A fragmented digital backbone remains a key stumbling block for the mobility industry as it works to transform itself for the era of data-driven business models. Besides various issues such as siloed electrical vehicle charging services or lacking integrations into larger smart infrastructures, the mobility space also often over-relies on the established Web2 tech platforms, putting its own evolution on a flawed foundation. Gaia-X, a pan-European consortium group bringing more than 300 companies and research institutions together, works to create a fairer, better alternative to Web2 cloud services. Its 4 Future Mobility moveID project, led by Bosch and involving a vast array of top industry names and leading Web3 projects, focuses on standards and infrastructure for Self-Sovereign Identities (SSIs) for the mobility space.   

“Fragmentation has been a key stumbling block on the path towards the digitalization of mobility and transportation,” says Michael Reuter, CEO and co-founder of Datarella. “This makes for a clear-cut blockchain use case with a focus on real-world services, value, and sustainability. We are happy to collaborate with peaq and other moveID members to power this transformation with our Web3 know-how.”

Working together as part of the moveID project, peaq and Datarella will collaborate on various aspects of building the standards and digital infrastructure for mobility-focused SSIs. peaq and Datarella will also work on enabling Web3 use cases related to the moveID project, including Self-Sovereign Machine IDs, peer-to-peer transactions, and decentralized marketplaces for mobility services and data.

“Reclaiming our data and identity sovereignty is crucial for the future of mobility in Europe and beyond,” says Leonard Dorlöchter, co-founder of peaq. “Blockchain has a lot to offer to the transportation industry, including smoother interoperability, more privacy, and entire new business models. We are thrilled to be working toward this with Datarella and other consortium members such as Bosch, Continental, and Airbus.” 

About peaq

peaq is the Web3 network powering the Economy of Things (EoT) on Polkadot, the most environmentally-friendly blockchain network. peaq enables entrepreneurs and developers to build decentralized applications for vehicles, robots, and devices, while empowering users to govern and earn as connected machines provide goods and services. Together with leading consortia, including Gaia-X and MOBI, peaq is co-creating the standards that will power the future of mobility and other connected industries while working to democratize abundance in the Age of Automation.

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Globalization has made our world a smaller place: through the internet we know everything what happens somewhere within minutes, through air travel we can personally experience the other side of the world within hours. We, in this case, means the rich world. The majority of people, however, may have access to the internet but is far from being able to travel around the world. However, there are other means of enabling them to participate in and get a fair share of globalization — by banking them; i.e. by providing people without access to the financial system with either proper bank accounts, or with alternative means of payment, such as the Libra project that Facebook has announced this summer.

This idea originates from my colleague with Bosch, Nik Scharmann, who leads the Economy of Things project, and from a Datarella project in the field of banking. As so often, evolutionary development is the result of combining ideas from different industries, – or – a “cross-sectoral” approach.

Machine-to-Machine Transactions

Having been active in the field of machine-to-machine communication (M2M) for quite a time, and working in several projects including machine-to-machine transactions, such as pricing negotiations and settlements between machines automated by smart contracts, I‘d like to point out the huge impact banking the unbanked IoT will have on the global economy. As Julian Simon claimed in his )controversial) thesis ot the „Ultimate Resource“ (The “ultimate resource” is not any particular physical object but the capacity for humans to invent and adapt), that there is no resource crisis since when a particular resource becomes more scarce, its price rises. This price rise creates an incentive for people to discover more of the resource, ration and recycle it, and eventually, develop substitutes.

Economy of Things

And as Ronald Coase defined and described transaction costs in his „The Nature of the Firm“: the lower the costs of organising and the slower these costs rise with an increase in the number of transactions, the less likely the human being is prone to erroneous behavior and the smaller the increase in human errors with an increase in the number of transactions.

The ultimate modern way of bringing down transaction costs is to have machines managing all transactions, without any interference of human error. That said, the Economy of Things EoT will most probably be the best description of our future global economy, with interconnected devices managing all economicl haggling, negotioans and settlements — even disputes will be handled by machines, supported by automated dispute resolution procedures, such as smart contract based arbitration.

The Development Of World Populations vs Connected Devices

Letting devices, machines, or things participate in economic transactions can be described as Banking the Unbanked IoT. From the perspective of the actual accessible install base and future growth, the economic impact of banking unbanked people is negligible compared with the impact of banking unbanked devices, as can be seen in the two charts above and below:

Looking at Facebook‘s Libra project and comparing its economic impact with Banking the Unbanked IoT described here, we can conclude that it makes much economic sense to work on the future Economy of Things. In our next post we will elaborate more on our plans with Datarella of being an active part of this fascinating journey together with our great partners in the field of mobility infrastructures. And I will explain, why and how the Enterprise Evolution Protocol model is a good framework for building a sustainable, ethical Economy of Things.

This article was originally publishes at michaelreuter.org

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