|Fetch.ai's decentralized blockchain system will realize the potential of IoT / Photo Credit: Jirsak (via Shutterstock)|
IoT is just around the corner but it remains out of our reach, said Maine Li of Tech Times, a news platform dedicated to publishing content on technology, science, and health. The general public has yet to be impressed with IoT even if there is a 21% growth of automotive IoT endpoints, reaching 5.8 billion by 2020. IoT’s ethereal nature makes it difficult for humans to visualize, as society generally only appreciates any technology through interaction. Then again, it’s always about the benefits, not the features.
Consumers are not the primary audience of IoT. But for IoT to be fully functional, it has to trickle down all the way into the consciousness of the public. Bridging the gap between perceiving IoT as “a thing” rather than “the thing” entails getting rid of any hindrances to realizing the vision of an interconnected world. However, the greatest challenge here is incentivizing and enabling different devices to function autonomously in a way that will be beneficial to devices and operators alike. And Fetch.ai is trying to solve that.
Fetch.ai has the potential to make a technological leap in motoring, “where automotive endpoints are rapidly proliferating.” One example is trying to find a vacant parking space during rush hour, which can be inefficient and stressful. Parking agents developed by Fetch.ai leverage AI and machine learning algorithms to identify parking spaces in real-time. The information will be shared with car agents and they will autonomously reserve those spaces and pay for them depending on the driver’s preferences.
Fetch.ai’s decentralized blockchain-based system ensures that data is not siloed “and at the mercy” of any tech company. Fetch.ai creates an ecosystem where billions of connected devices can find and communicate with each other securely, autonomously, and seamlessly. The firm’s system enables users to control and manage their data, allowing them to choose which information they want to share. The data they will share will be secured on a decentralized blockchain that does not present any loopholes for hackers to exploit.
Fetch.ai’s model will unlock the potential of IoT. Although we are still waiting for IoT’s OMG moment, we have to see its benefits first-hand. Show, not tell. This way, we can achieve the IoT dream.