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)

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

File Extensions and File Formats

Powered by:

SearchCompliance

  • risk assessment

    Risk assessment is the identification of hazards that could negatively impact an organization's ability to conduct business.

  • PCI DSS (Payment Card Industry Data Security Standard)

    The Payment Card Industry Data Security Standard (PCI DSS) is a widely accepted set of policies and procedures intended to ...

  • risk management

    Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

SearchSecurity

SearchHealthIT

SearchDisasterRecovery

  • call tree

    A call tree is a layered hierarchical communication model that is used to notify specific individuals of an event and coordinate ...

  • Disaster Recovery as a Service (DRaaS)

    Disaster recovery as a service (DRaaS) is the replication and hosting of physical or virtual servers by a third party to provide ...

  • cloud disaster recovery (cloud DR)

    Cloud disaster recovery (cloud DR) is a combination of strategies and services intended to back up data, applications and other ...

SearchStorage

Close