Fetch.ai and Festo Team To Launch Decentralized Manufacturing Marketplace
Festo to utilize Fetch.ai Autonomous Economic Agents to transform existing control systems reducing challenges associated with conventional, centralized manufacturing processes
Cambridge — Fetch.ai (https://fetch.ai/), a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, announced today a collaboration with Festo, a leading international manufacturer of pneumatic and electromechanical systems, components, and controls for process and industrial automation.
Current manufacturing control systems are outdated and difficult to use. According to a recent survey by TrendMicro, most manufacturers have reported using outdated operating systems even when there are more secure options on the market.
As its first foray into blockchain, Festo, an over 90-year veteran in the manufacturing sector, is working with Fetch.ai to develop a decentralized manufacturing marketplace using its Multi-Agent based architecture and Fetch.ai technology stack. The decentralized manufacturing framework will utilize Fetch.ai’s Autonomous Economic Agents to transform existing manufacturing control systems at Festo making them more efficient.
By implementing a decentralized manufacturing system, Festo aims to reduce the challenges associated with conventional, centralized manufacturing processes such as demand fluctuations and the uneven utilization of manufacturing capacity. The advantages of an agent-based-approach within a decentralized manufacturing framework have the potential to lead to supply-chain optimization based on real-time information, increasing the responsiveness of the enterprise to the market requirements, a higher degree of autonomy in manufacturing, and delivering personalized, tailored orders to customers.
“With Fetch.AI technology, we can create a new way to better utilize machines globally and plan the supply chain more efficiently,” explains Eduard Grün, Blockchain Development Lead at Festo.
“We are delighted to be able to announce a collaboration with such an advanced technology company like Festo,” said Maria Minaricova, Director of Business Development at Fetch.ai. “With Festo’s contribution, we will be able to demonstrate in real life the benefits of autonomous AI agents in manufacturing and supply chain. We look forward to working further with Festo to bring about the wide adoption of these ground-breaking manufacturing innovations.”
Using Fetch.ai’s autonomous economic agent framework will enable buyers, products, and machinery to connect and interact directly with each other thereby automating and optimizing key manufacturing processes such as planning and purchasing from external manufacturers and suppliers.
About Festo:
Festo is a global player and an independent family-owned company with headquarters in Esslingen am Neckar, Germany. The company supplies pneumatic and electrical automation technology to 300,000 customers of factory and process automation in over 35 industries. The products and services are available in 176 countries. With about 21,000 employees in over 250 branch offices in 61 countries worldwide, Festo achieved a turnover of around €3.07 billion in 2019. Each year around 8 % of this turnover is invested in research and development. In this learning company, 1.5 % of turnover is invested in basic and further training. Yet training services are not only provided for Festo’s own staff — Festo Didactic SE also supplies basic and further training programmes in the field of automation technology for customers, students and trainees.
About Fetch.ai:
Fetch.ai, a Cambridge-based artificial intelligence lab, is building the infrastructure required for autonomous software agents to begin performing useful economic work on behalf of individuals, machines, businesses, and organizations. Fetch.ai’s network is based around open-source technology and gives users access to the power of AI on a world-scale secure dataset to carry out complex coordination tasks in the modern economy. For more information, please visit https://www.fetch.ai.
