Machine to machine payments are automated payments betwee machines via digital wallets without the action or confirmation by humans. Autonomous vehicles such as cars, forklifts, and trucks and other industrial machine can pay for their own fuel, maintenance, road tolls, and insurance. In the sharing economy, industrial machines can also earn money by renting themselves to other machines and being paid by those machines based on usage. These solutions will be enabled by the development of
5G mobile networks.
Blockchain technology can be used to govern payments. Examples of
Machine to Machine payments include power and energy trading between smart grids and homes, industrial machines paying 3D printers to print replacement parts, and connected vehicles paying for parking. New business models are being developed around this emerging model of financial transaction.
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