Germany’s Deutsche Telekom Looks to Develop Decentralized IoT Network with Fetch.AI (FET)
An important partnership has been started. A unit of the German telecom giant Deutsche Telekom will start to work together with Fetch.AI, a new crypto startup which is listed on Binance, known as the largest crypto exchange in the world. The information was officially released on a press release which was sent out to the media last week.
Fetch.AI is a company based in Cambridge. It is a technology startup that has been growing a lot lately. Now, the company has decided to sign a Memorandum of Understanding (MoU) with Deutsche Telekom’s T-Labs, a specific unit within the large company.
This partnership will help the companies to implement something called autonomous agents (AEAs) using the Fetch.AI network. Both the blockchain and the internet of things technology (IoT) will be used in this process.
One of the main goals of the new partnership is to discover how the AEA can be used and incorporated into IoT devices to make them more autonomous when doing their functions. This way, they would need less human supervision, which would make them easier to operate.
The CEO of Fetch.AI, Humayun Sheikh, has affirmed that this new partnership will also make use of two more technologies: smart contracts and artificial intelligence. According to him, the project will enable the group to make unique discoveries and to use new tools that were not as usable before.
This way, he affirmed, the products will become more flexible in their connections. He also affirmed that another concrete goal of the company is to be able to create a modular framework which will be used in order to deploy the services using the blockchain and machine learning.
The two companies are also a part of the Trusted IoT Alliance, a consortium based on the IoT and blockchain technology. Major companies such as Siemens and Bosch are a part of this alliance, according to reports. The organization is still fairly new but it is already proving that it can create some very interesting technology with time.
According to Cointelegraph, which reported on this story, the partnership between Fetch.AI and the unit of Deutsche Telekom started soon after Fetch.AI was able to successfully launch its own token sale, which happened on February 2019.
At the time, the company was able to raise $6 million USD for the project and to sell all of its tokens in under 22 seconds. That’s right, this is how quick the sale actually was (what even caused some problems to Binance, which is now changing some of the rules of its token offerings).
Deutsche Telekom is currently the fifth largest telecom company in the whole world. It has important partnerships with several other companies, including a giant Korean telecom called SK Telecom, which is working together with it in order to create a blockchain-based solution.