The Fetch.ai Foundation, which will be established through cooperation between Bosch and Fetch.ai, seeks to research, develop, and apply Web3 technology for practical use cases in the consumer, industrial, and mobility domains.
Fetch.ai Foundation to be Established by Bosch and Fetch.ai
The fundamental principles of openness, neutrality, transparency, and data and technological sovereignty will serve as the foundation for the Fetch.ai Foundation. According to the Foundation’s articles and by-laws, the governance structure will be three tiers. The Linux Foundation, which has demonstrated how decentralized innovation can be scaled up while embracing open-source technology and ecosystems, served as an inspiration for the architecture of the Foundation.
A significant design objective for the foundation is to achieve technology pooling so that it can continue to operate without the involvement of any one foundation participant while also giving power and influence to those who contribute to and depend on the ecosystem’s continued existence.
Based on active engagement and contribution from its members, which can be measured in terms of metrics like provided liquidity, IP, code, and usage, the Foundation will maximize the degree of influence on the advancement of its technology and ecosystem.
“Bosch as one of the worldwide leaders in industrial engineering and mobility solutions sees the huge need for smarter technologies and governance to cope with the challenges coming with ever more connected ecosystems regarding safety/security, privacy, and data ownership. In combining disrupting Web3, AI, and Open-Source technologies with the proven world-class hardware and software capabilities of the classic engineering corporations, this foundation is the perfect endeavor at the right time — this gets even more exciting the more other partners will join!”Peter Busch, Chairperson of the Fetch.ai Foundation
“This is an exciting phase in Fetch.ai’s journey as we will see our Web3 tech products enabling real world industry applications with partners such as Bosch. Bosch will also help us fast track Web3 adoption in the industry and encourage other industry players to join us in this journey. More industry applications will also bring new business opportunities for the existing tech entrepreneurs in the Fetch.ai ecosystem.”Humayun Sheikh, Fetch.ai CEO & Founder
The company is a well-known provider of technology and services on a global scale. Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology make up its four business segments. It provides cutting-edge solutions for connected mobility, Industrial 4.0, and smart homes as a top IoT provider. It is pursuing a vision of sustainable, secure, and exciting mobility.
The strategic goal of the company is to enable linked living through the use of products and solutions that either include artificial intelligence (AI) or that have been created or produced with its assistance. The Web3 technology stack is being considered by Bosch as a means of achieving its strategic goal.
To enable new peer-to-peer (P2P) business models, Fetch.ai has been developing infrastructure for the Web3 technology stack. This Infrastructure’s core components are a modular autonomous economic agent (AEA) technology that seeks to produce economic value for its organization, person, or machine owner with little to no interference from its owner and AI tooling that gives agents inferences by supporting cooperative and privacy-preserving machine learning (ML).