Back in April, Radarzero reported that blockchain would enhance and influence the Internet of Things moving into the future. Through the use of blockchain, smart contracts, and a decentralized network, a blockchain-based IoT system could provide excellent solutions to security issues and should offer reduced costs to businesses.
Operators would be capable of trading data across the world efficiently and safely without major concerns. Those are some hefty goals to reach over the coming years. However, a new partnership between ULedger, a blockchain company, and the UK-based artificial intelligence firm, Fetch AI should make some big steps toward reducing the problems plaguing the Internet of Things.
Why is the Partnership Between ULedger and Fetch AI Important?
BlockTribune reported the partnership earlier this week and has broken down why the combination of ULedger and Fetch AI should be really important to improving the quality of the Internet of Things in the future. ULedger's blockchain solution enables its clients to a permanent record of its data through an independent third party.
Regardless of the type of data, the content is verified on the blockchain and creates a history of the data that is both mathematically provable and unchangeable. fetch AI is determined to build the world's first AI-based smart ledger to protect decentralized transactions. The company provides a simulator environment for AI to interact and produce high-performance transactions at low-cost.
As a result of the partnership between the two companies, Fetch's smart ledger and ULedger's blockchain solutions will combine to create a new network to utilize real-world data from the Internet of Things. Their partnership should allow ULedger's users to connect their own data to Fetch's digital network or autonomous agents can ensure it achieves its optimal value.
Toby Simpson, the CTO of Fetch, had the following to say about the two companies working together and the possibility of their combined technologies creating a system that could allow 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 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.”