We attended Blockchain Live in London yesterday and had a great time meeting investors, journalists and potential collaborators.
Our Commercialisation and Marketing Director Arthur Meadows was the first to take to the stage, where he was on a panel discussing how blockchain will disrupt the energy sector. He was joined in the discussion by David Ferguson (Head of Digital Innovation at EDF), Scott Laczay (Senior Advisor at Ofgem) and Joanna Hubbard (COO of Electron).
One of the topics discussed by the panellists was the anticipated rise of local grids, as more consumers begin to generate their own energy. The infrastructure to allow energy to be shared and traded across a wide variety of sources will inevitably be complex. Reflecting on this, Arthur took the opportunity to highlight how Autonomous Economic Agents (AEAs) on the Fetch network will be perfectly placed to provide elegantly orchestrated solutions thanks to our uniquely scalable distributed ledger technology.
Although individual power generation units are set to be installed more widely, the giants of the energy sector are unlikely to disappear. Arthur suggested that as the sector inevitably evolves and becomes more fluid, the role of energy companies will be determined by their willingness to adapt and co-operate. The panel all agreed the implementation of blockchain technology would lead to cleaner and cheaper energy, which will benefit both providers and consumers.
In the afternoon Chief Executive Humayun Sheikh and Machine Learning Lead Jonathan Ward gave a presentation describing how our technology would greatly improve the efficiency of supply chains. Humayun began by providing an overview of Multiple Agent Systems (MAS) and explained why this concept was a central feature of Fetch. A MAS is an autonomous, decentralised network where multiple stakeholders fulfill multiple objectives simultaneously. Humayun explained how advances in AI mean that technology can now complete many tasks far more effectively than humans. AI can process a vast array of data, from a huge number of different sources, far quicker than any human. And while humans only consider a few factors when making a decision, AI is capable of assessing all the relevant factors to calculate the optimal solution.
AEAs on our network communicate and exchange data in real-time as part of a dynamic marketplace. Their ability to do so will have a huge effect on supply chains, where there are multiple stakeholders involved in complex communications. This decentralisation of data will help uncover efficiencies in the present system. Humayun emphasised that without AI, it simply isn’t possible for the necessary transactions to take place at the speed, scale or complexity required.
Jonathan Ward continued the presentation by discussing how Fetch will create marketplaces in the supply chain to allow data to be shared and expenditure reduced. Jonathan used a simulation of AEAs working in a maze to show that when agents communicate to share knowledge, all participants benefit – in this case by finding the fastest and most direct route out of the maze.
There is enormous potential to generate economic growth through the combination of the Internet of Things, AI and the decentralisation of data. We’d love to hear from partners seeking to collaborate with us to bring all these elements together.