Advancements in data connectivity, robotics, AI and virtual reality have led to major changes to the world of work, with driverless cars able to autonomously carry passengers, security systems that can identify people in a crowd by sight and surgeons and skilled technicians able to carry out tasks at any distance. Deloitte estimates that 30% of the world's workforce will be replaced by machines in the next 20 years, which leads to the question - who owns these machines, their data, and their share of the emerging $12.6 trillion machine economy?
MachineFi Lab is an attempt to answer this question with "the people". By leveraging blockchain technology and applying it to the Internet of Things (IoT) space, it is creating an infrastructure suite which allows users to create apps and deploy devices on a decentralised machine network. By incentivising individuals and businesses to participate it provides a more efficient movement of data by bypassing centralised data stores and offers an extra layer of security to users, who remain in control of their information.
MachineFi's solution is already being used in some applications, for instance, some cameras as well as Pebble's supply chain management solution. It has attracted funding for its vision in a Series A funding round led by Samsung Next, which will be used to develop its platform and expand into new verticals, for instance in geolocation services. As IoT becomes an ever more present feature of life, infrastructural projects such as MachineFi may well prove key in helping to drive adoption and avoid some of the worst effects of centralised control of the industry.
Steph
Company Specialist at Welcome to the Jungle
