Mercedes Benz to Leverage 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 branch of the Daimler Group, the parent company of Mercedez Benz, has announced that it will leverage the Ethereum Layer-2 Polygon scalability platform to launch its data sharing platform based on the blockchain.

The platform, dubbed Acentrik, will allow users to buy and sell data. This blockchain platform will allow users to exchange different data including insurance information, clinical trials and much more. For privacy-conscious users, they can share data in a privacy-preserving way only to calculate the results, but not share the underlying results.

Acentrik is certainly not the first blockchain-based data sharing initiative to take advantage of 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 Ledger Insights report notes that buying and selling of data will continue on the Rinkeby testnet. In addition, companies are also looking to preserve the monetary value of data. They do this by making payments for data using fiat-pegged stablecoins.

Interestingly, all transactions will occur on the Polygon blockchain network. Thus, users will have to pay gas fees using the native cryptocurrency of the MATIC network. Once the transaction is complete, the buyer can access the underlying data stored on AWS53 or IPFS.

Speaking on the subject, Sandeep Nailwal, the co-founder of Polygon, said: “Mercedes Benz is the latest brand to be Powered By Polygon Onwards!”

The initiative showcases the growing trust in Polygon among the most popular brands. Thus, Polygon is becoming one of the best blockchain platforms among enterprises.

Data sharing via blockchain

Data sharing is a very sensitive issue in today’s world of internet explosion. However, with the growth of online services, the need for data sharing has exploded in various sectors, including technology. Next-generation technologies such as artificial intelligence require a lot of data to operate effectively.

On the other hand, big tech organizations have amassed huge data that has taken them years and decades to gather. However, companies that weren’t lucky enough to join early can be part of the blockchain-based data sharing initiative.

This will definitely help them gain traction in this data-driven competitive world. In addition, sharing data through the blockchain guarantees greater security and privacy for users.

MATIC price pulls 10%

Polygon’s native cryptocurrency, MATIC, recently launched. In the past 24 hours, the MATIC price has climbed over 10%, with the cryptocurrency now trading at 88 cents. On the development side, the Polygon blockchain recently introduced its zkEVM solution which offers significantly higher throughput while maintaining the security of the Ethereum network.

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