Peak co-founder Leonard Dorlochter appeared on the Crypto Coin Show to discuss their long-term vision of creating a machine economy, or economy of things, that is web 3-based, without central players or intermediaries, enabling fairer and more democratic access to market participation. Peak’s aim is to provide a platform where machines can identify, interact and trade with each other. Leonard highlighted the potential to create new mechanisms to distribute the value of automation and the need for a machine passport, or machine identity, to enable these transactions.
Ashton Addison from Block West Capital welcomes Leonard Dorlochter, co-founder of Peak, to discuss all things web3 and the IoT economy of things in this episode of the Crypto Coin Show.
Peak’s overall vision is to create a machine economy (also known as an economy of things) that is web3 based, with no central players or intermediaries involved. The aim is to democratize access for everyone to invest and participate in the economy, rather than having it limited to a select few industry giants with big fleets of cars, for example. The technology holds the potential for creating fair and new mechanisms to distribute value as we approach the age of automation, where everything will be owned, and the value will need to be equitably dispersed.
Peak’s aim is to enable machines to exchange energy and transactional value with each other in a P2P manner without the need for intermediaries. It seeks to create a machine passport/identities that act as a unifying protocol to connect and transact with each other based on specific business logic of the application. So far, peak has been working with institutions and enterprises and has been consulting with them to develop different use cases that make use of decentralized technology.
One of the significant challenges in the development of an economy of things is to connect the assets and devices to the blockchain network. The wallets and assets connected to the blockchain network are quite straightforward. However, connecting machines to the blockchain network requires a machine identity which helps identify the different devices and assets. This identity or machine passport acts as a connection protocol that allows machines to onboard and transact with others on the network.
Peak’s developments hold a tremendous potential that is yet to be fully achieved. It is a project with long term goals, but it has been working tirelessly since 2017 to create a decentralised network that will benefit everyone- big or small. The project also seeks to democratize access to the economy, enabling everyone with a car to participate, rather than just a few industry giants. The machine economy has the potential of becoming a reality and will definitely benefit us all in the long run.