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“The fundamental goal of this collaboration is to enable granular control over data and to reduce reliance on centralised data-driven systems,” said Humayun Sheikh, CEO of Fetch.ai.
A research lab for artificial intelligence Fetch.ai has collaborated with blockchain network Iota to provide a “controlled data sharing environment” for connected devices, paving the way for a significant advancement in Internet of Things (IoT) capabilities.
The collaboration, announced on Wednesday, would enable industries such as mobility, supply chain logistics, finance, healthcare, energy, and others to use automatic data exchange across IoT networks. Iota’s native Tangle technology will aid in secure payments and device connection.
“While there are numerous partnerships focusing on data privacy, this one adds a layer of economic benefit for stakeholders through autonomous economic agents without compromising data privacy,” said Fetch.ai CEO Humayun Sheikh.
“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 defines autonomous economic agents as artificial intelligence systems that behave on behalf of an owner with little or no intervention and with the declared purpose of producing economic benefit for the owner.
According to the research centre, the Iota collaboration will enable several real use cases for artificial intelligence and data exchange, such as “collaborative public administration,” in which autonomous economic agents ease the public administration process. The new collaboration will also enable “smart urban planning” by analysing data streams, breaking down data silos, and providing real-time solutions to urban populations.
“Pandemic management,” where autonomous economic agents provide real-time information on hotspots and community spread, is also a relevant use case in light of COVID-19.
During the 2017 bull market, Iota was regarded as one of the most promising cryptocurrency projects. While much of that interest has waned over time, as shown by the MIOTA token’s precipitous decline in market rankings, the project looks to be gathering traction with the introduction of the Nectar DevNet earlier this month. According to Cointelegraph, the Iota 2.0 development network lays the groundwork for a completely decentralised Tangle network.