3.3 ASSET TOKENIZATION
Figure 2 : Sensing-as-a-service and monetization of data
In the machine economy , a distributed ledger for trading and exchanging makes the machine and generated data tokenization possible . For example , a machine could be tokenized as NFTs on the distributed ledger and each NFT represents a fractional digital ownership of the machine in the physical world . Moreover , NFT holders could be granted certain rights ( e . g ., use the machine for a certain amount of time per week ) by the owner of the machine . In addition , NFTs can be freely traded in a marketplace for ownership transfer . Such a business model provides a flexible and effective approach to customer engagement and mitigates the illiquid nature of expensive assets .
3.4 PAY-PER-USE
In process industries , many industrial sensors measure the raw material levels in silos . These sensors can be connected to the blockchain , automating the payment process altogether . The variation of raw material triggers a smart contract on the blockchain , which calculates the quantity consumed , retrieves the agreed price , and autonomously settles the transaction on the blockchain . The supplier does not wait for the end-of-the-month reconciliation to be paid , and the end-user does not bear any inventory-management-related costs . By synchronizing the goods and the financial flows [ 11 ], this application demonstrates how the machine economy improves cash flow by shortening the payment cycles , eliminating costly reconciliation processes , and sustainably optimizing the working capital .
8 January 2023