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In a bid to build next-generation boating ecosystems on Web3, the Industry IoT Consortium and two of its members, IoTeX and Ahoy, have launched a Marine Management Test Drive.

The IIC said Ahoy is leveraging IoTeX's MachineFi blockchain technology to build a Web3 infrastructure that includes an NFT marketplace, a utility token, dApps, and IoT implementation.

Industry IoT Consortium launches a next-generation Web3
Industry IoT Consortium launches a next-generation Web3 pilot for marine management systems Pixabay

"The objective is to decentralize the utilization, management, ownership, renting, docking, financing, along with the overall boating experience as it pertains to marine-based assets," said the IIC.

"A goal of the Marine Management Test Drive is to implement a decentralized solution for boat-to-dock payment (IoTeX-machine Fi) with Smart Contract weather probability oracles (Chainlink/IBM's based on the boat's GPS location and captain's log data," ICC added.

The Marine Management Test Drive uses blockchain to showcase the next generation of boating ecosystems, including boat-to-dock payment, maintenance scheduling, and asset management.

"Test Drives are short-term, rapid-engagement pilots for technology end users to employ and adopt Industrial IoT technologies," the IIC explained. "They stimulate IoT adoption across the industry through accelerated implementation. The IIC's neutral collaboration platform fosters partnering to address leading-edge IoT use cases in three to six-month projects based upon technology end users' real problems."

IoTeX CEO and Co-Founder Raullen Chai said his team is "helping to drive the management of marine assets into the IoT ownership economy – where users are the owner and beneficiary of their data, privacy, and money."

"Thanks to our advanced MachineFi technology, boat owners today can monetize their marine and associated digital assets globally," Chai added.

Ahoy CEO and Founder John Paul Zable said, "with the Marine Management Test Drive, we're showing boaters and marina owners how, thanks to MachineFi Lab technology, they can turn underutilized resources, stagnant occupancies, and user data into reliable sources of revenue."

According to experts, the leisure boating industry is worth over $40 billion and has the potential to grow at an annual rate of 14% toward 2030.