By
Temitope Olatunji
April 22nd, 2024
As part of its collaboration with the Fetch.ai Foundation, Deutsche Telekom’s MMS will take part in Europe’s largest IoT and AI hackathon, the Bosch Connected Experience (BCX), scheduled for February 28 and 29.
On February 13, Deutsche Telekom, a leading European telecommunications company, announced a strategic partnership with the Fetch.ai Foundation to drive the progress of artificial intelligence (AI) technology.
The collaboration makes Deutsche Telekom the first official corporate partner of the Fetch.ai Foundation, with a shared goal of accelerating the adoption of AI and Web3 solutions.
Deutsche Telekom’s Subsidiary to Serve as a Validator
Launched in February 2023 by Bosch and Fetch.ai as a non-profit organization in the Netherlands, the Fetch.ai Foundation is dedicated to promoting state-of-the-art AI and Web3 technologies within the Fetch.ai network.
The foundation was established with $100 million in funding to focus on creating an open and accessible platform. At the time, Bosch revealed that the foundation aims to empower a broad user base to harness the potential of these cutting-edge technologies.
One year after its launch, Fetch.ai Foundation has now secured its inaugural partner, Deutsche Telekom. According to the official announcement, Deutsche Telekom’s subsidiary MMS will play a pivotal role in the collaboration, serving as both a member and validator within the Fetch.ai network.
As a validator, MMS will ensure the security and reliability of the decentralized blockchain protocol and safeguard the integration process of devices, individuals, and services into the Fetch.ai ecosystem.
“The collaboration between Deutsche Telekom, Fetch.ai, and Bosch is groundbreaking and combines industrial applications with the Internet of Things. Autonomous agents will automate industrial services, simplify processes, and make them secure and scalable thanks to blockchain technology,” said Dirk Röder, a senior executive at Deutsche Telekom MMS.
A Significant Milestone Achievement
As part of its collaboration with the Fetch.ai Foundation, Deutsche Telekom’s MMS will take part in Europe’s largest IoT and AI hackathon, the Bosch Connected Experience (BCX), scheduled for February 28 and 29.
The event is aimed at producing new ideas for the development of Fetch.ai blockchain. The network is built atop the Cosmos ecosystem as an open-source platform that allows developers to access its source codes. Buoyed by the news of the partnership with Deutsche Telekom, the network’s native cryptocurrency FET rose 8.30% to reach $0.6783 at press time.
Humayun Sheikh, CEO of Fetch.ai, hailed the new alliance as a crucial milestone for the company, highlighting its significance in advancing the integration of real-world use cases into the existing network.
“This partnership is a significant milestone for Fetch.ai. Through research, development, and practical application of agents, AI, and decentralized Web3 technologies, real-world use cases can be integrated to enhance the existing network,” he said.
Peter Busch, the chairman of the Board of the Fetch.ai Foundation, echoed the same sentiment as Sheikh, noting that the partnership is an “important step” in advancing the topic of AI and Web3.