, the machine economy could contribute up to $15 trillion to the global economy by 2030. To better understand how the machine economy will unlock new opportunities for IoT manufacturers and end-users, a joint article by IoTeX and Siemens was published to explore the role of IoT and distributed ledger technology (DLT) in enabling machine economy growth.
The article defines the machine economy as a network of smart, connected, and economically independent devices and machines acting as autonomous market participants, executing economic transactions and other activities with little to no human intervention. This definition illustrates the disruptive business models the machine economy brings to the table, such as new ways to optimize existing processes, generate new revenue streams, and create new business opportunities. The study also highlights some implementation examples and the potential of the machine economy to revolutionize the way businesses operate.
In terms of the practical application of the machine economy, the article explains that IoT and DLT can enable the secure and seamless exchange of data, assets, and value at scale. IoT devices, such as sensors and cameras, can collect data that is then stored in a distributed ledger and used to facilitate machine-to-machine transactions. This data can be used to optimize existing processes and identify new opportunities, allowing businesses to make better decisions, increase efficiency, and reduce costs.
Furthermore, the article explains that leveraging blockchain technology, the machine economy can enable secure and trustless payments, smart contracts, and the creation of new digital assets and tokens. This would enable the development of new business models, such as decentralized applications and marketplaces where users can exchange goods and services.
In conclusion, the machine economy is an industrial IoT digital transformation frontier that could have an immense economic impact on the global economy. By leveraging the power of IoT and DLT, the machine economy can open up new opportunities for business, such as the optimization of existing processes, the generation of new revenue streams, and the development of new business models. Through the secure and trustless exchange of data, assets, and value, the machine economy has the potential to revolutionize the way businesses operate and bring tremendous economic benefits to the global economy.