The Machine-to-Everything (M2X) Economy: Business Enactments, Collaborations, and e-Governance

Benjamin Leiding, Priyanka Sharma and Alexander Norta
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Benjamin Leiding: Institute for Software and Systems Engineering, Clausthal University of Technology, 38678 Clausthal-Zellerfeld, Germany
Priyanka Sharma: Institute for Software and Systems Engineering, Clausthal University of Technology, 38678 Clausthal-Zellerfeld, Germany
Alexander Norta: Department of Software Science, Tallinn University of Technology, 12616 Tallinn, Estonia

Future Internet, 2021, vol. 13, issue 12, 1-15

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.

Keywords: blockchain; smart contract; M2X; smart autonomous devices; e-governance; lifecycle management (search for similar items in EconPapers)
JEL-codes: O3 (search for similar items in EconPapers)
Date: 2021
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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