3.5 TRUSTED DATA AND DATA ORACLE
Many industries are subject to regulations and compliance regarding their production parameters , especially the waste and the output of the industrial process . They must provide data to certified organizations or public entities . Those data are mostly related to public health and are usually measured by Industrial IoT devices . In a machine economy context , authorized users have access to the data and control their authenticity directly on the blockchain without needing to investigate the IT infrastructure to ensure that data have not been tampered with . Additionally , such IoT equipment publishing data directly on the blockchain could turn into an industrial or environmental data oracle , usable by any smart contracts on the blockchain .
4 USE CASES AND OPPORTUNITIES – THE MACHINE ECONOMY IN ACTION
In this section , we describe several ongoing and emerging consumer and industrial-oriented use cases of machine economy .
4.1 X-TO-EARN
X-to-Earn is a generic business model powered by blockchain and Web3 technologies where users can earn cryptocurrency rewards by participating in a range of activities . The X-to-Earn model has shown great potential to transform how people engage with machines , especially when monetizing the machine utility and collected data . In the context of machine economy , users have been incentivized to :
• Deploy a global-scale , public LoRaWAN network [ 12 ];
• Deploy a global-scale , public mobile network [ 13 ] [ 14 ];
• Deploy a smartphone-powered network for connecting Bluetooth devices [ 15 ];
• Build a community-owned mapping network via dash cameras [ 16 ];
• Deploy a global-scale , public weather station network [ 17 ];
• Change their lifestyle and exercise and move outdoors every day [ 18 ];
• Share their wearable data to third-party service providers [ 19 ].
These use cases have demonstrated that it is highly viable to incentivize communities to complete specific machine-related tasks by leveraging well-designed token economic models .
4.2 FRACTIONAL OWNERSHIP
Fractional ownership fosters collaborative consumption in which a group of owners split the overall cost of owning an asset , as explained in section 3.3 In the context of machine economy , a group of users could utilize the blockchain to tokenize a physical machine and share the benefits returned by the machine . Such an approach unlocks the opportunity for individuals to own an expensive physical machine jointly and enables machine manufacturers to grow their customer base and tap into additional revenue streams .
In practice , several companies have explored this direction . For instance , the fractional ownership program set up by Ocean Falls Blockchain [ 20 ] allows their customers to rent hashing
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