Fetch.AI, a Cambridge-based artificial intelligence (AI) and blockchain technology company, has announced a partnership with Bosch to explore the use of AI and web3 technologies in their respective businesses.
The collaboration between Fetch.AI and Bosch will focus on exploring how AI can be used to improve efficiency in industrial processes, as well as how web3 technologies such as distributed ledger technology (DLT) can help create new business models for both companies.
This is not the first time that Fetch.AI has partnered with an industry giant; they have previously collaborated with Microsoft Azure, Amazon Web Services, and IBM Watson to develop solutions for their customers using AI and DLT technologies.
Bosch is one of the world’s leading suppliers of automotive components, home appliances, power tools, security systems and other products across many industries. The German multinational corporation also provides services related to energy management systems for buildings and factories around the world.
The two companies plan to leverage each other’s expertise in order to develop innovative solutions that could benefit both parties by improving operational efficiency while creating new revenue streams through digital transformation initiatives enabled by AI-driven automation platforms powered by web3 technologies like DLT or smart contracts running on public blockchains such as Ethereum or Hyperledger Fabric networks.
By combining Bosch’s extensive experience in engineering hardware components with Fetch’s deep understanding of software development within decentralized ecosystems , this partnership aims at developing cutting edge applications which could revolutionize various sectors ranging from logistics & supply chain management all the way up to healthcare & finance .
This strategic alliance marks another milestone achieved by Fetch towards its mission of building an open access platform where autonomous agents are able to interact securely without relying on centralized intermediaries . It also demonstrates Bosch’s commitment towards embracing emerging technologies which could potentially unlock significant value creation opportunities across multiple industries .
As part of this collaboration , both parties will work together closely over the coming months in order identify areas where existing problems can be solved using advanced machine learning algorithms combined with secure data sharing protocols based on blockchain infrastructure . In addition , they will also look into ways through which these newly developed solutions can be integrated seamlessly into existing enterprise IT architectures so that maximum benefits are derived out from them .
With this announcement , it is clear that both organizations recognize the potential offered by leveraging modern day computing techniques such as Artificial Intelligence & Blockchain Technology when it comes down optimizing operations & unlocking new sources of revenue generation . We expect more collaborations like these going forward since traditional players need support from tech startups if they want stay ahead competition amidst rapidly changing market dynamics caused due advancements made within fields like Machine Learning & Distributed Ledger Technologies respectively .