Machine Learning

Fetch.ai Announces Partnership with IoT-Focused Distributed Ledger IOTA

Cambridge-based AI startup Fetch.ai has revealed a collaboration with IOTA, an open-source distributed ledger focused on the Internet of Things (IoT). Fetch.ai has drawn significant attention from investors for its innovative machine learning framework of autonomous “agents” capable of executing real-world tasks, positioning it as a promising contender in 2021.

IOTA gained considerable hype during the cryptocurrency and blockchain boom of 2017. While many projects have since faltered, IOTA has persisted, forming noteworthy partnerships with major companies such as Dell and Jaguar Land Rover. Among these alliances, IOTA was the first to integrate with Bosch’s Data Marketplace, and Fetch.ai joined the fray last February in a project dubbed the Economy of Things (EoT).

Though specifics on any project involving Fetch.ai, IOTA, and Bosch remain undisclosed, the potential for real-world implementation is evident. The recently announced agreement aims to set up a controlled data-sharing ecosystem for IoT devices and infrastructures, ultimately facilitating automated, fee-less data retrieval and private sharing.

Humayun Sheikh, CEO of Fetch.ai, emphasized, “The primary objective of this partnership is to provide comprehensive control over data while minimizing reliance on centralized systems that exploit information. This collaboration introduces an economic advantage for stakeholders through autonomous economic agents without compromising data privacy. By allowing these agents to perform valuable economic functions on behalf of individuals and organizations, we can accelerate the adoption of Fetch.ai autonomous economic agents and IOTA Streams.”

Holger Koether, Director of Partner Management at the IOTA Foundation, remarked, “This partnership aims to integrate a substantial AI application for devices within the machine economy on the IOTA and Fetch networks. We’re empowering data producers to control who can access the information generated by various IoT devices, enhancing capabilities across numerous applications.”

Despite facing some criticisms, particularly concerning centralization due to its ‘Coordinator’ node, IOTA is on a path to address these issues with the upcoming IOTA 2.0. The IOTA 2.0 ‘Nectar’ devnet launched recently, promising persistent assets on the network post-upgrades. Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation, stated, “Nectar is a significant milestone in IOTA’s journey to decentralization. This release exemplifies a feeless, scalable, secure, resource-efficient, and entirely decentralized DLT, marking a true game-changer.”

With the anticipated release of IOTA 2.0’s first candidate later this year, more updates and developments are expected. For those interested in exploring the intersection of these technologies, the Blockchain IoT Solutions Congress scheduled for March 8, 2022, will address various use cases and the industries poised for benefit.

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