Artificial intelligence research lab Fetch.ai has partnered with blockchain network Iota to enable a “controlled data sharing environment” for connected devices, setting the stage for a broad leap in Internet of Things (IoT) capabilities.
The partnership, which was announced Wednesday, will allow sectors such as mobility, supply chain logistics, finance, healthcare, energy and others to utilize automated data sharing across IoT networks. Iota’s native Tangle technology will help facilitate secure payments and communications between devices.
“While there are numerous partnerships focusing on data privacy, this one adds the layer of economic benefit for stakeholders via autonomous economic agents without compromising data privacy,” said Fetch.ai CEO Humayun Sheikh, adding:
“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 describes autonomous economic agents as artificial intelligence systems acting on an owner’s behalf, with limited or no interference, and with the stated goal of generating economic value for the owner.
The research lab told Cointelegraph that the Iota partnership will open up many tangible use cases for artificial intelligence and data sharing, such as “collaborative public administration,” where autonomous economic agents simplify the public administration process. The new partnership will also enable “smart urban planning” by evaluating data streams, breaking down data silos and offering real-time solutions for 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.
Iota was considered to be one of the most promising cryptocurrency projects during the 2017 bull market. While much of that attention has faded over the years, as evidenced by the MIOTA token’s sharp drop in the market rankings, the project appears to be gaining traction following the launch of the Nectar DevNet earlier this month. As Cointelegraph reported, the Iota 2.0 development network sets the stage for a fully decentralized Tangle network.