Fetch.AI has announced it will be collaborating with the likes of Bosch, T-Labs, Cisco, and Gemalto in the Trusted Internet of Things (IoT) Alliance in a bid to develop “cross-industry projects to build the future economy by delivering a secure and scalable IoT ecosystem.”
The partnership aims to offer facilitated engagement opportunities for innovative distributed ledger start-ups to help drive the development of the Internet of Things.
Japanese holding conglomerate SoftBank recently forecast the IoT will be comprised of a trillion connected devices creating over $11 trillion in value by 2025.
It is believed that as IoT devices begin to generate large amounts of data, the data will be “securely distributed using blockchain and finally consumed by AI technologies that deliver improved solutions.”
Fetch.AI is based in Cambridge, UK and has digital representatives called ‘Autonomous Economic Agents’ that have the ability to trade autonomously and unsupervised.
The company believes it has a “unique, highly scalable infrastructure” that will ultimately provide search and discovery function alongside the autonomous value exchange necessary for digital agents to deliver an “intelligent IoT.”
Its agents represent networked “real world” assets to ensure the devices can autonomously maximise their own usage and value.
Fetch.AI will be able to monetise data streams to “bring far more of the world’s data into play,” and all participants in the network will be able to benefit.
Humayun Sheikh, Fetch.AI’s CEO, commented: “Our scalable smart ledger offers the ideal infrastructure for high frequency IoT use cases where agents can automate key aspects of mobility, supply chains, energy, and healthcare.”
Zaki Manian, executive director of the Trusted IoT Alliance, notes: “We’re particularly excited about the role autonomous agents will play, they have the potential to ‘bring the IoT to life’ offering entirely new ways to create value for companies and consumers.
“Fetch offers the world what it’s been missing – an intelligent infrastructure to make this possible.”