We live in houses that are capable of monitoring and controlling a wide range of internal processes — from heating and cooling to security and surveillance mechanisms. Our cars are able to monitor the external environment and can drive themselves. Our phones are constantly gathering valuable data and recording our activities — both on our devices and in real life.
Smart homes, smart cars, smartphones — all of these and much more are part of the rapidly expanding Internet of Things (IoT), which serves as the foundation of the machine economy. The IoT connects all smart devices and machines. While this industry has achieved remarkable results that have made life better around the world, it has also been centralized for many years.
Smart device users have little control over their personal data because of this centralization. W3bstream, a leading project in MachineFi — the decentralized machine economy — has the potential to challenge the current IoT monopoly, benefitting billions of smart device users worldwide.
The IoT market is growing
Mckinsey According to IoT experts, the IoT could add $5.5 trillion to the global economy by 2030. IoT solutions in retail, health and home sectors account for a large portion of this growth. The benefits of enhanced connectivity between our devices and the things that we interact with are numerous, including safety and time-saving improvements as well as health and safety improvements.
Despite all the promises of IoT, the rapid proliferation of smart objects, and their increasingly important role in our lives, raises serious privacy and power concerns.
One reason the IoT industry is so successful is the growing value of consumer information. The IoT has made improvements in human safety, quality of life and longevity, but there are downsides. As many companies have gone to great lengths in acquiring user data, the privacy debate has been heated for some time. Consumers across the globe have been furious at the intrusiveness of these companies, and the liberties they took in making a profit from the data they collect.
Although privacy concerns are widespread, many people feel that companies like Amazon and Google have ingrained their services into our daily lives. There is little that can be done to alter the tide or give users control of their data. However, there is an alternative approach to IoT development that has the potential to recalibrate the industry’s power dynamics.
W3bstream: The fight for the IoT’s future
MachineFi Lab, the core developer for the IoTeX Network — a project that is working to merge blockchain technology with the IoT — has recently announced the rollout of a new product called W3bstream. W3bstream, a chain-agnostic platform, was created to break the monopoly built around smart devices and user data.
This project is a leader in the MachineFi industry. Machine economy decentralization efforts continue to increase. MachineFi’s key feature is incorporating Web3 principles into the IoT. This will allow users to retain control over their data, protect their privacy, and still enjoy the many benefits of an interconnected network of devices, services, and other devices.
W3bstream will not only protect the end user but also allow them to profit from the data they collect, changing the current industry landscape. The key to being able to do this is the platform’s decentralized approach, which takes the ownership possibilities opened up by blockchain technology and applies it to the full spectrum of the IoT.
Its strong technological foundations allow it to penetrate all industries that create and use smart devices. W3bstream supports all types of devices including sensors, smart TVs (smart homes), self-driving vehicles, and smart cities. Web3 tech is available via the platform to connectivity services, supply chain operators and healthcare providers.
Benefits without compromise
These benefits will be hugely beneficial to billions of people, so Web3 paradigms should be introduced to these industries. Like the IoT’s current version, users will be able use their devices to monitor key aspects and aspects of their lives. People will also be rewarded in the Web3 model for contributing to the collection of data. However, they can still keep their privacy.
Data pools allow participants to contribute to research without having to reveal any personal information. This could be a great way to advance research in the health sector without requiring participants to give out personal information to companies that might profit from it. Instead, it would be more democratic and streamline to concentrate on scientific advancement and community benefit and not perpetuating revenue flow for corporations with vast control over different facets of modern living.
W3bstream has made application building easier than ever thanks to its unique platform. MachineFi Lab’s one-of-a-kind data compute infrastructure enables developers, smart device makers, and businesses to build Web3 applications in less than 50% of the time — and at half the price — it takes to build similar applications with other comparable software.
There are currently 42 billion smart devices around the globe. This is a significant number, but it is only the beginning of the machine economics. By 2025, there will be 75 billion smart devices. As the industry grows, it will be harder to make major changes. W3bstream, MachineFi and other projects are working to create the foundation for a democratized IoT while it’s still possible.