Dr. Xinxin Fan is the Head of Cryptography at IoTeX, a startup empowering the future machine economy with blockchain and IoT.
The use of Internet of Things (IoT) devices in business and our daily lives is growing at a staggering rate. Despite chip shortages and supply chain issues, the number of global IoT connections is expected to grow to 27 billion by 2025. Like other dominant Web2 platforms, today’s IoT businesses are mainly built on centralized infrastructures fully managed by organizations, with user and data lock-ins as the primary goals. Organizations have extensively used data collected by IoT devices to maximize business impact and value creation.
The emergence of Web3, i.e., the third iteration of the internet, represents a major paradigm shift that could fundamentally change how IoT businesses work. A typical Web3-based application offers two major promises, namely ownership and decentralization. By running applications on