Understanding the Machine Economy: Combining Findings from Science and Practice

The machine economy (ME) is an emergent phenomenon that combines multiple emerging digital technologies, such as Internet of Things (IoT), artificial intelligence (AI), or blockchain, enabling economically autonomous acting machines. We investigate this phenomenon by combining a literature review and a qualitative interview study across different industries to derive propositions about the ME. Finally, we develop a five-layer model of the ME from our propositions that helps academia and practice explore this emerging phenomenon further. Our results indicate that the ME builds on several emerging digital technologies and becomes increasingly relevant for practice and academia.