German telecommunications company Deutsche Telekom announced that it now works with Fetch.AI (FET) for the development of a possible economic of decentralized IoT network.

As stated in the press release, Cambridge-based tech startup Fetch.AI has officially partnered with Deutsche Telekom’s T-Labs to sign a memorandum of understanding (MoU) with the attempt to build an autonomous agent (AEAs) into Internet of Things (IoT) devices.

By implementing AEAs into IoT devices, the two companies can provide them with “the authority and autonomy” to operate themselves without needing any human intervention.

CEO of Fetch.AI – Humayun Sheikh shared that the work with T-Labs will plan to use artificial intelligence integration as well as technology to smart contracts. The CEO also revealed some of the company’s upcoming projects involving the application of Fetch.Ai’s unique discovery tools. The projects are said to make AEAs visible to each other and have much more direct connectivity.

Toby Simpson, CTO, and Co-founder of Fetch.AI, also expressed his joy and thoughts towards the partnership with T-Labs and their project: “This memorandum of understanding further reinforces our commitment to work closely and combine our expertise and experience to bring this to reality sooner than any of us had previously imagined.”

Both Fetch.AI and T-Labs are members of the Trusted IoT Alliance (TIoTA), along with other major tech organizations such as Bosch and Siemens.

Previously in February, the Binance Launchpad has hosted a Fetch.AI (FET) token sale then capped $6 million in just 22 seconds. Following the success of this token sale, the two company decided to develop the AEAs implementation project.  

Recently in May, South Korean electronics giant Samsung revealed that its plan to include cryptocurrency and blockchain support features to its new budget smartphone lines.