We’re joining BMW, Bosch, Ford, GM, Renault, Accenture and IBM in the MOBI consortium

See Press Release:
Fetch.AI Joins Leading Automotive Organizations in Consortium to Explore Blockchain Technology for New Mobility Ecosystem

We’re excited to announce that Fetch.AI has been invited to join MOBI, a newly created non-profit foundation formed to accelerate adoption and to promote standards in blockchain, distributed ledgers, and related technologies for the benefit of the mobility industry, consumers, and communities. MOBI includes a host of the world’s largest automotive manufacturers (such as BMW, Ford, General Motors, Renault), major IT companies (IBM, Accenture) and a select group of distributed ledger projects. In fact, the MOBI consortium represents over 70% of the world’s car production capacity.

Mobility is a complex problem, whether public transport or private automotive, the transport system is highly interconnected and interdependent. Yet it’s also poorly coordinated, frustrating and full of avoidable delays for consumers. Mobility is an ideal area for Fetch.AI and our ‘bottom-up’ approach to building an intelligent and autonomous system.

With millions of Autonomous Economic Agents operating within a highly scalable ledger environment we envisage a time when every car, bus and train will be connected to its own Fetch agent. Such connectivity to the Fetch.AI network means agents can interact with each other dynamically, all coordinating to exchange data, transact financial value and ultimately to dynamically improve journeys for consumers and the efficiency of the transport network for all participants.

Being part of MOBI is an important step towards a more organised transport network. Industry standards are essential for the widespread adoption and industrialisation of new technologies within an industry. Take the airline sector, where International Air Transport Association (IATA) has long set interoperable standards for over 500 airlines that have led to everything from e-Ticketing to selling travel through travel agencies.

Specifically, MOBI partners will work towards:

* Vehicle identity, history and data tracking

* Supply chain tracking, transparency, and efficiency

* Autonomous machine and vehicle payments

* Secure mobility ecosystem commerce

* Data markets for autonomous and human driving

* Car sharing and ride hailing

Usage based mobility pricing for vehicles, insurance, energy, congestion, pollution, infrastructure, etc.

A big thanks to Chris Ballinger, CEO & Chairman at MOBI and Former CFO & Director of Mobility at Toyota Research Institute. Chris said of the MOBI consortium launch, “Blockchain and related trust enhancing technologies are poised to redefine the automotive industry and how consumers purchase, insure and use vehicles. By bringing together automakers, suppliers, startups, and government agencies, we can accelerate adoption for the benefit of businesses, consumers and communities.”

The MOBI launch is taking place at the Future Blockchain Summit in Dubai on Wednesday 2nd May. If you’re attending you might catch Jamie Burke from Outlier Ventures on stage, who is representing Fetch.AI on the ground and is a member of MOBI’s Advisory Board.

About MOBI
MOBI is a newly created nonprofit foundation formed to accelerate adoption and to promote standards in blockchain, distributed ledgers, and related technologies for the benefit of the mobility industry, consumers, and communities. MOBI and our partners are creating simple, standard and digital ways of identifying cars, people, and trips, of paying for mobility services, and securely exchanging and monetizing data in ways that preserve property rights and privacy. MOBI is working with most of the world’s large automakers and many mobility ecosystem players, along with many start-ups, non-profits, governments, transit agencies, and technology companies. We are convinced that by working together we can make mobility services more efficient, affordable, greener, safer and less congested.

MOBI is an open, inclusive body that acts as a ‘trusted convener’ and partner to entities in the emerging ecosystem of pay for use, on demand, connected, and increasingly autonomous mobility services. MOBI itself is technology and ledger agnostic.

On the evolution of digital economies

Following the release of our technical whitepaper, we felt now was the time to follow-up on some of the economic thinking that also supports our vision. After all, distributed ledger projects aren’t simply technology driven, they’re also economies in their own right. Therefore, the fusion of the two disciplines is critically important in the design of any decentralised system. We’re fortunate to have the support of Dr Melvyn Weeks whose expertise is in applied microeconomics at University of Cambridge.

Dr Weeks recently prepared a whitepaper ‘The Evolution and Design of Digital Economies focused on understanding the evolution and requirements of marketplaces that are emerging in digital economies. We’re pleased to share this substantial work with the community for thoughts, comments and feedback.

To summarise very briefly, Dr Weeks’ paper examines the tools needed for marketplaces for digital economies and the origins and driving forces behind their adoption. Using classical economic models, the paper seeks to understand the nature of firm boundaries and the organisation of economic activity. Drawing on core economic principles such as: the principal-agent problem, bounded rationality, information asymmetry and trust relations, Dr Weeks examines the relative costs of transacting within firms and markets.

Central to the analysis is the ability for distributed ledger technology to reduce the costs associated with digital economic transactions and to provide products and services in a more timely manner, and in so doing to allow new markets to emerge. This has absolutely been the focus of our efforts here at Fetch. By creating an environment where Autonomous Economic Agents can act on behalf of people, machines or themselves to exchange value with other AI powered agents, underpinned by a smart high-performance ledger, we’re opening the doors to a wide range of new and emerging economic activity.

Professor Hal Varian, the Chief Economist of Google exemplifies ‘combinatorial innovation’ as the uniqueness when the component parts of these technologies can be combined and recombined by innovators to create new devices and applications.

Or in Dr Weeks’ words: “The uniqueness of the Fetch protocol and a particular source of value, is the way in which the specific tools of blockchain technology are integrated within a unifying framework. In reducing both the cost of transaction and contract costs, and decreasing delivery time, Fetch is able to serve new and emerging markets, based on granularity and where a key attribute of a service is the immediacy of the delivery time.”

The paper concludes by stating that “platforms that succeed will need to add value beyond simple matching of buyers and sellers, and the ability to execute smart contracts.” We couldn’t agree more. With Fetch, we seek to go far beyond simple matching by incorporating AI & ML that results in a ‘collective super intelligence’, one which benefits all Autonomous Agents in the system to provide the correlational and contextual insights they need to identify value exchange opportunities. Oh, and we’ve thrown a reputation system, embedded smart contracts, token and a pretty special distributed ledger in for good measure too.

We hope it helps explain the wider context within which Fetch has been created. Comments most welcome.

Oh, and I should mention, we’re looking to hire a Computational Economist, (job posting will be published soon) to drive forward on these concepts. If this sounds like you, please contact us via join@fetch.ai.

Hello. We are Fetch.

Today’s digital world is increasingly sub-optimal and feels oddly, and somewhat ironically, disconnected given how “connected” we now are. It’s full of under-utilised assets: hotel rooms lie empty, cars sit parked and un-used for over 90% of their lives, half-empty shipping containers travel the world, poorly optimised transport infrastructure eats at our sanity and power grids have peaks and troughs in usage that are shocking. Let’s face it, even the simplest thing requires a colossal effort in hunting and gathering.

In short, we live in an increasingly complex world that we must somehow find ever more ridiculous ways to adapt to rather than one that seamlessly figures out how to adapt to us, and, for that matter, itself.

Centralised systems are poorly placed to solve today’s complex problems as they can’t effectively work together to find solutions from the bottom up. We need an open, decentralised system, where large numbers of simple things can co-operate—unsupervised—to solve problems and with no prior exposure to them.

Which brings us to Fetch.

Fetch is a decentralised digital world in which useful economic activity takes place.

This economic activity is performed by something we call Autonomous Economic Agents. These are digital entities that can transact independently of human intervention and can represent themselves or individuals such as you and me. Their world acts as the ultimate value exchange dating agency: each user sees a space optimised in real-time just for them, where the important things are right there, in front of their eyes and the less important things are simply removed. Agents can work together or alone to build solutions to life’s complex problems by joining a disparate array of potentially useful things into one, seamless experience.

This will set data and information free. It will provide dynamic pricing for goods and services to a resolution never seen before and it will bring data and services into play which would previously have been missed simply because their existence was unknown. It will release market intelligence that is currently locked up in centralised silos to everyone so that any agent that wants something is assured of the shortest possible route to find another that has it.

But such a system doesn’t happen by hope and magic alone. It can’t be built with today’s technology: potentially hundreds of millions of agents serving millions of people in a truly decentralised and open digital world? Services that can deliver instantly and in little segments? Well, that requires a bunch of innovations. It needs a new generation of smart ledger that learns in order to provide a collective super-intelligence to support agents’ individual intelligences. It needs a unique network structure that can re-organise itself to present an optimal, individually tailored view to all of its users and we need to repurpose the network’s computing power to provide consensus and integrity but do it through genuinely useful work.

We are drowning in data that we need but can’t find and services that we can’t co-ordinate or optimise and our time is too precious to waste it being stiffed making all the effort. It’s time for the solutions to find us and surprise us with what we really need before we realised we needed it, whilst the providers of the stuff we require gain from higher, more effective utilisation. Let’s all win.

And that is Fetch — our decentralised digital world of the future.