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Business News/ Companies / News/  Mercedes-Benz and Polygon to develop a platform for data exchange
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Mercedes-Benz and Polygon to develop a platform for data exchange

The new data-sharing platform from Daimler South East Asia, called Acentrik, will let businesses purchase and sell data in a decentralized setting

AFPPremium
AFP

A blockchain-based data sharing network has been introduced by Daimler South East Asia, a part of the Mercedes Benz Group, using Polygon, an Ethereum Layer-2 scaling solution.

The new data-sharing platform from Daimler South East Asia, called Acentrik, will let businesses purchase and sell data in a decentralized setting.

The blockchain network will also be utilized to exchange data from a variety of businesses, including insurance information, scientific studies, and clinical trials data, though it is a Mercedes-Benz affiliate product.

Acentrik is specifically designed for corporate users, with Know Your Business and other robust access restrictions. Instead of the data being stored on the blockchain, a non-fungible token (NFT) represents each dataset and a metadata hash is stored with it.

Polygon to execute transactions

Although users have the option of using a stablecoin rather than a cryptocurrency to pay for data, transactions will be carried out on the public blockchains Polygon or the Ethereum Rinkeby test network.

However, Polygon gas costs must be paid using MATIC, the native token of Polygon.

The underlying data can be stored on IPFS or AWS S3 after all the necessary payments are made.

Commenting on the development, co-founder of Polygon, Sandeep Nailwal, on Twitter said, Mercedes Benz, is the latest brand to be Powered By Polygon Onwards!"

MATIC surges 10% following announcement

Following the announcement, MATIC's price increased by 10% to a day high of $0.90.

It is currently trading up about 9% at 0.88, according to data from CoinGecko.

 

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Published: 28 Jul 2022, 09:05 PM IST
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