I’m here in Berlin at Bosch Connected World 2019, where I had the pleasure of speaking with Nick Sharman, the project lead for Bosch’s Economy of Things project. In this interview, Nick delves into the concept of the Economy of Things and its potential impact on the future of technology and business.
Introducing Nick Sharman and the Economy of Things
Nick Sharman introduces himself as the project director of the Economy of Things project, an advanced engineering project that sits between research and product development. He explains that the concept of the Economy of Things builds upon the idea of the Internet of Things, where things communicate with each other. However, in the Economy of Things, the focus is on things not only communicating but also exchanging values and striking contracts in a decentralised manner.
The Economy of Things in Action
Nick shares an exciting project where a car negotiates its relationship with charging stations, particularly focusing on the pricing of charging stations. He explains that the car, equipped with an agent-based software and a crypto wallet, is able to communicate and negotiate with charging poles on contracts for charging. These contracts are then deployed in a distributed ledger, allowing for decentralised settlement and energy flow.
Monetising the Technology
When it comes to monetising this technology, Nick emphasises the simplicity of the business model. He explains that the platform will be run in a cooperative way, allowing for a cost-driven infrastructure where businesses can build service and product business on top of it. This approach eliminates the need to focus on building a platform that locks everybody in, making it strategically simple for businesses to continue product-based business models.
The Future of the Economy of Things
Looking ahead, Nick discusses the next steps for the Economy of Things project. He highlights the shift from fighting each other to build a platform to collaborating in a cooperative way. The focus will be on building systems that can run for longer periods, transitioning from proof-of-concept systems to operational systems that can work for years.
Conclusion
The Economy of Things presents a compelling vision for the future of technology and business. With its focus on decentralised communication, value exchange, and cooperative platforms, it has the potential to revolutionise various industries. As we look to the next 12 to 18 months, the developments in the Economy of Things are certainly worth keeping an eye on.
In conclusion, Nick Sharman’s insights into the Economy of Things offer a glimpse into the exciting possibilities that lie ahead in the world of technology and business. Stay tuned for more updates on the Economy of Things and its impact on the future of technology and business.
