By
Temitope Olatunji
April 22nd, 2024
Bosch will help Fetch.ai fast-track Web3 adoption in the industry and encourage other industry professionals to join them in this transformative journey.
Bosch and Fetch.ai have announced a partnership in order to establish a Web3-focused foundation – Fetch.ai Foundation, which will focus on researching, developing, and harnessing Web3 tech for real-world applications that will cover mobility, industrial, and consumer domains.
Fetch.ai Foundation will reportedly be anchored in the tenets of transparency, openness, neutrality, and data and tech sovereignty. The Foundation will maintain a three-tier governance structure as explained in the Foundation’s documents and by-laws. The Foundation’s design is inspired by the Linux Foundation, which has shown how decentralized innovation may be achieved at scale while also adopting open-source technologies and supporting ecosystems.
A key design goal for the foundation is to achieve technology pooling so that it may survive independently of the individual foundation participant’s engagement, while also offering influence and clout to those who regularly contribute and rely on the viability of its ecosystem.
The Foundation will enhance the degree of influence on the evolution of its tech and ecosystem based on the active contributions of its members that may be assessed in terms of parameters like provided liquidity, IP, code, and overall usage.
As confirmed in the announcement, Bosch and Fetch.ai are expected to lead the Foundation’s management board and further expand it with other participants from the industry.
From the very beginning, the Fetch.ai Foundation will aim to organically evolve by adopting its primary tenets and design objectives in order to encourage participant growth and contributions from various other participants.
As explained in the update, Bosch and Fetch.ai are committed to making the Foundation and its ecosystem more sustainable by encouraging new participants to join the management board as well as electing management board members according to the provisions outlined in the Foundation’s documents and related by-laws.
Peter Busch, Chairperson of the Fetch.ai Foundation, Bosch, said that they’re one of the worldwide leaders in industrial engineering and mobility solutions. The firm sees the need for smarter technologies and governance in order to address the challenges coming with ever more connected ecosystems regarding safety/security, privacy, and data ownership, Busch added.
He further noted that by combining disruptive Web3, AI, and open-source technologies with the best hardware and software capabilities of the classic engineering corporations, this foundation is the ideal endeavor at the appropriate time. He believes that this initiative gets even more exciting the more other industry partners will join.
Humayun Sheikh, Fetch.ai CEO & Founder, said that this is a promising phase in the platform’s journey as they will see their Web3 tech products enabling real-world industry applications with partners like Bosch.
Sheikh added that Bosch will be helping them fast-track Web3 adoption in the industry and encourage other industry professionals to join them in this transformative journey.
Sheikh pointed out that more industry applications should bring key business opportunities for the existing technology entrepreneurs in the fast-growing Fetch.ai ecosystem
As noted in the announcement, Bosch claims it is a leading supplier of technology and services. Its business operations are divided into key business sectors such as Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology.
As an IoT provider, Bosch provides solutions for smart homes, Industry 4.0, and connected mobility. Bosch says it’s pursuing a vision of mobility that aims to be sustainable, safe, and exciting.
Bosch’s primary objective is to support connected living with products and solutions that contain artificial intelligence (AI) or have been developed with its assistance. Bosch is currently looking at the Web3 technology stack as an enabler to achieve its goals.
As noted in the update, Fetch.ai remains focused on building infrastructure for the Web3 tech stack that will aim to unlock P2P business models. At its core, this Infrastructure includes a modular autonomous economic agent (AEA) technology with the aim to generate economic value for its organization/human/machine owner with limited interference from its owner and AI tooling that offers inferences to agents by supporting collaborative and privacy-preserving machine learning (ML).
This technology is supported by the Fetch Network which can interconnect with other blockchain or distributed ledger technology networks and offers a blockchain-powered economic settlement.