Bosch is interested in the Economy of Things in which IoT and smart devices share data on a network, enabling autonomous decisions to be made. That could be an autonomous car deciding on the best parking space or negotiating an optimal deal for recharging an electric car.
Machine learning is needed to make these decisions, meaning data needs to be shared. Doing this in a privacy preserving manner often requires federated learning. That involves a device running a learning model locally and sending back a result without sharing the underlying private data.
Blockchain or web3 enables devices to transact with each other without intermediaries.
Fetch has a concept of Autonomous Economic Agents (AEA), which are sensor-driven devices that are both self-learning and capable of automatically transacting.
Bosch has been working with Fetch since 2019 and has been operating a node on its public blockchain since Fetch deployed its live network in early 2021.
“Our Economy of Things research focuses in particular on the latest Web3 technologies and the AI methodology of collaborative learning,” said Bosch’s Thomas Kropf. “This AI methodology is reliant on decentralized structures in order to learn from data from highly networked, multi-stakeholder systems. To this end, with the fetch.ai Foundation, we are creating a digital infrastructure with fair governance that will enable the Bosch divisions to implement complex digital business models – especially those that are based on close collaboration with customers, partners, and competitors.”
Initially, Fetch and Bosch will jointly chair the Foundation with a view to decentralizing it further.
As a public blockchain, Fetch has a token. Its price has risen by 5% today but is up almost 350% since the start of January.