Browse Definitions :
Definition

M2M economy (machine-to-machine economy)

A machine-to-machine (M2M) economy is one in which machines are autonomous market participants that have their own bank accounts. In the near future, it's expected that M2M participants will be able to lease themselves out, hire their own service engineers and pay for their own servicing and replacement parts.

In an M2M economy, businesses may be able to leave asset management and maintenance to the assets themselves. That's because the growing pervasiveness of the Internet of Things (IoT) and advances in artificial intelligence (AI) are making it possible for sensors, actuators and networked smart machines to operate autonomously, communicate directly with each other and use data gathered over time to maintain themselves without human intervention.

Currently, the relatively high cost of transferring micro-payments has been a roadblock in the growth of an M2M economy. Currently, the IOTA Foundation, a non-profit, open-source driven organization headquartered in Germany, is promoting Tangle, IOTA's distributed ledger technology, as a way for people and machines to transfer data and/or money without transaction fees. If concerns about zero-fee transactions can be addressed, use cases for M2M economy experimentation is expected in various sectors of the economy include manufacturing, logistics, resources, agriculture, energy and infrastructure. 

This was last updated in March 2018

Continue Reading About M2M economy (machine-to-machine economy)

SearchCompliance
  • smart contract

    A smart contract is a decentralized application that executes business logic in response to events.

  • compliance risk

    Compliance risk is an organization's potential exposure to legal penalties, financial forfeiture and material loss, resulting ...

  • information governance

    Information governance is a holistic approach to managing corporate information by implementing processes, roles, controls and ...

SearchSecurity
  • social engineering

    Social engineering is an attack vector that relies heavily on human interaction and often involves manipulating people into ...

  • distributed denial-of-service (DDoS) attack

    A distributed denial-of-service (DDoS) attack is one in which multiple compromised computer systems attack a target, such as a ...

  • password cracking

    Password cracking is the process of using an application program to identify an unknown or forgotten password to a computer or ...

SearchHealthIT
SearchDisasterRecovery
  • change control

    Change control is a systematic approach to managing all changes made to a product or system.

  • disaster recovery (DR)

    Disaster recovery (DR) is an organization's ability to respond to and recover from an event that affects business operations.

  • risk mitigation

    Risk mitigation is a strategy to prepare for and lessen the effects of threats faced by a business.

SearchStorage
  • storage security

    Storage security is the group of parameters and settings that make storage resources available to authorized users and trusted ...

  • cloud storage

    Cloud storage is a service model in which data is transmitted and stored on remote storage systems, where it is maintained, ...

  • cloud data management

    Cloud data management is a way to manage data across cloud platforms, either with or instead of on-premises storage.

Close