Context
“Web3 (also known as Web 3.0) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.” – Wikipedia
Blockchain is not a stand-alone technology, but works in concert with AI and IoT, plus Cloud, Edge, 5G, etc.
As the third leg of the Web3 stool, the global business opportunity forecast for IoT production is estimated at $3-4 trillion.
The gap: There is no global hub, center of excellence, or standards body for IoT production.
The world is at the beginning of the Web3 migration. At its core, it’s about data, privacy, security, ownership, inclusion, research, and speed. It’s much more than “a better database.”
The US is already one of the biggest producers of IoT. Silicon Valley leads. Ohio is # 10. Manufacturing, Healthcare, Government, Utilities are the top 4 IoT use cases, each of which is a strength of Ohio. Use cases abound across ALL industry sectors.
Why Ohio should dominate IoT production?
> Manufacturing in its DNA.
> A venture capital base and a pent-up demand for economic development.
> A low cost of living, central trade routes, industrious workforce, pleasing culture and lifestyle, and a forceful launch pad powered by Manufacturing and Healthcare.
> The academic resources for workforce development and research, launching start-ups.
The IoT Sandbox is intended to be an Ohio-based 501c(6) created and funded for the purpose of establishing Northeast Ohio as a global hub for the development and manufacturing of hashtag#IoT devices for use across industries.
If we as a community can act quickly and decisively, with industry, government, and academic support, Ohio can establish global leadership of a $3-4 trillion dollar industry by 2030. We can then build on top of that with whatever comes next. And there’s always something next.
Let us seize this golden opportunity.
Remember: “All boats rise with the tide.”