Blockchain Startup Fetch.AI Releases AI-based Synergetic Smart Contracts
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Blockchain Startup Fetch.AI Releases AI-based Synergetic Smart Contracts

Monday, July 1, 2019 8:25 AM
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CAMBRIDGE, UK / ACCESSWIRE / July 1, 2019 / Fetch.AI, a Cambridge-based technology startup, has released Antlia, the next version of its intelligent blockchain platform. This release delivers a unique, first-of-its-kind artificial intelligence (AI) functionality - Synergetic Smart Contracts with a decentralized search functionality. This feature will allow Fetch.AI users access to an open-source, decentralized AI service that can help to optimize their operations and processes.

Synergetic Smart Contracts are an enhancement to the original functionality of the smart contract. Thus far in the evolution of blockchain technology, smart contracts have been used for relatively straightforward functionality. This typically involves "if-this-then-that" logic, as illustrated in the original vending machine smart-contract example theorized by Nick Szabo.

Synergetic smart contracts enable decentralized solutions to complex coordination problems using off-chain computation to be included in agreements involving any number of parties. This game-changing release from Fetch.AI provides the keys to disrupt billion-dollar industries by giving users unprecedented access to cutting-edge AI techniques previously only available to big corporations.

For example, Synergetic Smart Contracts offer the potential to manage an entire network of ride-sharing taxis in a similar way that Uber does today using a centralized algorithm. The Uber system coordinates its network of taxis and passengers, optimizing each journey for maximum efficiency according to the location of each party. If standard smart contract functionality were applied to this problem, each trip would be treated as an isolated event with no opportunity to optimize for location or passengers willing to pool.

Using Synergetic Smart Contracts, taxi drivers can plan more efficient ride sharing collection and delivery of passengers . The Fetch.AI platform will optimize their journey, ensuring maximum profit and minimum costs and travel time for the benefit of the driver and their passengers. There is no need for users to belong to a centralized organization such as Uber or Lyft, significantly reducing the substantial fees that these companies levy on their users.

Ride-sharing is just one example - Fetch.AI offers far-reaching applications across other sectors. Other use cases include the shipping industry, matching delivery trucks with suppliers that need to deliver their goods, or the hotel industry, matching visitors with available rooms.

The functionality extends even further into the concept of Smart Markets. A Smart Market is effectively an auction where users can bid for combinations of items with interdependencies on one another. For example, a user going on holiday could place a bid on combinations of airport transfer taxis and particular hotels. When a particular bid is won, the Smart Market will automatically cancel out their other bids.

The launch represents a significant step forward in the convergence of blockchain and AI. There are currently many enterprises and individuals who would benefit from optimizing operations, speeding up delivery times, and making more efficient use of resources with Synergetic Smart Contracts on the Fetch.AI platform.

Fetch.AI CEO Humayun Sheikh said of the launch: "We are proud of the team for delivering such an incredible technological milestone, on target with the commitments in our roadmap. This development will enable multiple businesses to start building real-world solutions using the machine learning and AI techniques and tools that Fetch.AI provides.

To accommodate the launch, Fetch.AI is offering smart contract developers the opportunity to win a share of 100,000 FET tokens by building a decentralized ride sharing smart contract, with registration set to open on Wednesday 10th July.

About Fetch.AI

Fetch.AI delivers a groundbreaking economic Internet that enables emergent solutions to complex problems. It does this by enabling the deployment of complex multi-agent systems (MAS) over a decentralized network and provides tools to enable the construction of intelligent agents. Fetch.AI delivers a unique, decentralized digital world that adapts in real-time to allow effective, friction-free value exchange. Powered by innovations such as the smart ledger, Fetch.AI has digital intelligence at its heart: delivering actionable predictions, instant trust information, enabling the construction of powerful collaborative models, improving efficiencies and streamlining processes.

Twitter: @Fetch_AI
LinkedIn: Fetch-AI


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