We live in homes that are able to monitor and control a variety of internal processes – from heating and cooling to security and surveillance mechanisms. Keeping an eye on external conditions, our cars are well on their way to driving themselves. Our phones are constantly collecting valuable data and recording our activities – both on our devices and in real life.
Smart homes, smart cars, smartphones – all this and much more are part of the rapidly growing Internet of Things (IoT), which serves as the basis of the machine economy. The IoT connects all of our smart devices and machines, and while the industry has produced remarkable achievements that have improved life around the world, it is also an industry that has been centralized for decades.
This centralization has left smart device users little control over their personal information. W3bstream, a leading project in MachineFi – the decentralized machine economy – has the potential to challenge the current IoT monopoly, benefiting billions of smart device users worldwide.
The booming IoT industry
Mckinsey predicts that IoT will add between $5.5 trillion and $12.6 trillion to the global economy by 2030. Much of this growth is attributed to IoT solutions in the retail, home and healthcare sectors. The increased connectivity between our devices and the things we interact with has many potential benefits, from health and safety improvements to time-saving benefits.
For all the promise of the IoT, however, the proliferation of smart objects and the increasingly important role they play in our lives raise significant questions related to privacy concerns and the dangers of concentrated power.
One of the reasons the IoT industry has proven so profitable is the increasing value of consumer data. While the IoT has improved human security, longevity, and quality of life, there are also downsides due to the sacrifices that come at the expense of convenience. The privacy debate has been raging in the technology sector for some time as a number of companies go to great lengths to collect user data. The pushiness of these companies and the consequent liberties they have taken to profit from the data they collect has drawn the ire of consumers around the world.
Despite concerns shared by many about overstepping privacy, given how deeply embedded services from companies like Google and Amazon are in our lives, there is a general sense that little can be done to turn the tide and giving users control over their data. However, there is an alternative approach to IoT development that has the potential to recalibrate the industry’s power dynamics.
W3bstream and the battle for the future of IoT
MachineFi Lab, the core developer of the IoTeX network – a project working to merge blockchain technology with the IoT – recently announced the launch of a new product called W3bstream. W3bstream is an off-chain system designed to disrupt the monopoly that has formed around user data and smart devices.
The project has taken a leading role in the burgeoning MachineFi industry that arose as more efforts were made to decentralize the machine economy. The key to MachineFi is bringing the principles of Web3 to the IoT, allowing users to remain in control of their data and protect their privacy while reaping the benefits of the vast, interconnected network of devices and services.
Beyond protecting the end user, W3bstream empowers users to benefit from their own data and reshape the current state of the industry. Key to this is the platform’s decentralized approach, which takes the ownership opportunities opened up by blockchain technology and applies them to the full spectrum of IoT.
The platform’s strong technological foundation allows it to penetrate all industries that use and manufacture smart devices. The full range of devices that can operate on W3bstream includes sensors, smart TVs, smart homes, self-driving cars and even smart cities. Connectivity services, supply chain operators, healthcare providers, manufacturing companies and environmental protection agencies, among others, can implement Web3 technology via the platform.
The advantages without compromise
The incentive to adopt Web3 paradigms in these sectors lies in the benefits it will bring to billions of people. Just like in the current iteration of the IoT, people will be able to use their devices to monitor and improve important activities and aspects of their lives. However, in the Web3 model, people are also rewarded for participating in data collection while still being able to maintain their privacy.
This works via data pools that participants can contribute to without having to reveal their name or any other information they wish to keep private. In the health field, this could significantly advance research efforts without requiring participants to provide unnecessary personal information to third parties who could potentially use that information for profit. Instead, the process would be much more democratic and streamlined to focus on scientific advances and community benefits, rather than maintaining revenue streams for corporations that have amassed sweeping control over various facets of modern life.
In addition to the benefits that this type of platform offers to end users, W3bstream is also notable for the ease it has introduced in the application creation process. MachineFi Lab’s unique computing infrastructure enables developers, smart device makers, and enterprises to build Web3 applications in less than 50% of the time—and at half the price—of building similar applications using other comparable software.
Around 42 billion smart devices are currently in use worldwide. As impressive as this number is, this is just the beginning of machine economics; By 2025, people will own around 75 billion smart devices and machines. As this industry evolves, it becomes more difficult to make substantial changes. W3bstream and other MachineFi projects are trying to lay the groundwork for a democratized IoT now while it’s still possible.
Disclaimer. Cointelegraph does not endorse any content or products on this site. While we aim to provide you with all the important information we are able to obtain, readers should do their own research before taking any action regarding the company and take full responsibility for their decisions, and this article can nor should it be considered investment advice.