In this piece, I'll be explaining the Economy of Things, outlining its benefits and challenges, and offering advice on what businesses can do to brace for its impact.
For many, the Economy of Things probably rings a bell from the get-go, invoking another familiar concept. Indeed, it represents the evolution of the Internet of Things , which refers to connected devices exchanging data. But the EoT takes this a notch further: Here, devices exchange not just information but also value.
Examples of common IoT implementations are health trackers and smart appliances like lights or fridges. In the EoT, these devices wouldn’t just record data. They would also sell it on an open decentralized market to anyone willing to pay, from weather services to researchers, all while still performing their main tasks. In sum, the EoT isn't just about devices going from exchanging information to exchanging value; it’s about the implications of that as well.
Although there's no doubt that intelligent machines will create jobs for humans, these jobs would likely be less numerous and would require significant upskilling of the workforce. This is a factor worth considering. And from where things stand now, nothing short of a radically inclusive model in which everyone has a guaranteed stake in the automated economy—not just passively receiving a set income—seems to fit the bill.
Still, there are steps that forward-looking businesses can take today to prepare for the changing tides. First, they should work on upskilling their talent pool and introduce it to the tech stack behind the EoT. Second, they should review their device fleets and map them out for better visibility.
These steps won't likely be enough to jump head-on into the brave new era, but they'll give companies an edge over those that are still waking up to the transition toward the Economy of Things. And, like with any groundbreaking moment, an edge is already good enough to take you places in a world where devices have as much economic agency as people.
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