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- What – Fetch.AI and Bosch have announced plans to invest $100 million in the next three years to drive the adoption of Web3 technologies.
- Why – Fetch.AI is a decentralized infrastructure provider for Web3, while Bosch is a multinational engineering and technology company.
- What Next – The duo plans to accelerate the adoption of Web3 technologies in the industrial and consumer sectors.
Fetch.AI And Bosch To Power Web3 Adoption
The idea is to drive the adoption of web3 technology, AI, and software agent in several industries. From the announcement, the foundation aims to use Fetch.AI technology to enhance its existing network and provide new Web3-based services to its customers.
The collaboration will create new business opportunities in the automotive, manufacturing, logistics, and supply chain industries. In addition, the partnership will enable Bosch to leverage Fetch.AI’s expertise in decentralized identity, supply chain automation, and machine learning.
Fetch.AI’s CEO, Humayun Sheikh, noted that the team would focus on investing at least $100 million in the AI industry in the next three years. They plan to achieve this through several popular programs, which will contribute to the growth of the industry and other businesses growth. He further beckoned on like-minded industrial players to participate in the foundation, noting that such a move would promote the development of the AI-driven P2P tech stack.
As per the approach, Bosch teams and Fetch.AI will anchor the foundation’s board at launch. The main focus here is to gradually develop a strategy to attract more participants, such as businesses interested in developing an AI-based decentralized digital economy.
Peter Busch, Fetch.AI Foundation’s Chairperson, expressed his thoughts about the approach. According to him, integrating proven standard hardware with disrupting technologies, including software capabilities, will attract more participants to the foundation.
The Previous Partnership in 2021
Meanwhile, this is not the first instance of a partnership between both parties. In 2021, Bosch collaborated with Fetch.AI to transform the digital ecosystem in operation. The parties pioneered this move through DLTs (Distributed Ledger Technologies).
The partnership leveraged Fetch.AI’s decentralized technology to create a secure, trustworthy, and scalable digital infrastructure for the ecosystem. Also, the strategic engineering project of both parties, known as the EoT (Economy of Things), was designed to enable secure, decentralized data sharing and coordination between machines, devices, and services.
Meanwhile, Bosch has been actively exploring the potential of blockchain and distributed ledger technology (DLT) for various use cases in its business operations. These partnerships with Fetch.AI are part of Bosch’s strategic focus on developing innovative solutions for the Industrial Internet of Things (IoT).
Fetch.AI and Bosch collaboration in 2021 involved joint research and development efforts to create scalable and robust decentralized solutions for the digital ecosystem. The partnership was also expected to develop new use cases for AEAs in different domains, such as logistics, supply chain management, and mobility. The duos have been research and development partners to date.
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