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Fetch.ai to Develop Decentralized Marketplace for Global Manufacturer FESTO
Fetch.ai's technology stack will be leveraged to "transform" FESTO's existing legacy control systems.
Updated Sep 14, 2021, 12:10 p.m. Published Feb 12, 2021, 5:27 a.m.
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A global electromechanical systems manufacturers has enlisted a blockchain machine learning platform to develop an automated marketplace for the purpose of boosting efficiency.
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According to a press release on Friday, Fetch.ai has been selected to create a decentralized manufacturing marketplace using its multi-agent based architecture for FESTO, a German-based company worth billions.
The machine learning platform's technology stack will be leveraged to "transform" FESTO's existing legacy control systems. The hope is that the move will reduce "challenges" associated with conventional, centralized manufacturing processes such as demand fluctuations and uneven utilization of manufacturing capacity, according to the release.
By using Fetch.ai's autonomous economic agent framework, buyers, products and machinery will be able to connect and interact directly with each other, the companies said. Key manufacturing processes would thereby be "optimized" through automatization such as planning and purchasing from external manufacturers and suppliers.
Advantages to this type of automation from what are essentially robots performing menial tasks include increasing the response time of enterprises to market requirements and delivering personalized orders to customers. The companies also said it will provide a boost to supply chain optimization while providing a higher degree of autonomy in manufacturing across the board.
See also: Enterprise Blockchain Firm R3 Launches Confidential Business Computing Platform
FESTO is an international manufacturer of pneumatic and electromechanical systems, components, and controls for process and industrial automation. The company, which is headquartered in Esslingen, Germany, booked a profit of around $3.1 billion during the 2018 financial year, according to Wikipedia.
"With FESTO’s contribution, we will be able to demonstrate in real life the benefits of autonomous AI agents in manufacturing and supply chain," said Maria Minaricova, director of business development at Fetch.ai.
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