Hello and welcome to CryptoNewsZ, today we are joined by Humayun Sheikh, CEO and Founder of Fetch.ai. Humayun Sheikh is an innovative entrepreneur, founding investor in DeepMind with a record in revolutionizing trading in the steel sector and now changing the way we transact and travel.
CryptoNewsZ: Hi Humayun, it is our pleasure to have you; our readers would love to know more about your journey and what sparked your interest in the blockchain AI space?
Fetch.ai sits at the convergence of AI, Decentralization and IoT. What is very exciting here is the ability to create and deploy new business models and new markets.
I like to compare the scale of change to what happens when a new form of connectivity is commercially viable for example when telephones replaced the telegrams and emails replaced fax. It is all about connectivity, connecting websites and the business model of Google completely changed the way we advertise, we are at the verge of a new type of connectivity which will be intelligent and autonomous and that will give life to new business models and opportunities.
CryptoNewsZ: Fetch is a next-generation protocol, could you brief us more about Fetch and how it functions?
The Fetch.ai platform simplifies the deployment of algorithms, IoT and complex multi-agent systems. With decentralized search, it enables connected devices, algorithms and software agents to find each other. The open economic framework allows all connected software agents exchange value with each other, enhancing and optimizing solutions to complex problems through intelligent connectivity, machine learning and AI.
The ledger supports more than 30,000 transactions per second and is ready to meet the demands of the next generation of connected devices.
Fetch.ai is the first project that provides full Tensorflow Lite support in our smart contract language alongside advanced optimisation techniques for AI tasks. This allows a number of interesting applications such as decentralised insurance models and is a key requirement for some aspects of AI/ML coordination.
CryptoNewsZ: What makes Fetch.ai’s technology unique?
Our focus is on enhancing and optimizing solutions to everyday problems through intelligent data sharing; creating value by combining knowledge, insights and predictions using machine learning and AI.
Fetch.ai delivers an innovative platform and open source tools for intelligent communication between IoT devices, services and algorithms to enable collective learning. Built on a high throughput sharded ledger, the Fetch.ai architecture delivers a unique smart contract capability to deploy ML/AI solutions for decentralized problem solving.
The open source tools allow users to create diverse eco-structures (ecosystem infrastructures) and deploy new commercial models.
CryptoNewsZ: An efficient and robust regulatory mechanism is vital for the widespread adoption of AI and blockchain technology. What efforts is Fetch.ai taking to help shape this regulation?
Fetch.ai is a founding member of the Blockchain for Europe alliance, https://www.blockchain4europe.eu/. Our aim is to engage with the policy makers on the European level as well as the national levels to help educate the institutions about the real use cases for blockchain technology and foster pro-blockchain policy initiatives moving forward.
In addition to regular meetings with regulators and policymakers on the national and Europen level, the alliance is organizing Blockchain for Europe Summit in the European Parliament. The goal is to bring together stakeholders from across Europe and beyond, to discuss the future of Blockchain technology across European sectors. We are inviting leaders from the industry, the European Commission and MEPs to participate in this dialogue.
CryptoNewsZ: The machine-to-machine layer of Fetch.ai, Open Economic Framework (OEF), has many use cases for energy, transportation, and health care. Can you please elaborate on the same?
The way we consume energy today is suboptimal. We have very static pricing which doesn’t reflect reality at all. Consumers have dozens of electronic devices in their home, but no way to optimize and manage their usage and pricing.
And it’s not just a consumer problem, energy companies have networks of massive peaks and troughs which if flattened would benefit them immensely.
Fetch.ai enables connectivity of all these devices through the use of digital representatives called Autonomous Economic Agents. Energy companies could offer discount incentives for energy consumed in troughs, creating a new dynamic marketplace. Whilst the consumer will automatically receive the best deal for them as their agents manage their consumption based on their own preferences.
Transport & Mobility
Today’s transport systems are largely self-service where individuals have to do a lot of work just to get from A to B. Whilst we all have an expanding selection of tools in our pockets, they are requiring more and more of our time to use them.
In the Fetch.ai world, Autonomous Economic Agents do the work on your behalf, operating on your preferences and learning as they go, adjusting in real-time to any unforeseen consequences.
An openly accessible, real-time infrastructure for sharing insights about the state of the transportation would create wealth, increase productivity and drive economic growth by allowing the sale and use of knowledge about the demand for, and supply of, mobility.
CryptoNewsZ: How important is Fetch.ai’s recent partnership with Turkish steelmakers? What was Fetch.ai’s motivation behind this collaboration?
The partnership is only the beginning of Fetch.ai’s journey into real world use cases. The steel market is a trillion dollar market and needs new market mechanisms and supply chain integration. Fetch.ai’s unique smart contract capability enables deployment of unique market mechanisms like ‘smart markets’ to deliver innovative solutions to inefficient markets.
Fetch.ai’s objective is to find partners in specific verticals to help deploy industry solutions and scale with the incumbent participants who have the industry knowledge and can accelerate the utilization of the Fetch.ai network.
CryptoNewsZ: What are your future plans for Fetch.ai? Should we look forward to new developments or announcements?
We are just starting, there is a lot more coming in terms of partnerships and use case deployments. Watch this space!
CryptoNewsZ: What advice would you like to give to entrepreneurs and novices who are planning to enter into the blockchain AI space?
This space is very crowded at the moment and to really stand out, of course, you need a technological innovation but what is more essential is the vision and the route to delivering that vision. The commercial deployment strategy is the key to success of a project, make sure it has been thought through.
Humayun, it was our pleasure to interview such a great personality in the blockchain AI space. We at CryptoNewsZ, thank you for your valuable time and wish you success for all your future ventures.