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Unique Web3 technology poised to democratize the IoT industry

by SuperiorInvest

We live in homes that are able to monitor and control a wide range of internal processes – from heating and cooling to security and surveillance mechanisms. Our cars monitor external conditions and are well on their way to driving themselves. Our phones are constantly collecting valuable data and recording our activities – on our devices and in real life.

Smart homes, smart cars, smart phones – all this and much more is part of the rapidly developing Internet of Things (IoT) that serves as the foundation of the machine economy. The IoT is what connects all of our smart devices and machines, and while the industry has produced remarkable achievements that have improved lives around the world, it is also an industry that has been centralized for decades.

This centralization has left smart device users with little control over their personal data. W3bstreama leading project in MachineFi – the decentralized machine economy – has the potential to challenge the current Internet of Things monopoly, benefiting billions of smart device users around the world.

The booming IoT industry

Mckinsey predicts that the IoT is on pace to add $5.5 to $12.6 trillion to the global economy by 2030. A huge part of this growth is attributed to IoT solutions in retail, home and healthcare. Improved connectivity between our devices and the things we interact with has many potential benefits, from improved health and safety to time-saving benefits.

However, despite all the promises of the Internet of Things, the proliferation of smart objects and the increasingly important role they play in our lives raises 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 growing value of consumer data. IoT has brought improvements in security, longevity and quality of life for people, but it also has its downsides due to the sacrifices that come at the cost of convenience. The privacy debate has been raging in the tech sector for some time now, as a number of companies have gone to great lengths to obtain user data. The intrusiveness of these companies, and the subsequent liberties they took in mining the data they collected, has drawn the ire of consumers around the world.

Despite the concerns many share about privacy overreach, given how thoroughly services provided by companies like Google and Amazon are embedded in our lives, there is a general feeling that little can be done to reverse the trend and give users control over their data. However, there is an alternative approach to IoT development that has the potential to recalibrate the industry’s performance dynamics.

W3bstream and the fight for the future of IoT

MachineFi Lablead developer IoTeX Network — a project working to merge blockchain technology with IoT — recently announced the launch of a new product called W3bstream. W3bstream is a chain-agnostic system that was developed to break the monopoly that has formed around user data and smart devices.

The project has taken a leading role in the nascent MachineFi industry that has emerged as more efforts are made to decentralize the machine economy. The key to MachineFi is to embed Web3 principles into the IoT so that users can be in control of their data and protect their privacy while still enjoying the benefits of a vast interconnected network of devices and services.

In addition to protecting the end user, W3bstream will empower users to profit from their own data, reshaping the current state of the industry. The key to making this possible is the platform’s decentralized approach, which takes the proprietary capabilities open to blockchain technology and applies them to the entire IoT spectrum.

The platform’s strong technological foundations allow it to penetrate all industries that use and create smart devices. The range of devices that can work on W3bstream include sensors, smart TVs, smart homes, self-driving cars and even smart cities. Through the platform, Web3 technologies can be implemented by connectivity services, supply chain operators, healthcare providers, manufacturing companies and environmental protection agencies, among others.

Advantages without compromises

The motivation to bring Web3 paradigms to these sectors lies in the benefits it will bring to billions of people. As in the current iteration of IoT, people will be able to use their devices to monitor and improve key activities and aspects of their lives. However, in the Web3 model, people are also rewarded for participating in data collection, all while maintaining their privacy.

It works through data pools that participants can contribute to without revealing their names or any other information they want to keep private. In healthcare, this could greatly advance research efforts without participants having to hand over unnecessary personal information to third parties who can use that information for profit. Instead, the process would be much more democratic and efficient to focus on scientific progress and social benefit, rather than maintaining revenue streams for corporations that have amassed vast control over various aspects of modern life.

In addition to the benefits that this kind of platform presents to end users, W3bstream is also notable for the ease it has brought to the application development process. MachineFi Lab’s unique data computing infrastructure enables developers, smart device manufacturers, and enterprises to build Web3 applications in less than 50% of the time—and at half the cost—of similar applications with other comparable software. .

There are currently about 42 billion smart devices in use worldwide. However significant this number is, it is still only the beginning of the machine economy; by 2025, people will own about 75 billion smart devices and machines. The more developed the industry becomes, the more difficult it will be to make substantial changes. W3bstream and other MachineFi projects are now trying to lay the groundwork for a democratized IoT while it’s still possible.

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