Blockchain Startup ULedger, Fetch AI Partner For Internet Of Things Autonomy

Blockchain, News | July 10, 2018 By:

Blockchain startup ULedger has teamed with UK-based firm Fetch AI to reduce the inefficiencies associated with human involvement in the digital economy.

ULedger’s blockchain solution enable its clients to create a permanent, independent 3rd-party record of any type of data. Whether that data is a document, image, contract, journal entry, email, electronic medical record, or any other type of discrete data element, its content can be verified on the blockchain and corroborated by other parties, creating a history of that data that is mathematically provable and unchangeable.

Fetch AI is a combination breakthroughs of blockchain technology and artificial intelligence (AI). The project is dedicated to build the world’s first AI-based self-adaptive smart ledger technology for decentralized transactions. By underpinning a unique smart ledger technology, Fetch AI provides a simulator environment for AI to interact with each other and deliver high performance, low cost transaction.

Under the partnership, ULedger will combine its blockchain solution with Fetch’s smart ledger to allow the Fetch network to utilize real-world data from Internet of Things (IoT) based sources in a provable manner. The intergration will also enable ULedger’s users to connect their data to the Fetch digital world where autonomous agents can ensure it achieves its optimal value. The companies claimed that the combined power could give rise to a system that would allow for millions of transactions per second at virtually no cost to consumers.

“This is one of those rare, exciting chances to connect two complementary pieces of technology in a way that hugely broadens the opportunities for the users of both,” Fetch CTO Toby Simpson said. “Fetch provides a vast digital world for ULedger’s customer’s data alongside unparalleled opportunities to build and use collaborative prediction models. Fetch’s users and its networks benefit from a concrete solution to the data oracle problem — an interface between the Fetch world and the real world.”

The two companies partnered with the Mobility Open Blockchain Initiative (MOBI), a consortium exploring blockchain’s applicability in the automotive industry, to test the combined platform. Formed in May of this year, MOBI includes automobile giants BMW, Ford, General Motors and Groupe Renault. It also include companies outside auto manufacturing, such as Bosch, Blockchain at Berkeley, Hyperledger, Fetch.ai, IBM and IOTA. MOBI aims to create common standards and APIs to enable payments and data-sharing between cars.

ULedger CEO Josh McIver said that by integrating with ULedger’s third generation blockchain protocol, Fetch achieves a way to verify the data from outside the their global state machine and seamless integration with other blockchains, traditional database infrastructures, and open API compatibility.

“Any and all blockchains that need independent verifiability of off-chain data across chains can benefit from ULedger’s technology,” McIver said. “Fetch’s concept of an open economic ledger is likely to be revolutionary in the process of moving towards autonomous marketplaces void of human error.”