- Fetch.ai has teamed up with Bosch to explore Web 3.0 applications
- The consumer giant will work with the blockchain company to develop its Economy of things initiative
- Bosch has previously partnered with Iota in a similar vein
Consumer electronics giant Bosch announced yesterday that it has teamed up with blockchain AI firm Fetch.ai to launch the Economy of Things. Bosch and Fetch.ai will work together on joint projects to lay the groundwork for Bosch’s Economy of Things program, a new economy made possible through the advancements in Web 3.0. The FET token jumped 12% on the announcement, which represents yet another effort from Bosch to join the blockchain space following other trials in previous years.
We are thrilled to announce that @Fetch_ai, in collaboration with our partner @BoschGlobal, are forming a new https://t.co/kJ9URVpOul Foundation to boost development of #industrial applications based on #AI and #Web3 technologies!
👉 https://t.co/w1JDSrG2lo pic.twitter.com/AuL6S1RuSL
— Fetch.ai (@Fetch_ai) February 21, 2023
Big Coup for Fetch.ai
Fetch.ai gained notoriety in 2019 when it raised $6 million in just ten seconds following its launch on the Binance Launchpad, and the value of its FET token has been rocketing in recent weeks thanks to the AI battle between the likes of Microsoft and Google. It now has a partnership feather to put in its cap, thanks to the deal with Bosch, which will use AI, machine learning, and agent technology, combined with intelligent and semi-autonomous software, to allow technical objects to transform into economic subjects.
Bosch says that advantages of utilizing an Economy of Things are evident, as it allows individuals to offload numerous decisions to machines, resulting in individuals benefiting from networked, intelligent devices that continuously share and analyze data. These machines are capable of considering more factors than what human intellectual capacity can handle when making intricate decisions.
Bosch Has Previous With Blockchain Companies
Bosch and Fetch.ai have been collaborating since 2019 when Bosch joined a Fetch.ai test network, and as of 2021 the blockchain company has worked with Bosch Research to conduct research and development together, implementing Bosch’s solutions for mobility and smart homes on the platform.
Bosch has previously partnered with Iota, although it’s not clear if the company is still working on that aspect of blockchain technology, and it will hope that its move into Web 3.0 with Fetch.ai is more fruitful.