Fetch.ai Partners with Bosch to form a Web3 Foundation to Promote Industrial Applications

Fetch.ai Foundation will focus on the tenets of transparency, openness, neutrality, and data and technology sovereignty. The Foundation will maintain a three-tier governance structure as stated in the Foundation’s articles and by-laws. The Foundation’s design has been influenced by the Linux Foundation, which has demonstrated how decentralized innovation is realized at scale while taking advantage of the benefits of open-source technologies and ecosystems.

A vital design objective for the foundation is to achieve technology pooling so that it is able to survive independent of the foundation participant’s engagement, while also offering clout to those who contribute and depend on the overall sustainability of its ecosystem. 

The Foundation says it will aim to optimize the degree of influence on the evolution of its tech and ecosystem based on regular participation of its members that may be assessed in terms of parameters including provided liquidity, IP, code, and usage.

Bosch and Fetch.ai are planning to lead the Foundation’s management board and are preparing to expand it with other participants from the nascent industry. As explained in the announcement, the Fetch.ai Foundation will evolve by adopting its core tenets and design goals to encourage participant growth as well as encouraging consistent contributions from new participants. 

Bosch and Fetch.ai aim to make the Foundation and its ecosystem sustainable and truly independent by getting even more participants to join the management board. They also plan to elect new management board members as per the guidelines outlined in the Foundations documents and by-laws.

Peter Busch, Chairperson of the Fetch.ai Foundation, Bosch, said that the firm is one of the world leaders in industrial engineering and mobility solutions. Busch also stated that the company realizes the considerable requirement for smarter technologies and governance to deal with the challenges coming with more connected ecosystems regarding safety/security, privacy and data ownership. 

He added: “In combining disruptive 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!”

Humayun Sheikh, Fetch.ai CEO & Founder said that this is an important phase in Fetch.ai’s journey as they should see their Web3 technology products supporting real-world industry applications with partners like Bosch. 

Sheikh also shared: “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.“