The global engineering giant will test key features of Fetch.ai’s testnet until the end of this month and will deploy a node on the network. The strategic engineering project between Fetch.ai and Bosch is called the Economy of Things (EoT).

Dr Alexander Poddey, the leading researcher for digital socio-economy, cryptology, and artificial intelligence in the EoT project, said:

“Our collaboration with Fetch.ai spans from the aspects of governance and orchestration of DLT-based ecosystems, multi-agent technologies to collective learning.

They share our belief that these elements are crucial to realising the economic, social, and environmental benefits of IoT technologies.”

Fetch.ai’s testnet launched in October 2020 and the firm is now gearing up for its mainnet launch in March. The company has been ramping up announcements in advance of the mainnet launch and just last week announced a partnership with FESTO to launch a decentralised marketplace for manufacturing.

After the mainnet launch, Bosch intends to run nodes and applications on Fetch.ai’s blockchain network.

Jonathan Ward, CTO of Fetch.ai, commented:

“We have been working with Bosch for some time towards our shared vision of building open, fair, and transparent digital ecosystems. I’m delighted to be able to announce the first public step in bringing these technologies into the real world.

We’re looking forward to working further with Bosch to bring about the wide adoption of these ground-breaking innovations, which will hugely benefit consumers and businesses in many industries including automotive, manufacturing, and healthcare.” 

Fetch.ai is working on decentralised autonomous “agents” which perform real-world tasks. 

Bosch is attracted to Fetch.ai’s vision of collective learning technologies and believes it can be a key enabler in their plans for AI-enabled devices—allowing AI agents to be trained which operate within smart devices while preserving users’ privacy and control of their data.

Fetch.ai’s vision is bold but it has the team and partnerships to pull it off. The company’s roster features talent with experience from DeepMind, Siemens, Sony, and a number of esteemed academic institutions.

Bosch has long expressed a keen interest in distributed ledger technologies and established multiple industry partnerships.

The venture capital arm of Bosch, Robert Bosch Venture-Capital, invested in the IOTA Foundation. Bosch later patented an IOTA-based digital payments system and recently financially supported a hackathon for the DLT platform which uses a scalable DAG (Directed Acyclic Graph) data structure called the ‘Tangle’ in a bid to overcome some of the historic problems with early blockchains.

Fetch.ai and IOTA are in the same space but have different goals, it’s not a choice of one or the other. Companies like Bosch can take advantage of the exciting potential offered by both DLTs to gain a competitive edge.

(Photo by Adi Goldstein on Unsplash)

Interested in hearing industry leaders discuss subjects like this? Attend the co-located 5G Expo, IoT Tech Expo, Blockchain Expo, AI & Big Data Expo, and Cyber Security & Cloud Expo World Series with upcoming events in Silicon Valley, London, and Amsterdam.

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ABR designed a new neural network called the Legendre Memory Unit (LMU). With LMU, on-device AI tasks – such as those on speech-enabled devices like wearables, smartphones, and smart speakers – can take up to 94 percent less power.

The reduction in power consumption achieved through LMU will be particularly beneficial to smaller form-factor devices such as smartwatches; which struggle with small batteries. IoT devices which carry out AI tasks – but may have to last months, if not years, before they’re replaced – should also benefit.

LMU is described as a Recurrent Neural Network (RNN) which enables lower power and more accurate processing of time-varying signals.

ABR says the LMU can be used to build AI networks for all time-varying tasks—such as speech processing, video analysis, sensor monitoring, and control systems.

The AI industry’s current go-to model is the Long-Short-Term-Memory (LSTM) network. LSTM was first proposed back in 1995 and is used for most popular speech recognition and translation services today like those from Google, Amazon, Facebook, and Microsoft.

Last year, researchers from the University of Waterloo debuted LMU as an alternative RNN to LSTM. Those researchers went on to form ABR, which now consists of 20 employees.

Peter Suma, co-CEO of Applied Brain Research, said in an email:

“We are a University of Waterloo spinout from the Theoretical Neuroscience Lab at UW. We looked at how the brain processes signals in time and created an algorithm based on how “time-cells” in your brain work.

We called the new AI, a Legendre-Memory-Unit (LMU) after a mathematical tool we used to model the time cells. The LMU is mathematically proven to be optimal at processing signals. You cannot do any better. Over the coming years, this will make all forms of temporal AI better.”

ABR debuted a paper in late-2019 during the NeurIPS conference which demonstrated that LMU is 1,000,000x more accurate than the LSTM while encoding 100x more time-steps.

In terms of size, the LMU model is also smaller. LMU uses 500 parameters versus the LSTM’s 41,000 (a 98 percent reduction in network size.)

“We implemented our speech recognition with the LMU and it lowered the power used for command word processing to ~8 millionths of a watt, which is 94 percent less power than the best on the market today,” says Suma. “For full speech, we got the power down to 4 milli-watts, which is about 70 percent smaller than the best out there.”

Suma says the next step for ABR is to work on video, sensor and drone control AI processing—to also make them smaller and better.

A full whitepaper detailing LMU and its benefits can be found on preprint repository arXiv here.

Interested in hearing industry leaders discuss subjects like this? Attend the co-located 5G Expo, IoT Tech Expo, Blockchain Expo, AI & Big Data Expo, and Cyber Security & Cloud Expo World Series with upcoming events in Silicon Valley, London, and Amsterdam.

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