The unique Web3 technology is designed to democratize the Internet of Things industry

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

Smart homes, smart cars, smartphones—all these and more are part of the rapidly expanding Internet of Things (IoT), which 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 made remarkable breakthroughs that have improved lives around the world, it’s also been a centralized industry for decades.

This centralization has left smart device users with little control over their personal information. The lead project at MachineFi, W3bstream – a decentralized machine economy – has the potential to challenge the current IoT monopoly, benefiting billions of smart device users around the world.

The burgeoning IoT industry

Mckinsey predicts that the Internet of Things will be on pace to add $5.5 to $12.6 trillion to the global economy by 2030. Much of this growth is attributed to IoT solutions in the retail, home and healthcare sectors. From health and safety improvements to time-saving benefits, improved connectivity between our devices and the things we interact with has many potential benefits.

However, despite all the promise of the Internet of Things, the proliferation of smart objects and the increasingly important role they play in our lives raises significant questions about privacy concerns and the dangers of concentrated power.

One of the reasons the IoT industry is proving so lucrative is the growing value of consumer data. While IoT brings improvements to people’s safety, longevity, and quality of life, there are also downsides due to sacrifices at the cost of convenience. The privacy debate has been heating up in the tech sector for some time now, as a number of companies go to great lengths to obtain user data. The intrusion of these companies and the subsequent freedom they have taken to profit from the data they collect has outraged consumers around the world.

Given how deeply services provided by companies such as Google and Amazon are embedded in our lives, there is a general consensus that little can be done to turn the tide and give users control over their data, despite concerns shared by many about privacy breaches. However, there is an alternative approach to IoT development that has the potential to recalibrate the industry’s power dynamics.

W3bstream and the fight for the IoT future

MachineFi Lab, the lead developer of the IoTeX Network, a project that seeks to combine blockchain technology with the IoT, recently announced the launch of a new product called W3bstream. W3bstream is a chain-agnostic system designed to break the monopoly around user data and smart devices.

The project played a leading role in the emerging MachineFi industry, which emerged as more efforts were made to decentralize the machine economy. MachineFi’s key is bringing Web3 principles into the IoT so that users can control their data and protect their privacy while taking advantage of a vast network of connected devices and services.

Beyond just protecting the end user, W3bstream will enable users to profit from their data, changing the current state of the industry. The key to achieving this is the decentralized approach of the platform, which takes the ownership possibilities opened up by blockchain technology and applies it to the full spectrum of IoT.

The platform’s strong technological foundations allow it to penetrate all industries that use and create smart devices. The full 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 technology can be implemented by communication services, supply chain operators, healthcare providers, manufacturing companies and environmental protection agencies, among many others.

Benefits without concessions

The incentive to introduce Web3 paradigms to these sectors is the benefits it will bring to billions of people. As with 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 will be rewarded for participating in data collection while being able to maintain their privacy.

The way it works is through pools of data where participants can contribute without revealing their names or any other information they wish to remain private. In the healthcare sector, this can significantly advance research efforts without participants providing unnecessary personal information to third parties who may use it for profit. Instead, the process would be more democratic and rational to focus on scientific progress and communal benefit rather than sustaining revenue streams for corporations that have amassed vast control over various aspects of modern life.

In addition to the advantages that such a platform offers to end users, W3bstream also stands out for the ease it brings to the application building process. MachineFi Lab’s unique data computing infrastructure enables developers, smart device manufacturers, and businesses to build Web3 applications in less than 50% of the time and at half the cost of building similar applications with other comparable software. .

About 42 billion smart devices are currently used in the world. As significant a number as it is, it is still the beginning of the machine economy; By 2025, people will own approximately 75 billion smart devices and machines. The more this industry develops, the more difficult it will be to make fundamental changes. W3bstream and other MachineFi projects are trying to lay the groundwork for a democratized IoT, even if it’s still possible.

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