Moody's first-ever report on DePIN (Decentralized Physical Infrastructure) states that the technology helps existing networks scale and innovate, but ambiguous regulatory environments can hinder its widespread adoption. The report says DePIN can improve network reliability and reduce operating costs by combining blockchain with real-world networks such as telecommunications, storage, etc. However, the technology rollout faces many challenges, including unclear regulations, cyber security risks, and huge infrastructure investment needs. The report also mentions Helium as a success story in the field, attracting more than 350,000 customer engagement.