Fetch.AI autonomous economic agents and IOTA Streams will enable IOT devices to communicate autonomously in the machine economy
Cambridge — Fetch.ai (https://fetch.ai/), a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, announced today a partnership with IOTA, an open-source distributed ledger and cryptocurrency designed for the Internet of things. Together they will enable a controlled data sharing environment for IoT devices and infrastructures, activating the automated fee-less retrieval and private sharing of data.
IOTA’s open-source distributed ledger, the Tangle, aims to facilitate secure payments and communications between devices that are a part of the Internet of Things. One of its features is IOTA Streams, which is offering near real-time data exchange with granular access control. Paired with Autonomous Economic Agents (AEA), designed to perform useful economic work on behalf of individuals, machines, businesses, and organizations the two will enable the structure, protection, retrieval, and sharing of data in a highly automated “fee”-less manner across IoT mechanisms.
“The fundamental goal of this collaboration is to enable granular control over data and to reduce the reliance on centralized systems that take advantage of data,” said Humayun Sheikh, CEO of Fetch.ai. “While there are numerous partnerships focusing on data privacy, this one adds the layer of economic benefit for stakeholders via autonomous economic agents without compromising data privacy. Enabling these agents to perform “useful economic work” on behalf of individuals, businesses, companies, and other entities or organizations will speed up the adoption of Fetch.ai autonomous economic agents and IOTA Streams thereby allowing them to communicate with sophistication across industries like mobility, supply chain, IoT and more.”
This partnership will enable secure automated data sharing across IoT networks within many sectors. It will be useful in aggregating financial exchange rates in real-time, in DeFi applications, and simplify immutable supply chain documentation by allowing the tracking and tracing of goods via autonomous economic agents connected to the IOTA Tangle. Within the healthcare industry, one of the use-cases is to allow granular and secure data to be exchanged between healthcare providers and caregivers. It will also impact the energy sector, providing energy usage insights with data from smart meters through proof points that can be shared securely.
“The main feature of this partnership is offering a serious AI application for the devices that make up the machine economy on the IOTA and Fetch networks,” said Holger Koether, Director of Partner Management at IOTA Foundation. “We are enabling data producers to take control over who can access the data they produce whether from a mobile device, environment IoT sensor, connected vehicle, Industrial IoT solution, and a host of IOT focused use cases. With this partnership, we hope both the Fetch and IOTA communities expand the functionally of what devices can do autonomously on distributed networks.”
Fetch.ai is delivering AI to the crypto economy. Autonomous Economic Agents, powered by artificial intelligence, can provide automation to decentralized systems that can serve the needs of a single user or aggregate millions of data points to provide timely and efficient information about the outside world. These agent-based systems provide greater flexibility, speed, and crypto-economic security than existing centralized solutions and represent the future of the industry. This technology enables the creation of personalized digital assistants that respond to a user’s needs to increase the efficiency, privacy, security, and convenience of their interactions with blockchain networks.
The Fetch.ai blockchain is an interchain protocol, based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language (Cosmwasm) to allow advanced cryptography and machine learning logic to be implemented on-chain. This also allows the Fetch.ai network to also serve as a layer-2 network for legacy blockchain networks and as an interchain bridge to the outside world.
The IOTA Foundation is a global not-for-profit foundation incorporated and headquartered in Germany. The IOTA Foundation’s mission is to support the research and development of new distributed ledger technologies (DLT), including the IOTA Tangle. The Foundation encourages the education and adoption of distributed ledger technologies through the creation of ecosystems and the standardization of these new protocols.
The IOTA Tangle moves beyond blockchain by providing the world’s first scalable, feeless, and fully decentralized distributed ledger technology. The Tangle uses its own unique technology to solve three fundamental problems with blockchain technology: high fees, scaling, and centralization. It is an open-source protocol connecting the human economy with the machine economy by facilitating novel Machine-to-Machine (M2M) interactions, including secure data transfer, feeless micropayments, and secure access control for devices.