What is the Industrial Internet of Things, and why should I care?
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“Two leading tech firms co-authored an Industrial IoT Consortium (IIC) article introducing the machine economy, a new IoT digital transformation frontier that, according to PwC, will contribute to 70% of the global Gross Domestic Product (GDP) in the next seven years.”
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Oliver Acuna
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The Industrial Internet of Things (Industrial IoT)
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??Interconnected sensors, instruments, and other devices networked together with computers’ industrial applications, including manufacturing and energy management. Wikipedia
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PwC
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??A community of solvers combining human ingenuity, experience, technology and products to help organizations build trust and deliver sustained outcomes. PwC website
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The machine economy
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??The M2M, or machine-to-machine, economy is one where the smart, autonomous, networked and economically independent machines or devices act as the participants, carrying on the necessary activities of production, distribution, and allocation with little to no human intervention.
Investopedia
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The expansion of blockchain technology into Artificial Intelligence (AI) has led to the conception of smart machines (much like smart contracts) capable of production, distribution and allocation of goods with little to no human interaction.
“On the one hand, the machine economy addresses the traditional manufacturing and business processes in most enterprises and industries. On the other hand, it leverages technologies that enable autonomous transactions between devices or machines.”
Dr. Xinxin Fan and Siemens co-authors Steven Baudry and Sourabh Narayan Sing, IoTeX
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The PwC’s report suggests that this expansion will generate up to $15 trillion for the global economy and account for 70% of the global Gross Domestic Product (GDP) by 2030, making it a force to be reckoned with.
The idea of smart machines is exciting and alarming.
Although automated machinery is far from new, the analytical capability brings the SiFi world into the business mainstream. Eliminating the “human” component will mean increased efficiency, output, and revenue.
On the other hand, eliminating the “human” component will be lost jobs and higher unemployment among everyday people. (There is more about this in How it impacts everyday people)
The IoTeX team also mention the Industrial Metaverse. Their observation is that,
“Industrial Metaverse is an emerging trend that targets combining immersiveness, [sic] real-time data and digital twins to create new business models and accelerate digitalization.”?
Dr. Xinxin Fan and Siemens co-authors Steven Baudry and Sourabh Narayan Sing.
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The 2022 Metaverse saw steady growth despite the global economic upheavals. The World Economic Forum believes it could reach $800 billion as early as 2024.
The metaverse showed remarkable growth in 2022 despite the global economic slowdown, and experts believe it will continue to grow significantly.
Risk management giant Deloitte believes the global Metaverse market size could swell to between $1.5 trillion and $13 trillion.
A recent MIT report says:
“One of the industrial metaverse’s critical applications is digital twins, a virtual replica of a product or process used to predict how the physical entity will perform throughout its lifecycle, as defined in MIT’s article. “The increasing buzz surrounding digital twins is fueling expectations for the industrial metaverse.”
How it impacts everyday people
Reports like these show you the power of the cryptoverse while ensuring its longevity in the global market. The Industrial Internet of Things represents untapped potential for financial freedom.
For example, what if instead of losing your job to a smart machine, you were part owner of one? Each pay period, a percentage of the profit would be deposited into your checking account. If you were careful with your finances, you could reinvest in another smart machine until you eventually own one.
It can happen in the cryptoverse.
There will be ground-floor investment opportunities as this innovation sees increased adaptation. These investment opportunities can change your life by providing you with the financial freedom offered in the cryptoverse.
The cryptoverse is for you. Join me as, together, we take the most unexpectedly incredible journey down the many paths it has to offer.
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Disclaimer: I am not a financial planner, and therefore do not offer financial advice. I am an avid student of the cryptoverse who is willing to make available the things that I learn to everyday people willing to take a chance, change, and explore your financial freedom in the cryptoverse.