The Southeast Asia wing of Daimler Group, the parent company of Mercedez Benz, announced that it will take advantage of the scalability platform Polygon (MATIC) 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 exchange different data, including insurance information, clinical trials, and much more. For users concerned about privacy, 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 exchange 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 data buying and selling will continue on the Rinkeby testnet. In addition, companies also seek to preserve the monetary value of data. They are doing this by paying for data using fiat-pegged stablecoins.
Interestingly, all transactions will take place on the Polygon blockchain network. Therefore, users will have to pay the gas fee using the native cryptocurrency of the MATIC network. Upon completion of the transaction, the buyer can access the underlying data stored in AWS53 or IPFS.
Speaking on the matter, Polygon co-founder Sandeep Nailwal said:
Mercedes Benz is the latest brand to be powered by Polygon Onwards!
The initiative shows the growing trust in Polygon among mainstream brands. Therefore, Polygon is emerging as one of the top blockchain platforms among businesses.
Data exchange via blockchain
Data sharing has been a very sensitive issue in today’s world of Internet explosion. However, with the growth of online services, the need to share data has skyrocketed across various industries, including technology. Next-generation technologies like artificial intelligence require a lot of data to function effectively.
On the other hand, big tech organizations have amassed a huge amount of data that took 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 undoubtedly help them position themselves in this highly data-driven competitive world. Furthermore, the exchange of data through the blockchain ensures greater security and privacy for users.
MATIC price shoots up 10%
Polygon’s native cryptocurrency MATIC has been on a roll recently. In the last 24 hours, the price of MATIC has shot up more than 10% and the cryptocurrency is now trading at 88 cents. On the development front, Polygon recently introduced its zkEVM solution that offers significantly higher performance while maintaining the security of the Ethereum network..