Abstract
Nowadays, business enactments almost exclusively focus on human-to-human business transactions. However, the ubiquitousness of smart devices enables business enactments among autonomously acting machines, thereby providing the foundation for the machine-driven Machine-to-Everything (M2X) Economy. Human-to-human business is governed by enforceable contracts either in the form of oral, or written agreements. Still, a machine-driven ecosystem requires a digital equivalent that is accessible to all stakeholders. Additionally, an electronic contract platform enables fact-tracking, non-repudiation, auditability and tamper-resistant storage of information in a distributed multi-stakeholder setting. A suitable approach for M2X enactments are electronic smart contracts that allow to govern business transactions using a computerized transaction protocol such as a blockchain. In this position paper, we argue in favor of an open, decentralized and distributed smart contract-based M2X Economy that supports the corresponding multi-stakeholder ecosystem and facilitates M2X value exchange, collaborations, and business enactments. Finally, it allows for a distributed e-governance model that fosters open platforms and interoperability. Thus, serving as a foundation for the ubiquitous M2X Economy and its ecosystem.
Highlights
In earlier research [41], we discover that no suitable methodology exists for developing blockchain distributed applications (DApps), which is relevant too for an M2X context
While we propose the utilization of electronic smart contracts to address the issues above, one may argue that a cloud-based online shop for services of the M2X Economy would be sufficient, e.g., Amazon’s web shop proves to scale well and even partially automates business enactments
This position paper argues for a novel business model for the emerging M2X Economy of multi-stakeholders that is open, decentralized, and distributed
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. Providing the foundation for an ecosystem that can be operated as a joint venture of various stakeholders and includes builtin e-governance mechanisms, thereby constituting a neutral territory for all stakeholders In this position paper, we argue in favor of an open, decentralized and distributed smart-contract-based M2X Economy that supports the corresponding multi-stakeholder ecosystem and facilitates M2X value exchange, collaborations, and business enactments. Our position paper provides three main contributions: First, it is a call for a discussion of an emerging machine-driven economy and its corresponding ecosystem with autonomously acting devices offering and consuming services in a M2X context It suggests a course of actions for developing the M2X Economy needs to focus on specific domains.
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