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To What Extent Will Blockchain Drive the Machine Economy? Perspectives From a Prospective Study

This study employs a prospective analysis to evaluate the potential for blockchain technology to serve as the backbone for a machine economy. Using Delphi-metho

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Abstract

This study employs a prospective analysis to evaluate the potential for blockchain technology to serve as the backbone for a machine economy. Using Delphi-method workshops with industry experts and academics, the authors investigate the conditions under which autonomous machines will utilize decentralized ledger technology to negotiate, execute contracts, and settle payments. The paper identifies a clear dichotomy between localized, closed-loop machine systems and open, globalized machine markets. It explores the influence of smart contracts in automating the ‘economic life cycle’ of devices and machines, suggesting that the integration of blockchain will transform business models from product-based to service-oriented consumption. The findings indicate that while technical maturity is increasing, the lack of standardized communication protocols and uncertain legal frameworks act as major deterrents. The study concludes that blockchain acts as the missing trust layer in M2M transactions, provided that throughput and latency are addressed in future protocol designs. Authors: L. S. Lamberti, M. J. G. van der Meijden, J. C. Wortmann Publication: Academic Paper Publication date: 2020-01-01

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Key findings

  • Blockchain facilitates a shift from product ownership to service-based machine consumption.
  • Legal and regulatory frameworks are currently lagging behind the technical capability of machine autonomy.
  • Standardization is more critical than raw throughput for the adoption of M2M blockchain applications.
  • The role of blockchain is primarily as a distributed trust mechanism for agents without prior relationships.

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Citation

L. S. Lamberti, M. J. G. van der Meijden, J. C. Wortmann (2020). To What Extent Will Blockchain Drive the Machine Economy? Perspectives From a Prospective Study. Academic Paper. https://www.researchgate.net/publication/340572187_To_What_Extent_Will_Blockchain_Drive_the_Machine_Economy_Perspectives_From_a_Prospective_Study
Canonical knowledge ID: research:to-what-extent-will-blockchain-drive-the-machine-economy-perspectives-from-a-prospective-study