ULedger and Fetch.ai have joined resources to tackle the problems caused by human error in today’s economy. Based in Boise, Idaho, ULedger is an international technology firm with offices in Kosovo, Italy and Austria. The company works to offer security and transparency to digital records and electronic communications, while providing indisputable third-party audit trails of electronic data to ensure transactions and related activities are recorded in real time.
Fetch.ai, based in Cambridge, United Kingdom, allows digital entities representing Internet of Things (IoT) machines to work independent of human control while maintaining transactions and financial records.
Fetch CTO Toby Simpson explained, “This is one of those rare, exciting chances to connect two complimentary 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 data alongside its 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.”
Fetch’s integration with ULedger will allow its network to utilize real-world data from IoT-based sources in a provable manner. ULedger users will also benefit, as they’ll now have access to their data through the digital Fetch system. Both companies’ combined power could give rise to a transaction system that would allow for millions of transactions per second at virtually no cost to consumers.
Speaking with Bitcoin Magazine, ULedger CEO Josh McIver stated, “IoT has advanced leaps and bounds in the past few years. The use cases range widely. We have seen customers who rely on IoT to manage everything from quality control in manufacturing facilities to optimizing the power grid, augmenting oil and gas field-based intel, and many more use cases. With all of these use cases, it’s imperative to secure the integrity of this data so AI is making decisions on reliable source data.”
The first move of both companies will be to power the Mobility Open Blockchain Initiative (MOBI), which first emerged in Dubai in early May 2018. The organization includes major automakers and tech ventures as members (from BMW to IBM) and has plans to explore further blockchain use in the automotive industry. Studies are already underway regarding ways in which the blockchain can make global transportation safer, less expensive and more accessible.
Nick is a writer, author and journalist that has been covering the cryptocurrency scene since 2014.