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Fetch.ai Joins Hands with IoT-focused Distributed Ledger IOTA for Data Sharing

UTC by Bhushan Akolkar · 2 min read
Fetch.ai Joins Hands with IoT-focused Distributed Ledger IOTA for Data Sharing
Photo: Shutterstock

These two players coming together will allow multiple industry players to enjoy automated data sharing across IoT platforms. They will also work together to facilitate secure communication and payments across devices.

On Wednesday, June 9, artificial intelligence research lab Fetch.ai announced its partnership with IoT-focused blockchain network IOTA. This partnership seeks to establish a “controlled data sharing environment” for all connected devices.

Fetch.ai and IOTA

This partnership will also help in expanding the future capabilities of the Internet of Things (IoT) while all wing multiple sectors like finance, supply chain logistics, mobility, energy, healthcare and others, and letting them use automated data sharing across the IoT networks. Besides, IOTA’s native technology Tangle will facilitate communication between devices along with secure payments. Fetch.ai CEO Humayun Sheikh said:

“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.”

Fetch.ai’s Machine Learning Network for Autonomous ‘Agents’

Fetch.ai has become recently popular for its artificial intelligence systems acting as autonomous agents on the owner’s behalf. These systems work with limited or no interference and with the goal of creating an economic value for the creator.

Fetch.ai said that this partnership with IOTA will unlock several tangible use cases for AI and data sharing. This includes use cases like “collaborative public administration,” wherein the autonomous economic agents will simplify the public administration process.

Besides, the partnership will facilitate “smart urban planning” by leveraging the data streams. It will do this by breaking down data silos and providing real-time solutions for the urban population. Another important use with respect to the current scenario would be “pandemic management”. Here, autonomous economic agents can offer real-time data on hotspots along with community spread.

IOTA has been one of the most popular blockchain projects since 2017. One of the common partnerships that both IOTA and Fetch.ai have in common is with Bosch. IOTA joined hands with Bosch announcing that it will be integrating IOTA’s Data Marketplace. Back in February 2020, Fetch.ai also announced its partnership with Bosch in a joint project dubbed as the Economy of Things.

Artificial Intelligence, Blockchain News, News, Technology News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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