Mercedes Benz will leverage the Polygon blockchain for data sharing
- Mercedez Benz said it will use the Acentrik blockchain solution to perform all transactions on the Polygon blockchain.
- Acentrik uses a non-fungible token (NFT) to represent each dataset, along with a metadata hash stored with it.
The Southeast Asia wing of Daimler Group, Mercedes Benz’s parent company, announced that it will leverage the Ethereum Layer-2 scalability platform Polygon to launch its blockchain-based data sharing platform.
The platform, called Acentrik, will allow users to buy and sell data. This blockchain platform will allow users to trade various data including insurance information, clinical trials and much more. For users who are concerned about privacy, they can share data in a privacy-preserving way just to calculate results, but without sharing the underlying results.
Mercedes Benz @MercedesBenz is the last mark to be #PoweredByPolygon
And further!
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) 27 July 2022
Acentrik is certainly not the first blockchain-based data sharing initiative to utilize blockchain technology. However, unlike other players, Acentrik uses a non-fungible token (NFT) to represent each dataset, along with a metadata hash stored with it.
The report from Ledger Insights notes that the buying and selling of data will continue on the Rinkeby test network. Moreover, companies are also looking at preserving the economic value of data. They do this by paying for the data using fiat-pegged stablecoins.
Interestingly, all the transactions will happen on the Polygon blockchain network. Thus, users will have to pay the gas tax using the network’s native cryptocurrency MATIC. After completing the transaction, the buyer can access the underlying data stored on AWS53 or IPFS.
Sandeep Nailwal, the co-founder of Polygon, said on the matter: “Mercedes Benz is the last brand powered by Polygon and beyond!”
The initiative shows the growing trust in Polygon among mainstream brands. Thus, Polygon emerges as one of the best blockchain platforms among companies.
Data sharing through blockchain
Data sharing has been a very sensitive issue in the current world of internet explosion. But with the rise of online services, the need for data sharing has exploded across various industries, including technology. Next-generation technologies such as artificial intelligence require a lot of data to work effectively.
On the other hand, big tech organizations have amassed huge data that took them years and decades to collect. However, companies that have not been lucky enough to join early can be part of the blockchain-based data sharing initiative.
This will certainly help them gain status in this highly data-driven competitive world. Furthermore, data sharing through blockchain ensures greater security and privacy for users.
MATIC Price shoots 10%
Polygon’s native cryptocurrency MATIC has been on the move recently. Over the past 24 hours, the MATIC price has shot up by over 10 percent with the cryptocurrency now trading at 88 cents. On the development front, Polygon blockchain recently introduced its zkEVM solution that offers a significantly higher throughput while maintaining Ethereum network security.
