Fetch.ai and Bosch are working together on a project to encourage the adoption of blockchain technology for practical use cases.
This effort intends to put industry 4.0, the following stage of the global industrial revolution, at the center of the drive toward web3. According to a statement made on February 21, Fetch.ai and Bosch have joined together to create the Fetch.ai Foundation.
The duty of investigating, creating, and utilizing the application of web3-based technologies for practical use cases across many industrial sectors will fall to the Fetch.ai Foundation.
According to the release, the Fetch.ai Foundation will function on a three-tier governance system. The bylaws for this institution will be modeled after those of the Linux Foundation.
This governance structure aims to show how decentralized innovation can be effective at a scale that can significantly alter the global industrial environment.
According to the release, the organization wants to achieve “technology pooling.” To achieve this purpose and make sure the group is independent of Fetch.ai and Bosch’s influence, the Foundation will be working to go beyond the capacities of each of its members. Chairman of the Fetch.ai Foundation Peter Busch stated:
“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!”
The leadership group of the foundation will be made up of Fetch.ai and Bosch. The partnership between Fetch.ai and Bosch is the most recent in a long line of initiatives designed to encourage the widespread use of web3 technology.
The Japanese blockchain project Astar Network worked with Fukuoka city to improve the use case and acceptance, as previously reported by crypto.news in October 2022. To speed up the development and adoption of web3 in the region, Binance also collaborated with two fintech companies in South America.
