• Industrial Internet of Things (IIoT) and distributed ledger technology (DLT) are converging to create a machine economy that could contribute up to $15 trillion to the global economy by 2030.
• The machine economy is defined as a network of smart, connected, and economically independent devices and machines acting as autonomous market participants, executing economic transactions and other activities with little to no human intervention.
• Research conducted by IoTeX and Siemens explores the potential of the machine economy, business models it could enable, and implementation examples.

Industrial Internet of Things (IIoT) and distributed ledger technology (DLT) are converging to create a new era of digital transformation. This new era, referred to as the machine economy, could contribute up to $15 trillion to the global economy by 2030, according to a PwC report.

In order to further understand the potential of the machine economy, two leading tech firms – IoTeX and Siemens – co-authored an Industrial IoT Consortium (IIC) article. This article explores how the combination of IoT and DLT will enable machine economy growth and unlock new opportunities for IoT manufacturers and end-users.

The article defines the machine economy as a network of smart, connected, and economically independent devices and machines that act as autonomous market participants. This means that these devices and machines can execute economic transactions and other activities with little to no human intervention. This definition illustrates the disruptive capabilities of the machine economy, as it has the potential to revolutionize the way we do business.

The article goes on to discuss the potential business models enabled by the machine economy. The possibilities are vast, ranging from predictive maintenance to data monetization, peer-to-peer payments, and more. The authors cite a study from Next Big Thing AG, which explores the potential for these business models and provides examples of successful implementations.

The article further explores the challenges and opportunities presented by the machine economy. It highlights the need for improved scalability and security, as well as the need to identify and eliminate potential obstacles such as regulatory barriers and data privacy concerns.

In conclusion, the machine economy could revolutionize the way we do business, providing unprecedented opportunities for IoT manufacturers and end-users alike. This article provides an in-depth exploration of the potential of the machine economy, the business models it could enable, and the challenges and opportunities it presents. With the right combination of technologies and strategies, the machine economy could become a reality in the near future.