Bosch and Fetch.ai Join Hands for Fully Functional Blockchain Network

German engineering and technology giant Bosch Global is looking to dips its toes in the blockchain industry. As per the latest announcement, Bosch has collaborated with Fetch.ai to launch a fully functional blockchain network. The technology giant said that it will test some key-features on the testnet until the end of February 2021.

The Cambridge-based Fetch.ai builds tools and infrastructure for a decentralized digital economy. The company is also committed to bringing artificial intelligence to the blockchain. Thus, it is building an open access, tokenized, decentralized machine learning network. The goal is to have a smart infrastructure built around a decentralized digital economy.

Using DLT technologies like blockchain, Bosch and Fetch.ai will work together to transform existing digital ecosystems. The Fetch.ai testnet program already started last year in October 2020. Jonathan Ward, CTO of Fetch.ai, commented:

“We have been working with Bosch for some time towards our shared vision of building open, fair, and transparent digital ecosystems. I’m delighted to be able to announce the first public step in bringing these technologies into the real world. We’re looking forward to working further with Bosch to bring about the wide adoption of these ground-breaking innovations, which will hugely benefit consumers and businesses in many industries including automotive, manufacturing, and healthcare.”

Bosch and Blockchain: Economy of Things (EoT) Project

Sharing a common vision, the two companies have announced the “Economy of Things” project. As we know, Fetch.ai is working on launching decentralized machine learning and autonomic economic applications that are completely interoperable with some established web3.0 technologies like artificial intelligence (AI).

Thus, the EoT team at Bosch will deploy a node on the network. It will further assist in testing the first-phase of Fetch.ai’s next-generation blockchain. so once Fetch.ai launches its v2.0 mainnet post-March 2021, Bosch can runs and applications atop it. Speaking on these developments, Bosch’s Dr. Alexander Poddey said:

“Our collaboration with Fetch.ai spans from the aspects governance and orchestration of DLT based ecosystems, multi agent technologies to collective learning. They share our belief that these elements are crucial to realizing the economic, social and environmental benefits of IoT technologies.”

With the latest development, Bosch has set itself on the path of starting its new journey in the blockchain space.