Yoti and Fetch.ai announce collaboration
Jan 19, 2021
Yoti and Fetch.ai would like to announce our collaboration wherein Yoti provides Fetch.ai autonomous economic agents (that act on behalf of a person) with the ability to prove their owner’s identity or their owner’s attributes (such as nationality or that they hold an active driving license) to another agent, typically representing a service or another physical person.This solution will seamlessly automate identity and credentials verification in multiple stakeholders digital environments such as blockchain-based ecosystems.Industries that stand to benefit enormously from our joint technology partnership include:
- Supply chain: Autonomous economic agents are naturally used to represent different stakeholders in a supply chain. As part of the core value proposition of Fetch.ai agents they interact via the public internet in a permissionless manner while retaining the capability to prove their identities.
- Mobility: An agent representing a driver with a valid driving license could rent an electric vehicle and be able to find and book a parking space while negotiating prices and making payments to and from the agent’s digital wallet. This can be applied for instance, to a decentralised Uber-style sharing economy framework wherein drivers and passengers could verify each other’s identity seamlessly and autonomously.
- DeFi — For regulatory reasons, it is common that certain financial transactions are subject to KYC (know your customer)/AML (anti-money laundering)requirements. The fact that the Yoti-Fetch.ai solution provides the autonomous economic agents with the ability to prove their identity and/or attributes in an automated fashion enables cryptocurrency addresses, digital assets and/or smart contracts to inherit KYC/AML properties from their owners. This would greatly increase the assurances and guarantees within DeFi and potentially bridge any outstanding concerns coming from the regulatory aspect
In particular, this partnership between the two UK tech companies sees an ambitious goal in combining Fetch.ai’s autonomous economic agents framework with the reusable Yoti Digital ID to facilitate KYC/AML compliant DeFi trading in the future whilst enabling the core principles of DeFi (no centralised exchange) to be maintained.Autonomous economic agents can encapsulate and automate complex interactions with on-chain DeFi smart contracts, as for instance in an algorithmic trading bot. Economic agents can act as well on behalf of human traders. In both cases Fetch.ai agents will be able to securely prove or anchor their verified identity to a public key / wallet address or a series of transactional events without a centralised third party controlling such.
To learn more about the implementation, the technical documentation can be found here: https://github.com/fetchai/agents-yoti
Yoti API keys can be obtained following instructions here: https://developers.yoti.com/yoti/getting-started-hub .
Feel free to get in touch with our support team at [email protected]
The Autonomous Economic Agents (AEA) framework (https://docs.fetch.ai/aea/) is a development suite for the creation of software that can act independently of constant user input and autonomously execute actions on behalf of the user to achieve a prescribed goal. AEAs interact via a peer to peer network, use a distributed search and discovery system and natively integrate with Web 3.0 technologies for access to a financial settlement and commitment layer.
The framework is Open Source and allows for extension to incorporate different blockchain and AI technologies. The AEA framework is currently the only agent development suite targeting a fully decentralized environment.
Today Fetch.ai and Yoti have integrated their respective technologies towards enabling autonomous economic agents to prove their identity and credentials for KYC and AML purposes. The AEA can interact with the Yoti identity network to request identity attributes that are necessary for a particular transaction or action. Once the user has given consent, those identity attributes can be shared again with trusted parties by the AEA fully autonomously without requiring any user interaction.The Yoti SDK solution has been wrapped in native components of the AEA framework and is henceforth available for use by all AEA developers.
(For additional details see the repo.)