Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The artificial intelligence network for blockchains will join hands with an extensive automotive ecosystem Catena-X comprising some of the biggest industry participants.
In a major announcement, artificial intelligence for blockchains Fetch.ai has recently announced its collaboration with the Catena-X automotive network. Fetch.ai, the decentralized machine learning network aims to enable smart infrastructure built around a decentralized digital economy.
On the other hand, the Catena-X automotive network is an extensive ecosystem comprising automotive manufacturers, suppliers, equipment providers, and dealer associations. Some of the founding members of this network some of the big companies like Volkswagen, Mercedes Benz, BMW Group, Siemens. The goal of this network is to create a uniform standard for information and data sharing across the entire automotive value chain.
Along with all its partners, Catena-X aims at building a digital ecosystem that providers equal collaboration of all the stakeholders. It aims to set up new standards in the automotive value chain along with building greater manufacturing and supply chain efficiency.
All the participants of the Catena-X Network are collectively working for standardizing and accessing data and information. The Catena-X Automotive Network puts a special focus on SMEs. Thus, it aims to reduce the entry barrier of participating companies allowing them to join even with very little IT infrastructure.
Focusing on Five Major Areas of Applications
The first phase of the pilot project for the Catena-X Automotive Network will focus on five areas of application comprising of logistics, quality management, maintenance, sustainability, and supply chain management. In future phases, applications that support production and development have also been planned. The Automotive Alliance said:
“The data network will create an important starting point for the industry to respond more efficiently to the challenges of digital transformation and to make better use of the opportunities offered by digitalisation”.
In addition to it, the Alliance is also planning to integrate the existing structures of the European Automotive Industry. The alliance noted: “Alongside the benefits of greater efficiency in the supply chain, the network participants expect more efficient quality and logistics processes, greater transparency in terms of sustainably reduced CO2 emissions, and simplified master data management.”
This new collaboration between Fetch.ai and Catena-X sets the beginning of a new developmental sector combining the powers of AI, blockchain, and automotive engineering.