Peaq and Fetch.ai Unveil Multi-Chain Machine IDs for Web3 Interoperability

Supply chain management is often touted as one of the clearest real-world use cases for blockchain. And yet, it’s hard to imagine all of the entities involved in turning, let’s say, a Colombian-grown coffee bean into a latte in a Viennese cafe conveniently converging on the same blockchain network, which is a must for them to be able to interact in the Web3 way. The same goes for any other use cases involving blockchain and connected devices, from electric vehicle charging to decentralized power grids and privacy-first healthcare. As cool as all that sounds, a crucial piece is missing: network interoperability.

Peaq, the Web3 network powering the Economy of Things, has unveiled multi-chain Self-Sovereign Machine Identities enabled by autonomous AI agents at Fetch.ai. This integration allows for multi-chain data exchanges between connected devices on peaq and Fetch.ai, leveraging the decentralized address book on peaq. The collaboration brings the concept of decentralized physical infrastructure networks (DePINs) into the Cosmos ecosystem, enhancing interoperability within the Web3 space.

Web3 projects like Polkadot and Cosmos aim to overcome the issue of siloed databases in the decentralized space by pioneering native interoperability. Peaq’s multi-chain Machine IDs take this push for interoperability further by enabling decentralized data exchanges between the two ecosystems. The integration involves a decentralized address book running on peaq’s storage pallet. When a user creates a Machine ID on peaq, they can add their address on the network to the address book.

By opting for this integration, an autonomous agent is created on Fetch.ai’s Agentverse, and its address and wallet in the Cosmos IBC ecosystem are added to the address map on peaq along with the machine’s peaq ID. The agent continuously collects any data associated with the address on peaq that is linked to its Cosmos address on the address book. This process enables multi-chain data exchanges between vehicles, robots, and devices in the Polkadot and Cosmos ecosystems.

The introduction of multi-chain Machine IDs advances peaq’s vision of a multi-chain Economy of Things across different blockchain ecosystems. It facilitates wider interoperability through multi-chain machine communication and interactions. Use cases include decentralized energy grids, shared autonomous vehicles, supply chain management, and healthcare systems.

Additionally, multi-chain Machine IDs can potentially enable multi-chain crowdfunding, multi-chain identity management, and transactions involving multiple identities on multiple blockchains. Peaq aims to position itself as the multi-chain hub for DePIN projects in the Polkadot and Cosmos ecosystems, with plans to make it accessible through peaq’s SDK.

The collaboration between peaq and Fetch.ai emphasizes the importance of collaboration in the Web3 space and highlights the value of multichain communication in maximizing the potential of AI agents. By bridging the Polkadot and Cosmos ecosystems, the integration aims to create value for all stakeholders and drive the Economy of Things towards a more connected and integrated future.

Read Also: Peaq and NATIX Partner to Boost Sensor Data Rewards While Maintaining User Privacy

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• Source: https://alexablockchain.com/peaq-fetch-ai-unveil-multi-chain-machine-ids-for-web3-interoperability/