IOTA is the distributed ledger for Machine Economy. Reportedly, “The machine economy is a term that encompasses all economic activities that take place between devices, sensors or machines, ultimately delivering products and services to humans without requiring their interaction in the process.”
IOTA tweeted: We are getting close to reaching production readiness. The official starting date for the Chrysalis network upgrade has been set to Wednesday, April 21st 2021. Who’s ready to enter a new dawn with IOTA?
There is an extensive blog post about the Chrysalis Network Migration: “With the network migration, close to the whole token supply will be transferred and many transactions will be made. The migration event is therefore a high value target for hackers and scammers.” Further stated, “when you download the Firefly wallet, please make sure you only download the official one in order to safely transfer tokens to your new address(es). There is no officially recommended way for users to migrate their tokens other than Firefly. Naturally we keep an eye out for any potential fake wallets or unofficial migration instructions.”
According to investopedia, The M2M, or machine-to-machine, economy is one where the smart, autonomous, networked and economically independent machines or devices act as the participants, carrying on the necessary activities of production, distribution, and allocation with little to no human intervention.
Interestingly, the machine economy is already on us. We are now moving to this automated future. The Machine Economy will influence our daily lives in several ways and eventually unlock trillions of dollars in business value.
Connected machines will be able to lease themselves out, hire maintenance engineers, and pay for replacement parts. Also, each machine will have different capabilities; however, one thing that will connect them all is the ability to produce and consume goods and services with one another.
The Machine Economy works through Internet of Things (IOT), Blockchain, and Machine Learning as a part of artificial intelligence. And, several projects on IOTA are based on this. They are building several applications to build this circular economy.
Data is the key factor in a machine economy. IOTA is focused on radical automation and several billions of connected machines and businesses will be able to increase the operational efficiency of processes by eliminating manual processes, eventually enabling them to rather focus on value-generating services.
By establishing trust in secure data and building M2M transactions new business models are built. It is all about creating new, smart and autonomous system of machines. Thus, smart machines, which perform smart analysis, providing smart services and ultimately delivering smart value happens.
The machine economy brings in lot of benefits for people, business and broader economy thus reducing costs, improving operational efficiency, creating new value, mitigating risks related to owning assets, and leading to positive gains.
Get the latest Crypto & Blockchain News in your inbox.