Evolution of Machine Autonomy in Factory Transactions
So while we’ve not completely entered the age of the machine economy, defined as a network of smart, connected, and self-sufficient machines that are economically independent and can autonomously execute transactions within a market with little to no human intervention, we are getting close.
The building blocks to create the factory of the future are here, including the Internet of Things (IoT), artificial intelligence (AI), and blockchain. This trifecta of technology has the potential to disrupt the industrial space, but it needs to be connected with a few more things, such as digital twin technology, mobile robots, a standardized way for machines to communicate, and smart services, like sharing machine capacity in a distributed ecosystem.
“The biggest obstacle is culture,” said IIC’s Mellor. “The average age of the industrial plant is 19 years. These are huge investments that last for decades. The organizations that run these facilities are very cautious. Even a 0.5% chance of failure can cost millions of dollars.”