Fetch.ai, a Cambridge-based AI startup has decided to partner with IOTA, an open-source distributed ledger specializing on the Internet of Things. Fetch.ai has attracted investors for its potentially cutting-edge machine learning network of autonomous agents that can carry out real-world tasks.
IOTA was one of the most talked about projects during the 2017 cryptocurrency/blockchain saga. While many of its projects have since folded up, IOTA continues to progress and has announced a number of partnerships with big names like Jaguar Land Rover and Dell. One partnership that both Fetch.ai ad IOTA have in common is with Bosch. IOTA first established a partnership with Bosch when it announced that it was connecting with IOTA’s Data Marketplace. Fetch.ai commenced its own partnership with Bosch as part of a joint effort known as the Economy of Things (EoT) last February.
Although there are predictions about intriguing future initiatives, what is currently public information is the partnership between Fetch.ai and IOTA to develop a controlled data sharing environment for IoT platforms. The aim is to enable the free automated retrieval and private exchange of data. The main objective of this agreement is to enable control over data and to lower the dependence on centralised systems that leverage of data. While there are many partnerships involving data privacy, this particular initiative introduces a layer of economic advantage for stakeholders through autonomous agents without compromising data privacy.
Enabling these agents to carry out useful work on behalf of individuals, companies, businesses and other organizations or entities will accelerate the adoption of Fetch.ai’s autonomous agents and IOTA Streams, thereby allowing them to seamlessly interact across industries like supply chain, mobility IoT etc. The collaboration’s key feature is providing a serious AI system for the devices that constitute the machine economy on the IOTA and Fetch.ai networks. This will allow data producers to assume control over who can access the data they produce whether from an environment IoT sensor, mobile device, Industrial IoT solution, connected vehicle, and a host of other IoT-focused use cases. The partnership will broaden what systems can do on distributed networks autonomously.
IOTA has received many criticisms in the past, but the project seems to have solved most of its challenges. The lingering criticism is that of centralisation due to IOTA’s ‘Coordinator’ node. That is however slated for removal in IOTA 2.0. The IOTA 2.0 ‘Nectar’ devnet was deployed last week. For the first time ever, assets on the network will be persistent even after upgrades. IOTA 2.0 DevNet ‘Nectar’ marks a major win in IOTA’s roadmap to full decentralization because Nectar is evidence that you can have free, resource-efficient, scalable, secure and fully decentralised DLT. With IOTA 2.0 heading for its first release candidate sometime later this year, there are definitely more announcements in the pipeline for the coming months.
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Olamide is a technology consultant with cognate experience providing digital transformation services for small and large-scale clients globally. With a focus on emerging technologies like IoT, Extended Reality, Blockchain and Artificial Intelligence, he has spent three years developing numerous articles on these knowledge areas for different platforms online and offline.
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