By
Svetlana Soroka
April 16th, 2024
The Catena-X ecosystem thrives based on the unique contributions of its old and new members.
Catena-X, an ecosystem coalition of innovative automotive industry stakeholders has welcomed three new members to advance its new frontiers of data sharing in the industry. According to the issued announcement, the new members include Fetch.ai, Bosch, and BigchainDB, representing the Ocean Protocol. Each of these new stakeholders will contribute their unique experiences to help promote the values of the Catena-X ecosystem in general.
The Catena-X ecosystem is one of the vital areas in which blockchain technology can gain a massive expression in the automotive industry. The platform provides an opportunity for stakeholders in the ecosystem to establish an open, and scalable network for secure, cross-company and standardized information and data exchange based on a concept being developed by Catena-X itself.
The addition of the Ocean Protocol’s BigchainDB, for instance, is sure to let the blockchain startup bring its expertise in Web 3.0 and implementing token-based ecosystems to the multi-stakeholder consortium-led project, a contribution it will offer along with its experience in building open-source communities. The Ocean Protocol is billed to work with the Catena-X unit that focuses on developing the decentralized business models and incentive mechanisms for the Catena-X network.
“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,” said BigchainDB founder Trent McConaghy.
Based on the antecedents of the Ocean Protocol, the startup has a thriving blockchain ecosystem that allows individuals and businesses to easily unlock the value of their data and monetize it through the use of ERC-20 based datatokens.
What Other Catena-X New Members Brings to the Table?
The Catena-X ecosystem thrives based on the unique contributions of its old and new members. Bosch, one of the first allies of Catena-X, will help solve the pain points as it relates to developing the Economics of Things billed to be compatible with the Internet of Things (IoT) infrastructure of the Catena-X ecosystem.
Fetch.ai is an Artificial Intelligence outfit that will bring its expertise in multi-agent systems, artificial intelligence, advanced cryptography and decentralized machine learning to the Catena-X network. Additionally, Fetch.ai will supply the technological know-how to back the development of agent-based “smart” clients, secure and private sharing of information, and base-layer blockchain infrastructure.
“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.”
With the prospect of the respective blockchain applications that will be used to support Catena-X by these three new members, the utility of the technology is all the more expanding.