Mercedes Benz to leverage Polygon blockchain for data sharing, MATIC up 10%

  • Mercedez Benz said that it will use the Acentrik blockchain solution to conduct 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 South East Asia wing of Daimler Group, Mercedez Benz’s parent firm, announced that it will be leveraging the Ethereum Layer-2 scalability platform Polygon for launching its blockchain-based data sharing platform.

The platform, dubbed Acentrik will allow users to buy and sell data. This blockchain platform will allow users to trade different data including insurance information, clinical trials, and much more. For users concerned about privacy, they can share data in a privacy-preserving manner just for calculating results but without sharing the underlying results.

Acentrik is certainly not the first blockchain-based data-sharing initiative to leverage 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 buying and selling of data shall continue on the Rinkeby test network. Besides, enterprises are also looking at preserving the monetary value of data. They are doing this by making payments 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 fee using the network’s native cryptocurrency MATIC. Upon completing the transaction, the buyer can access the underlying data stored on AWS53 or IPFS.

Speaking about the matter, 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 for Polygon among widespread brands. Thus, Polygon is emerging as one of the top blockchain platforms among enterprises.

Data sharing through blockchain

Data sharing has been a very sensitive matter in the current world of the internet explosion. However, with online services growing, the need for data sharing has exploded across various industries, including tech. Next-generation technologies such as artificial intelligence require a lot of data to function effectively.

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

This will certainly help them gain standing 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 a roll recently. In the last 24 hours, the MATIC price shot up by over 10 percent with the cryptocurrency now trading at 88 cents. On the development front, the Polygon blockchain recently introduced its zkEVM solution that offers a significantly higher throughput while maintaining the Ethereum network security.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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