Industrial Metaverse Is One Of The Most Exciting Applications For The Machine Economy

Key Points:

• The machine economy is a new IoT digital transformation frontier that, according to PwC, will contribute 70% of the global Gross Domestic Product (GDP) in the following seven years.
• IoTeX and Siemens’ research examines how the IoT and DLT, such as blockchain, can promote the expansion of the machine economy and open up new business prospects for IoT suppliers and end users.

The machine economy is a new IoT digital transformation frontier that, according to PwC, will contribute 70% of the global Gross Domestic Product (GDP) in the following seven years. Two top IT companies co-authored an essay on it for the Industrial IoT Consortium (IIC).

According to a PwC research, the machine economy might contribute up to $15 trillion to the global economy by 2030 as a result of the confluence of artificial intelligence and blockchain technology.

IoTeX and Siemens’ research examines how the IoT and DLT, such as blockchain, can promote the expansion of the machine economy and open up new business prospects for IoT suppliers and end users.

The paper also presents implementation examples of some of the industry’s most innovative business ideas. The machine economy, as described in the report by Next Big Thing AG, is a network of intelligent, interconnected, and economically autonomous machines and gadgets that carry out economic transactions and other tasks with little to no human involvement.

According to Fan, Baudry, and Sing, this concept exemplifies the disruption aspects the machine economy brings to the Internet of Things.

“On the one hand, the machine economy addresses the traditional manufacturing and business processes in most enterprises and industries. On the other hand, it leverages technologies that enable autonomous transactions between devices or machines,” they said.

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