THE NEW PLAYING FIELD
Enabling assets to transact freely, machine-to-machine, in a blockchain-secured professional environment will enable corporations to create new markets by exposing previously untapped sources of supply, such as:
- “SHARING ECONOMY”: unequivocally identifying assets and monitoring their availability, brings maximum utilization and adjustment to demand in real-time. New distributed economic models evolve to cover tens or even hundreds of millions of assets such as cars or apartments (in the case of the Sharing Economy) or machines (the Internet of Things)
- “DATA TRADING ECONOMY”: assets become owners of their proprietary digital space and in control of who benefits from their digital value creation and how they do, e.g. Selling data about environmental conditions to a meteorological agency, usage of the rail network to an organization specializing in business statistics, etc.
THE IDENTITY MANAGEMENT MODEL
Building an identity management platform is a pre-requisite for global IoT. A platform to search for registered digital objects, including a language to talk to these objects and all the required access rights management.
THE USAGE-BASED MODEL
In a world with securely connected devices, we will only pay for the results a product or service provides, shifting ownership, effectiveness, and maintenance responsibilities back to the provider, and aligning customer and provider interests.
For example, car manufacturers will use proprietary plug-in devices to track driving habits, generating vast amounts of critical data which can be sold to insurance companies.
The insurance industry will shift from a subscription business model (uniform monthly car-insurance payments) into usage-based business model, where payment is based on risk, how much you drive and the quality of your driving.
THE SELF-MONITORING MODEL
Monitoring a machine’s condition in real-time, enables brands and manufacturers to shift from a self-service business to a self-monitoring business model, which transcends the need for a customer to manage or even interact at all, as the company assures that the product is always working and usable.
The product not only monitors the situation but takes prenventitative measures by ordering the part or service which is required to have the product in perfect conditions.
For example, a washing-machine manufacturer can now receive an alert when a machine needs servicing and automatically schedule and send an in-house repair person to deal with any needed part replacements or machine failures. The customers, for their part, will automatically be charged for needed repairs.