Fetch.ai is a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, in partnership with Datarella, a company providing industrial blockchain solutions, announced today the launch of their smart city zoning infrastructure trials in Munich Germany. Nextbigfuture interviewed Humayun Sheikh, CEO of Fetch.ai. Humayun Sheikh is an innovation entrepreneur, founding investor in DeepMind with a record in revolutionizing trading in the steel sector.
The new Fetch.ai system will more efficiently enable traditional parking and hotel transactions while building a far greater system where all objects in the world have smart agents for vastly improved efficiency and economic opportunities.
The smart city zoning trial in Munich, Germany will launch in Connex Buildings and will utilize multi-agent blockchain-based AI digitization services to unlock data and provide smart mobility solutions in its commercial real estate properties in the city center.
“Fetch.ai provides a decentralized framework for building and customizing autonomous AI agents to carry out complex coordination tasks,” said Humayun Sheikh, CEO of Fetch.ai. “Our vision is to connect digital and real-life economies in order to enable automation over a decentralized network and change the way we use data.”
Fetch.ai AEAs (Autonomous Economic Agents) will support the sustainable and efficient use of city infrastructure in Munich through an application where they will autonomously negotiate the ‘price’ of parking spaces between the holders of them, and those looking for a parking space. Users can earn rewards in digital currency if they choose less popular or in-demand parking spaces (or do not use the parking lot at all on some days). The Carpark AEA determines the reward levels based on maximizing resource usage.
Users are incentivized to reduce their individual traffic to the Connex offices through a reward system which is measured by the utilization of parking spaces. Each registered user who is a regular car park user will be rewarded with a certain amount of tokens per minute for not parking at the parking lot. As soon as a car or its related wallet address is registered as parked by the Carpark AEA, the token airdrops to this wallet stop. The number of tokens rewarded per wallet and minute depends on the current utilization of the parking lot.
“Assuming there is a 10% reduction in car usage across Munich alone, the city would see a 34,000 tonne annual Co2 emission reduction,” continued Sheikh. “Scaled up to cover all of Germany, that equates to 1.7 million tonne Co2 reduction, annually. This smart city solution has the potential to penetrate huge markets simply by tapping into wasted data and utilizing it efficiently.”
Interview With Humayun Sheikh, Fetch AI CEO
Question – How is Fetch.AI different?
Fetch.AI is initially starting by providing services that are similar to parking space finding applications and hotel reservation sites but in an open-ended architecture. The open architecture allows for greater efficiency and the ability to integrate with other intelligent services and the ability to add in adjustments for societal or jurisdiction goals.
Fetch.AI is setup for decentralized communication.
They want to create ecosystem infrastructure = ecostructure. This is where agents represent each object including street signs or parking spaces.
They provide the tools to incorporate blockchain and AI easily.
Question – What is the Long Term Vision of Fetch AI
Fetch.AI will enable a smart world but without the need for trillions of internet of things devices and infrastructure.
The self-driving car could improve anticipation of cyclists and certain other real-world situations if there was a dynamic communication level above the static road information.
This will create an augmented information reality where agents can negotiate for optimal results and new monetization opportunities.
They manage multi-stakeholder needs in a decentralized way. A self-driving car has to interact with many signs and rules and bicyclists and pedestrians. The vision systems would be able to allow the vehicles to react dynamically but a smart city can have timed changes in lane direction. Having a smart communication layer can enable a city to have more efficient control of traffic.
SOURCES- Fetch.AI, Interview with Humayun Sheikh, Fetch AI CEO
Written By Brian Wang, Nextbigfuture.com
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
Known for identifying cutting edge technologies, he is currently a Co-Founder of a startup and fundraiser for high potential early-stage companies. He is the Head of Research for Allocations for deep technology investments and an Angel Investor at Space Angels.
A frequent speaker at corporations, he has been a TEDx speaker, a Singularity University speaker and guest at numerous interviews for radio and podcasts. He is open to public speaking and advising engagements.