Fetch.ai Launches Mobility Framework: A Decentralized Multi-Agent AI Mobility Solution To Revolutionize The Mobility-as-a-Service Ecosystem
Decentralizing the gig economy with the use of AI-based autonomous agents is predicted to reduce participation transaction fees by over 20%, and increase input productivity by 55%
Fetch.ai, a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, announced the launch of its Mobility Framework and the results of initial field trials in Cambridge, UK. The Mobility Framework is a platform powered by Fetch.ai, a decentralized protocol, where anyone can create autonomous economic agents for tailored participation in the delivery-gig economy.
The estimated number of ride-hailing trips per year globally is 12.5 billion with Uber alone making $65 billion in gross revenue in 2019. According to a recent report, the ride-sharing market is projected to grow at a CAGR of 19.87% from 2018 to 2025, to reach a market size of USD 218.0 billion by 2025. From the total net revenue reported by ride-hailing companies, it is reported that an estimated $23.5 billion dollars in commissions is taken by those companies from their drivers.
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Fetch.ai’s Mobility Framework has created a model that is predicted to disrupt the delivery economy by reducing the extraction of capital from its participants, providing more benefits to its end-user, and increasing productivity for drivers. On the Mobility Network, delivery agents are required to comply with network protocol standards in order to interact with other agents. Each positive interaction completed between agents results in the earning of digital assets. Its decentralized nature provides a network of data that can not be tampered with and that records the behaviors of all autonomous agents, creating a secure system with reliable agent options to interact with.
“The costs associated with participation in traditional delivery networks are more than you would think,” said Humayun Sheikh, CEO of Fetch.ai. “By participating as a solo entity within our mobility framework you have the opportunity to cut those costs by nearly 20%, benefits which can be shared by consumers and the drivers themselves. Not only that, it can facilitate a55% increase in productivity within delivery networks ensuring that the number of packages delivered in a single day will increase by almost half. This provides more value to the end-user, as much as it does to agents (or humans) performing these delivery tasks.”
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The first implementation of Fetch.ai’s Mobility Framework was completed in Cambridge UK. It tested the effectiveness of Fetch.ai’s autonomous agents to deliver tailored delivery experiences. Active participants were required to follow an initial set of protocols that enabled agents to negotiate for a delivery to take place. Based on its modeling, the use of a decentralized mobility network could increase revenues per driver by 45% and cost savings to consumers up to 15%.
The key benefits associated with the field trials launched by Fetch.ai, and that are currently underway, include the return of fees into the local economy, the elimination of a centralized application controlling interactions between deliveries, improved comprehensive mobility services, and the societal impact of local companies utilizing local knowledge to compete and participate in the gig economy.
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