German multinational engineering and technology company, Bosch Global has announced its plans to collaborate with Fetch.ai, an open-source decentralized blockchain network to launch a fully functional blockchain network.
What The Collaboration Entails
As per the details of the deal contained in the press release published by Bosch global, the company will evaluate Fetch.ai’s collective learning technology as a key enabler in their plans for secure and trustworthy AI-enabled devices. The Artificial Intelligence of Things (AIoT) initiatives will create smart products that autonomously fulfill the needs of businesses and consumers.
Both companies will integrate each other’s technological specialties to transform the digital technologies using distributed ledger technologies. The Gerlingen based firm said that it will test some key-features on the testnet until the end of February 2021.
Jonathan Ward, the CTO of Fetch.ai commented on the deal;
“We have been working with Bosch for some time towards our shared vision of building open, fair, and transparent digital ecosystems. I’m delighted to be able to announce the first public step in bringing these technologies into the real world. We’re looking forward to working further with Bosch to bring about the wide adoption of these ground-breaking innovations, which will hugely benefit consumers and businesses in many industries including automotive, manufacturing, and healthcare.”
In its bid to advance the speedy development and products centered on the “Economy of Things” (EoT) project it is pioneering, the Bosch team in charge of the EoT will be deploying a node on the Fetch.ai network, taking advantage of its interoperability features across a range of Web3 technologies.
Bosch’s Dr. Alexander Poddey noted:
“Our collaboration with Fetch.ai spans from the aspects governance and orchestration of DLT based ecosystems, multi agent technologies to collective learning. They share our belief that these elements are crucial to realizing the economic, social, and environmental benefits of IoT technologies.”
Implications of The Bosch-Fetch.ai Partnership
The blockchain and Web3.0 ecosystem is still a relatively young technological innovation that will benefit from embrace from companies across a wide range of sectors.
Bosch Global is a leader in engineering product deliveries and integrating blockchain technology into some of its processes is a great boost to advance the potentials of the entire space. Adopting blockchain technology at this early stage will not only give the tech a headstart toward mainstream adoption but also benefit Bosch, as the market demand for decentralized innovations and solutions is bound to skyrocket in the coming days.
With Bosch at the forefront, the firm’s leadership and revenue through blockchain technology as a pioneer may be unrivaled in the near future.
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