AUSTIN, TX – One of the most compelling and innovative blockchain businesses in the market today is Peaq, a company leader in designing the Economy of Things (EoT). EoT is an iteration of the Internet of Things (IoT), a wireless network that connects hardware devices to the internet. 

EoT takes this concept one step further by connecting various devices together to share data in real-time. As such, EoT is opening up new possibilities for the blockchain. Peaq’s leadership in EoT is built on facilitating value exchange between devices.

At this year’s SXSW, BCCN3 has been interviewing several innovative web3 companies. We interviewed Leo Dolöchter, co-founder of Peaq, on our podcast, BCCN3 Talk. Leo told us where the concept for Peaq came from, the importance of EoT, and the possibilities for this innovative industry.

What is Peaq?

Peaq is a blockchain company focused on building a decentralized infrastructure for EoT. The platform connects hardware devices without the need for intermediaries. With its decentralized approach, Peaq ensures that data is secure and private, reducing the risk of hacks and data breaches. 

Built on the Polkadot blockchain, Peaq utilizes Tangle, a technology specifically designed for IoT. Tangle is a distributed ledger that enables secure data sharing and communication between devices. It is the centerpiece of EoT as it supports real-time data transfers in Peaq’s hardware-meets-blockchain concept.

The Economy of Things in practice

1. Supply chain management

One key application of Peaq’s technology is in supply chain management. Businesses can use Peaq’s platform to track products from a manufacturer to an end consumer, ensuring products are delivered on time and undamaged. 

By supporting communication between the physical product in transit, the shipper, and the consumer, waste is reduced, and efficiency is improved, leading to cost savings and a better customer experience.

2. Subscription services

Peaq also can be used to create new business models. For example, companies can sell access to their products or services on a subscription basis, generating recurring revenue. This is particularly useful for products with a long lifespan, such as appliances or electronics.

3. Agriculture

Furthermore, their platform can create new markets for goods and services. For instance, a farmer could sell excess crops to a neighboring farm, creating a local produce market. 

Using EoT, one farm can communicate specific details about its surplus and sell it to another. In doing so, the surplus is not wasted, communication is improved, and a new revenue stream is created.

New opportunities

Peaq is reshaping the future through its work in EoT by making it easier for businesses and individuals to harness the power of IoT technology in their decentralized platform. By offering data safe housing on a blockchain, security and privacy are improved, and the efficiency and scalability of programs are enhanced. 

Opening up communication between hardware devices by transferring data in real-time opens up new supply chain management possibilities, business models, and markets for goods and services.

As the world becomes more interconnected, EoT will play an increasingly important role for small and large businesses in the global economy. Peaq is the right company to meet the challenges of this revolution. By continuing to develop EoT technology, Peaq continues to be a leader in blockchain applications.