BEIJING, June 21, 2023 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it is exploring a new model to seize the opportunity in the market of industrial intelligence and personalization transformation. It is developing a new platform mechanism, Manufacturing as a Service (MaaS). Under this platform mechanism, the market can be broadly divided into production demanders and equipment providers. The platform's value can be realized through the use of production equipment and machines provided by different suppliers in the factory, by different demand sides.
For the demand side, personalized orders can be placed without purchasing large equipment, and for equipment providers, the use of equipment can be increased to generate more value. To achieve this pay-per-use business model, WiMi uses Distributed Ledger Technology (DLT) to establish decentralized trust and traceability. DLT can provide a secure and transparent way to track goods and transactions throughout the supply chain. DLT can provide an untameable record of all transactions in the supply chain, from raw materials to finished goods. This can help manufacturers track shipments, reduce fraud and errors, and improve transparency and traceability. The technology can create a tamper-proof record of quality control processes and inspection results, helping manufacturers ensure that their products meet required quality standards and regulatory requirements. DLT can automate contract execution and payment processes, reducing the need for intermediaries and increasing efficiency. WiMi is researching potential DLT technologies to efficiently and intelligently integrate DLT-based solutions in manufacturing environments, hoping to make it a common framework for DLT adoption in manufacturing, enabling collaborative shared manufacturing to reduce energy consumption and improve collaboration efficiency.
WiMi's DLT-based MaaS platform includes four parts.
Distributed ledger system
This component includes all the modules that build the various functions of the DLT, such as consensus, smart contract, data authorization, identity management, and peer-to-peer (P2P) communication. These components ensure that every change to the ledger is reflected in all replicas and provide mechanisms for securely storing data generated by IoT devices and parameter configurations. DLT with different features may target different target applications. DLT nodes can be located anywhere and connected to base stations via the Internet.
Physical host
The component consists of industrial robots, devices, and IoT sensor devices that collect data and publish it to a distributed ledger for statistics and analysis.
Plant edge node system
DLT-based solutions provide necessary countermeasures to protect data from tampering and support the distributed nature of the IoT, but the large amount of data generated by sensors and the high energy consumption required to verify the exchange make these programs unsuitable for direct execution on resources. Layout edge servers with high computing resources can process real-time applications and improve privacy (e.g., cloud computing). The Edge network is a potential entity that can cooperate with the DLT network in computationally heavy tasks and return the estimation results (e.g., from resolution proof of work, hashing, or algorithmic encryption) to the DLT network for validation.
External Services
Equipment in manufacturing environments is often resource-constrained, with limited storage space and low computing power. Therefore, external infrastructure running at the edge can be consolidated to provide external services, such as storage and computing. For example, the Interplanetary File System (IPFS) is a distributed file storage system that stores data generated from the IoT network and returns hashes to the ledger based on the content of the data. Since the ledger cannot handle and store the vast amount of manufacturing data collected by sensors, machines, and robots, the services provided by IPFS are an essential component, and IPFS can be privately configured in a local cluster. Moreover, because of the natural advantages of the technology, payment channels can be applied to shared manufacturing. Specifically, a payment channel is a process in which customers can make multiple transfers with plant operators, for example, without sending transactions to the DLT. Once a final transaction occurs between participants, the recipient can access the funds by submitting a last transaction to a smart contract on the ledger. This allows both parties to avoid the costs involved in multiple transactions. Smart contracts can be agreements regarding lease times, specific tasks between the customer and the plant operator, or intelligent contracts created at the beginning of the payment process. In addition, digital identity management can be applied to support managing the identity of participant devices in a distributed manner.
WiMi believes that the general trend in industrial IoT now is to apply digitization and automation to cyber-physical systems in manufacturing plants. More intelligent devices with sensors and actuators will be integrated into industrial automation processes. At the same time, manufacturing plants are building local edge computing infrastructure to provide resources for advanced computing.
WiMi's MaaS platform lays the foundation for a technology framework for the next generation of Industrial IoT applications. The primary economic driver behind the development of this technology framework is increased production flexibility: smaller batches and more personalized products for customers. In a model like MaaS, manufacturing equipment can be utilized more flexibly. Numerous demand-side parties can rent and use machines from different suppliers in the platform. This can increase manufacturing plants' technical sophistication and require more excellent system reliability, intelligence, and trust during operation. This would be a genuinely collaborative industrial IoT in which devices in all types of manufacturing plants are ubiquitous and able to interact automatically and operate efficiently and safely at scale without human intervention.
About WIMI Hologram Cloud
WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.
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SOURCE WiMi Hologram Cloud Inc.
