Fetch.ai Partners with Bosch to Form a Foundation to Promote Industrial Applications Using Web3 Technology
Bosch and Fetch.ai are announcing their new partnership to form a new Web3 foundation — Fetch.ai Foundation, that aims to research, develop and harness Web3 technology for real-world use cases that will span across mobility, industrial, and consumer domains.
Fetch.ai Foundation will be anchored in the core tenets of transparency, openness, neutrality, and data and technology sovereignty. The Foundation will have a three tier governance structure as outlined in the Foundations articles and by-laws. The Foundation’s design is inspired by the Linux Foundation that has shown how decentralized innovation can be achieved at scale while embracing open source technologies and ecosystems.
An important design goal for the foundation is to achieve technology pooling such that it can survive independent of the individual foundation participant’s engagement, while also providing influence and clout to those who contribute and depend on the viability of its ecosystem. The Foundation will optimize the degree of influence on the evolution of its technology and ecosystem based on active contribution and participation from its members that can be assessed in terms of parameters such as provided liquidity, IP, code, and usage.
At inception, Bosch and Fetch.ai will lead the Foundation’s management board and look to expand it with other key participants from the industry. Right from the start, the Fetch.ai Foundation will organically evolve by imbibing and adopting its core tenets and design goals to encourage participant growth and contributions from new participants. Bosch and Fetch.ai are fully committed to make the Foundation and its ecosystem sustainable and independent by getting new participants to join the management board and in the future electing new management board members as per the provisions in the Foundations articles and by-laws.
Peter Busch, Chairperson of the Fetch.ai Foundation, Bosch:
“Bosch as one of the world wide leaders in industrial engineering and mobility solutions sees the huge need for smarter technologies and governance to cope with the challenges coming with ever more connected ecosystems regarding safety/security, privacy and data ownership. In combining disrupting Web3, AI and Open Source technologies with the proven world class hardware and software capabilities of the classic engineering corporations, this foundation is the perfect endeavor at the right time — this gets even more exciting the more other partners will join!”
Humayun Sheikh, Fetch.ai CEO & Founder said:
“This is an exciting phase in Fetch.ai’s journey as we will see our Web3 tech products enabling real world industry applications with partners such as Bosch. Bosch will also help us fast track Web3 adoption in the industry and encourage other industry players to join us in this journey. More industry applications will also bring new business opportunities for the existing tech entrepreneurs in the Fetch.ai ecosystem.”
Bosch is a leading global supplier of technology and services. Its operations are divided into four business sectors: Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. As a leading IoT provider, Bosch offers innovative solutions for smart homes, Industry 4.0, and connected mobility. Bosch is pursuing a vision of mobility that is sustainable, safe, and exciting. Bosch’s strategic objective is to facilitate connected living with products and solutions that either contain artificial intelligence (AI) or have been developed or manufactured with its help. Bosch is looking at Web3 technology stack as an enabler to achieve its strategic objective.
Fetch.ai has been building infrastructure for the Web3 technology stack that will unlock new peer-to-peer (P2P) business models. At its core this Infrastructure includes a modular autonomous economic agent (AEA) technology with the goal to generate economic value for its organization / human / machine owner with limited to no interference from its owner and AI tooling that provides inferences to agents by supporting collaborative and privacy preserving machine learning (ML). This technology is brought together on the Fetch Network which can easily interconnect with other blockchain networks and provides blockchain based economic settlement.