German engineering and technology company Bosch has partnered with Fetch.ai, an interchain protocol and AI-backed blockchain environment to establish Fetch.ai Foundation to research, develop, and commercialise Web3 technologies.
The partnership will also fund the research and development of decentralised technologies for practical applications in real-life use cases as well as stimulate industry adoption of cutting-edge software including AI and Web3.
Humayun Sheikh, Fetch.ai CEO and founder commented, “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.”
The Foundation will consist of three-tier governance structures, “as outlined in the Foundation’s articles and by-laws,” with a design that’s inspired by the Linux Foundation and has shown how decentralised innovation can be achieved at scale when open source technologies and ecosystems are embraced.
In outlining the possibilities opened up by the foundation model, Peter Busch, one of the Bosch representatives on the fetch.ai Foundation Council said, “The emerging network combines innovative Web3, AI, and open-source technologies with the tried-and-tested software and hardware capabilities of traditional technology and mechanical engineering companies. This demonstrates that shared knowledge generates added value, and that major advances in information technology give rise to actual industrial applications.”
Busch added that the foundation’s board will include members from both Fetch.ai and Bosch and will work towards financing specific businesses and companies in the industrial AI sector.
The newly established foundation will seek to attract more participants as well as enhance the current technical applications that are being utilised through active contributions and participation from its members.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
