Bosch, Ocean Protocol, represented by BigchainDB, and Fetch.ai have joined Catena-X, bringing their collective expertise in market, mechanism, and token design
Cambridge, UK, 20 May 2021 — Catena-X is an agile ecosystem of automotive industry stakeholders. All companies involved in Catena-X are working on concepts for establishing an open, scalable network for secure, cross-company and standardized information and data exchange in the automotive industry. The aim is to create uniform data and information flows throughout the automotive value chain. The cloud-based network is to be open to all companies in the European vehicle industry, along with their global partners, users and equipment suppliers.
Bosch, BigchainDB and Fetch.ai will contribute to Catena-X complementary areas of expertise in token-based ecosystems. They will all support the development of decentralized technologies and business models, as well as incentive systems within Catena-X. Dr. Nik Scharmann, Project Director “Economy of Things” at Bosch Research, will advance these causes as an elected member of the Catena-X advisory board. “I’m convinced that by establishing suitably organized marketplaces, along with payment and incentive systems, Europe’s diversity and individuality can be leveraged as strengths to provide an efficient and globally competitive basis for a value-based digital economy,” says Scharmann. “With so many strong partners implementing Catena-X, we will quickly create a competitive data ecosystem for the European automotive industry.”
Bosch is one of the founding members of Catena-X, which has been operating as an association in the founding phase since May 7 (Catena-X Automotive Network e.V.i.G.). As a leading IoT company, Bosch is researching into an Economy of Things (EoT). In the EoT, the economic aspect of interactions is added to the IoT. The company’s EoT project addresses the question of how networked devices can do business with each other for the benefit of citizens and businesses. With decades of experience in the automotive sector, Bosch also brings extensive industry expertise, which will be improved further by harnessing EoT principles and mechanisms.
BigchainDB GmbH has joined Catena-X on behalf of Ocean Protocol, a decentralized data exchange protocol for data monetization. It will bring its expertise in Web 3.0 and implementing token-based ecosystems to the multi-stakeholder consortium-led project, along with its experience in building open-source communities. Ocean’s main focus will be on contributing to the working group tasked with developing sustainable decentralized business models and incentive mechanisms for the Catena-X network. BigchainDB founder Trent McConaghy says: “The automotive industry is shifting to a digital future. The digital economy is the data economy. At BigchainDB, we aim to empower organizations to create sustainable business models within this new data economy. We’re proud to contribute to Catena-X in this capacity, drawing on our years of experience in developing token-based ecosystems and decentralized business models. With the leading companies in the automotive space working together, we’re hopeful that Catena-X will drive impactful and lasting change in the European landscape.”
BigchainDB has been a Day 1 Member of the GAIA-X association, which is building a European cloud data infrastructure. Ocean contributes to developing a data infrastructure standard for Europe that prioritizes efficiency, security and trustworthiness.
Fetch.ai provides a framework for building and customizing decentralized, autonomous AI networks to carry out complex coordination tasks. Its vision is to connect digital and real-life economies to allow automation to change the way we use data. Fetch.ai brings expertise in multi-agent systems, artificial intelligence, advanced cryptography and decentralized machine learning to the Catena-X network. Its main focus will be to provide technologies for agent-based “smart” clients, secure and private sharing of information, and base-layer blockchain infrastructure. It will support next-generation data analytics through its CoLearn network, a decentralized information-sharing system that is deployed on blockchains and aggregates learning from multiple stakeholders.
“Catena-X represents the evolution of the automotive industry as it works to prioritize the digital exchange of information in order to enable new data-driven business models,” said Maria Minaricova from Fetch.ai. “Fetch.ai is excited to be a part of a consortium that understands the fundamental changes happening within the industry, and looks forward to helping the ecosystem evolve and thrive.”
BigchainDB and Fetch.ai are among the first blockchain-based Web3 companies to be welcomed into the alliance.
For more updates on the future development of Catena-X, follow the alliance on LinkedIn.
About BigchainDB GmbH
BigchainDB GmbH’s aims to protect data while empowering creators. As the team behind Ocean Protocol, their mission is to kickstart a Web3 Data Economy that reaches the world, giving power back to data owners and enabling people to capture value from data to better our world. Data is a new asset class; Ocean Protocol unlocks its value. Data owners and consumers use the Ocean Market app to publish, discover, and consume data assets in a secure, privacy-preserving fashion.
Ocean datatokens turn data into data assets. This enables data wallets, data exchanges, and data co-ops by leveraging crypto wallets, exchanges, and other DeFi tools. Projects use Ocean libraries and OCEAN in their own apps to help drive the Web3 Data Economy.
The OCEAN token is used to stake on data, govern Ocean Protocol’s community funding, and buy & sell data. Its supply is disbursed over time to drive near-term growth and long-term sustainability. OCEAN is designed to increase with a rise in usage volume.
Fetch.ai is delivering AI to the crypto economy. Autonomous Economic Agents, powered by artificial intelligence, can provide automation to decentralized systems that can serve the needs of a single user or aggregate millions of data points to provide timely and efficient information about the outside world.. These agent-based systems provide greater flexibility, speed, and crypto-economic security than existing centralized solutions and represent the future of the industry. This technology enables the creation of personalized digital assistants that respond to a user’s needs to increase the efficiency, privacy, security, and convenience of their interactions with blockchain networks.
The Fetch.ai blockchain is an interchain protocol, based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language (Cosmwasm) to allow advanced cryptography and machine learning logic to be implemented on-chain. This also allows the Fetch.ai network to also serve as a layer-2 network for legacy blockchain networks and as an interchain bridge to the outside world.
About Bosch and Bosch Research
The Bosch Group is a leading global supplier of technology and services and comprises Robert Bosch GmbH as well as its roughly 440 subsidiary and regional companies in 60 countries. Its operations are divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology.
Operating in a global network, Bosch Research fills the innovation pipeline of the Bosch business sectors. The research areas cover a wide portfolio from e-mobility and chemical energy conversion to autonomous systems, information and communication technologies, resource and energy efficiency and healthcare solutions. Research has formed part of Bosch’s DNA for over 130 years and is driven by the belief that research is not an end in itself, but something that makes a tangible contribution to improving the quality of people’s lives. That belief is reflected in the words “Invented for life”.