Fetch.ai Cooperates With Bosch To Form New Web3 Foundation
- Bosch and Fetch.ai are teaming up to create a new foundation called the Fetch.ai Foundation.
- The Fetch.ai Foundation will research and develop Web3.
- In addition to improving existing in-use technological applications based on active contributions and involvement from its members, the foundation seeks to promote participant growth and contributions from new participants.
Bosch and Fetch.ai announced the establishment of a new partnership to form a new Web3 foundation – Fetch.ai Foundation, which aims to research, develop and utilize Web3 technology for Real-world use cases across mobile, industrial and consumer.
The Fetch.ai Foundation will be based on the core principles of transparency, openness, neutrality, and data and technology sovereignty. Initially, Bosch and Fetch.ai will lead the foundation’s governing board and seek to expand the foundation alongside other key players in the industry.
The Fetch.ai Foundation will conduct research and develop Web3, the third iteration of the internet-driven blockchain, for practical applications in consumer, business, and industrial sectors. It will feature a three-tier governance structure that is based on the decentralized innovation model of the Linux Foundation.
Peter Busch, Chairperson of the Fetch.ai Foundation, Bosch said:
“Bosch as one of the world wide 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!”
It is reported that Bosch is a world-leading technology and service provider, and its business is divided into four business units: mobile solutions, industrial technology, consumer goods, and energy and building technology.
The strategic objective is to facilitate connected living through products and solutions that incorporate or are developed or manufactured with artificial intelligence (AI), using the Web3 technology stack as an enabler to achieve its strategic objectives.
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