Deep parking systems – powered by Fetch AI’s blockchain artificial intelligence – have been showcased for the first time.
In a demonstration at the IAA, CEO Humayun Sheikh revealed a Tesla, a BMW, and a Jaguar iPace all integrated with Fetch AI’s deep parking application.
— Maria Minaricova (@MariaMinaricova) September 7, 2021
Smart parking concepts aim to find parking spaces in busy cities by feeding the driver a stream of real-time information, Sheikh’s company do this by using blockchain-powered autonomous economic agents.
These agents effectively conduct search and discovery of live on-chain data from sources such as Electric Vehicle charging points, and constantly applies the information to Fetch’s innovative machine learning processes.
This allows the Deep Parking application to build predictive models that can forecast available parking to a driver, and allows them to ‘book’ the parking space.
— Humayun (@HMsheikh4) September 8, 2021
Conference attendees were quick to share their experiences of the first-of-its-kind intelligent parking technology.
Fetch AI CEO explains the demo
Intelligent parking technology has been quietly developed under the works in Cambridge for years. The demonstration was the culmination of a huge effort to deliver genuine functional usages for Fetch’s autonomous economic agents.
Speaking with Coin Rivet, Fetch AI CEO Humayun Sheikh explained the significance of the ground-breaking usage case demonstration.
“The IAA demonstration showcases the huge impact our agents play in the future of the mobility sector, in particular their crucial role in tackling urban planning and climate change related challenges,” he explained.
“We have been working with industry leaders like Bosch and BMW to create a smart parking application that leverages AI and blockchain technology to enable smart mobility.
“Fetch agents autonomously plan users’ journeys and find available parking spaces and the benefits are numerous and exciting, such as efficiency, lower carbon emissions from drivers and it even allows an opportunity for individuals to rent their unused parking spaces as assets.
“This is only the beginning of integrated Fetch agents amongst industry to help solve every day economic, social and environmental problems”.
Fetch AI is clearly a project focused on real world integrations.
The choice of the IAA (the world’s largest mobility conference) as a launch venue suggests the UK company is intent on attracting the interest of top dogs in the automobile industry.
This could be considered as part of a wider strategy at Fetch which seeks to prioritise the development of functional working industry use cases – a refreshing change in a crypto industry characterised all too often by glossy marketing and promise-driven ICOs.
Prominent working relationships with industrial giants like BMW and Bosch form the backbone of Fetch AI’s adoption approach. After all, the automated economic agents aren’t a consumer-facing technology, and future partnerships will inevitably result from this exciting demonstration.
Clearly this approach is exciting investors. The Deep Parking demo has fuelled a stunning 60% surge in the FET price this week, with the unveiling so electrifying that the rally pushed through yesterday’s devastating Bitcoin flash crash.
The FET token is now the fourth most searched digital asset on coinmarketcap.
This comes amid a flurry of exciting news for the Fetch.AI project, with the CoLearn Paint event behind the creation of the world’s first machine-learning generated AI NFTs – for auction on OpenSeas soon.
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