Both Bosch, as well as Fetch.ai grab the opportunity of coming out with their official announcement of having forged an extremely beneficial partnership. According to their plan of action, both of the entities will be actively engaged in the creation of a new Web3 foundation, the Fetch.ai Foundation.
The aim and intention behind this is to be able to conduct research, as well as develop and control Web3 technology in terms of real-time use cases. This will cover factors such as mobility, industrial, as well as consumer domains.
Bosch, as an entity, happens to be a leader in the offering of technology, as well as in related services. Its overall functions are mainly spread over four verticals, mobility solutions, industrial technology, consumer goods and energy, and building technology.
It also happens to be a top provider of IoT, offering innovative solutions related to smart homes, industry 4.0, and connected mobility. On the other hand, Fetch.ai is actively engaged in the creation of a framework related to the Web3 technology stack, which will open the doors for new peer-to-peer (P2P) business modules.
It will happen to be the responsibility of the Fetch.ai Foundation to ensure matters related to clarity, openness, and remaining neutrality, along with data and technology leadership. It will provide a three-layered governance framework. Its structure happens to have been taken from the Linux Foundation, which has been able to work upon the fact that it is indeed possible for decentralized innovation to be attainable, along with the adoption of open-source technologies and ecosystems.
The Foundation will also require technology pooling without the help of the individual foundation participant. It also will need to give a boost to those who happen to be connected with its ecosystem.
It will maximize the effect on the expansion of its technology, along with the ecosystem, depending on the contributions made by its members. This will duly be measured in terms of provided liquidity, IP, code, and also utility.
Right from the start of the partnership, both of the entities will be heading the management board of the Foundation, with the view of moving forward with the help of other players in the industry.
According to the Chairperson of Fetch.ai Foundation, Peter Busch, the company happens to be one of the absolute top-of-the-line industrial, as well as mobility solutions globally.
In his opinion, there happens to be a tremendous requirement for better technologies and governance in order to be able to face the many obstacles that come with further connected ecosystems. The answer to this happens to be the combination of disrupting Web3, along with Ai, as well as Open-source technologies.
In the case of the CEO and Founder of Fetch.ai, Humayun Sheikh, this partnership will help in the boosting of Web3 adoption, where the overall industry is concerned, and bring in more industry participants in their direction. This will, in turn, be instrumental in the creation of further business options in the case of the present tech entrepreneurs within the Fetch.ai ecosystem.