The Internet of Things has much potential. Its potential goes much further than connecting devices to the internet. The internet of things holds immense potential, especially when used in conjunction with the Weeve technology.
The Different Layers of IoT
The combination of the different layers of IoT and Weeve technology is going to create the Economy of Things (EoT). While the Internet of Things has been able to digitize out physical world, the Economy of Things intends to make it possible to derive monetary value from the internet of things. It will lead to the creating of valuable digital assets in a manner that was not possible before the creation of the blockchain. This new project holds untold promise for efficiency and automation.
The internet of Things made information cheap and accessible. Combined with the economy of things, it is going to bring about liquidity for the digital assets. At the same time, it is going to create a new discourse in how devices operate across different industries.
It will lead to more efficient business operations and help the lives of ordinary people become more comfortable. This is in part due to smart devices, which are able to harness the power of artificial intelligence to benefit us. However, the most significant impact that the Economy of things has is the ability to transform the way we accumulate and transfer value from tangible objects to those in the digital space.
Weeve is creating a decentralized platform where those who produce data, such as the devices in our home, would be able to sell this data in a secure and trusted way. With the continued advance of AI and data analysis technology, one of the most important assets that you own is data.
The Current Situation With Weeve
For you to understand the value of IoT, you need to understand just how big the IoT world is. By 2020, Gartner has predicted that there will be more than 20.8 billion IoT devices. These devices will be producing data, which will be a valuable resource due to technological advances. The data will be of a wide range. It will include physical measurements, geolocation data, acknowledgment of events such as confirmed payments, and much more.
According to various estimates, this data will have a value of more than 7.1 trillion US dollars. The valuation will make this data quite a valuable resource for anyone to own. The team thought about this and decided that they should come up with a platform where IoT data was tradable. In essence, producers of the data will have an opportunity to sell their data via the blockchain. The result will be the rise of the Economy of Things.
To achieve their objective, the creators of the Weeve project will utilize the blockchain and smart contracts. As has already been demonstrated, people are willing to accept digital currency for exchange of goods and services. In the future, this acceptance is only going to grow. People will willingly take digital currency in exchange for giving away their data.