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

Author

Listed:
  • Benjamin Leiding

    (Institute for Software and Systems Engineering, Clausthal University of Technology, 38678 Clausthal-Zellerfeld, Germany
    These authors contributed equally to this work.)

  • Priyanka Sharma

    (Institute for Software and Systems Engineering, Clausthal University of Technology, 38678 Clausthal-Zellerfeld, Germany
    These authors contributed equally to this work.)

  • Alexander Norta

    (Department of Software Science, Tallinn University of Technology, 12616 Tallinn, Estonia
    These authors contributed equally to this work.)

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.

Suggested Citation

  • Benjamin Leiding & Priyanka Sharma & Alexander Norta, 2021. "The Machine-to-Everything (M2X) Economy: Business Enactments, Collaborations, and e-Governance," Future Internet, MDPI, vol. 13(12), pages 1-15, December.
    • Handle: RePEc:gam:jftint:v:13:y:2021:i:12:p:319-:d:706009
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    Citations

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    Cited by:

    1. Eduard Hartwich & Alexander Rieger & Johannes Sedlmeir & Dominik Jurek & Gilbert Fridgen, 2023. "Machine economies," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-13, December.
    2. Ahad ZareRavasan & Taha Mansouri & Michal Krčál & Saeed Rouhani, 2022. "Editorial for the Special Issue on Blockchain: Applications, Challenges, and Solutions," Future Internet, MDPI, vol. 14(5), pages 1-2, May.

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