The Mercedes Benz Group, is leveraging the Ethereum (ETH) Layer-2 scaling solution Polygon to launch a blockchain-based platform.
Using Polygon
Daimler South East Asia, which is part of the Mercedes Benz Group, is leveraging the Ethereum Layer-2 scaling solution Polygon to launch a blockchain-based data sharing platform.
The platform called Acentrik allows companies to buy and sell data. Acentrik was launched by a Mercedes-Benz employee. The platform can be used to trade a variety of data, ranging from insurance information to clinical trials.
Unlike most platforms with similar initiatives, Acentrik’s data is not stored on the blockchain. According to the Ledger Insight Report a non-fungible token (NFT) is used to represent each dataset.
The buying and selling of the data will be conducted on the Polygon and Ethereum Rinkeby test network. To protect the monetary value of the data, companies are expected to pay for the data using stablecoins.
However, since transactions are conducted on Polygon, users are required to pay gas fees using the network’s native cryptocurrency, MATIC.
Once the transaction is completed, the buyer can access the data stored on AWS 53 or IPFS.
Sandeep Nailwal, the co-founder of Polygon, celebrated the achievement on Twitter, saying:
“Mercedes Benz is the latest brand to be powered by Polygon!”
The initiative demonstrates the worldwide adoption of the Polygon network. Polygon continues to demonstrate its potential as one of the best blockchain platforms businesses can rely on.
Importance of sharing data
There is a need to share data between different industries, including technology. Machine learning and artificial intelligence need a lot of data to function effectively. Some companies have a lot of data at their disposal that it took them years to collect.
Fortunately, companies that don’t have the privilege of starting early can take advantage of the data-sharing initiative.
Trent McConaghy, the co-founder of Ocean Protocol, revealed in an interview that Waymo, Google’s self-driving car initiative, is ahead of other ventures simply because it’s been working on the solution for years.
Polygon’s currency MATIC is up more than 9% in the past 24 hours. MATIC is currently trading at a price of $0.88 on major cryptocurrency exchanges, including Binance and Coinbase.
