Empowering the Economy of Things

The Internet of Things (IoT) paradigm is filled with opportunities due to the fact that things can mine, process, transfer data, and this way create valuable digital assets.

An Economy of Things (EoT) is thus formed when these digital assets are autonomously traded for related digital assets, most notably Blockchain-based currencies. This idealistic economy is problematic. IoT devices are easily susceptible to be compromised and data can be manipulated and falsified. Existing IoT technologies are unable to leverage against this underlying crux and prove inadequate, as they are not able to provide a guarantee to the data’s truthfulness. It is the accepted belief in the “physical world” that on the purchase of a good the product’s quality is as claimed and its properties have been verified. Only then a fair price can be negotiated. In the “IoT world” the dual mechanism is lacking, as IoT data cannot yet be verifiably attested and thus holds no guarantee to its integrity and economic value.

In this summary we unpack the core technologies underneath the weeve platform. The platform enables unfalsifiable, scalable and secure marketplaces where IoT devices are indexing, processing and trading digital assets that are by design testified. Marketplaces leverage corporates and individuals alike the bootstrapping to private and public IoT economies, while removing the worries of the underlying technicalities involved with the configuration and orchestration of IoT devices, integration of suitable Blockchain technologies and safeguarding that the supply and demand mechanisms build upon factual data. The weeve platform ultimately lays the foundation for the Internet of Things to evolve into a new Economy of Things based on testified data, fair
trade and justifiable pricing

Quelle / Link: Empowering the Economy of Things

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