Mercedes-Benz and Polygon (MATIC) are working together to launch a platform for sharing data.
Daimler South East Asia, which is part of the Mercedes-Benz Group, has launched a blockchain-based platform for sharing data that uses the Polygon scaling solution for Ethereum Layer-2.
Businesses will be able to buy and sell data through the Acentrik platform. Even though Acentrik was started by a Mercedes-Benz employee, the blockchain platform can be used to trade many different kinds of data, such as information about insurance and clinical trials.
Most platforms with similar projects store their data on the blockchain, but Acentrik does not. The Ledger Insight report says that a non-fungible token (NFT) and a metadata hash are used to represent each dataset.
The use of polygons by the Initiative
According to the report, the data will be bought and sold on the Polygon and Ethereum Rinkeby test networks. As a way to protect the monetary value of the data, enterprises are expected to pay for it with stablecoins.
But since transactions will happen on Polygon, users will have to pay gas fees in MATIC, which is the native cryptocurrency of the network.
When the deal is done, the buyer will be able to access the data that is stored on AWS 53 or IPFS.
On Twitter, Polygon’s co-founder Sandeep Nailwal praised the success by writing:
“Polygon will now be the company that runs Mercedes-Benz!”
The initiative shows that many leading brands are using the Polygon network. Polygon keeps showing that it has the potential to be one of the best blockchain platforms that businesses can use.
Sharing information is important in many fields, including technology. For machine learning and artificial intelligence to work well, they need a lot of data. Some businesses have a lot of data that they’ve been collecting for years, while others didn’t start early enough.
The data sharing program is good because it can help organizations that didn’t have the chance to start early.
Trent McConaghy, co-founder of Ocean Protocol, said in an interview that Google’s self-driving vehicle project Waymo is ahead of competitors because it has been working on the problem for years.
In 24 hours, MATIC goes up by 10 percent.
Coingecko data shows that MATIC, Polygon’s native cryptocurrency, is up more than 10% in the last 24 hours after a quick comeback on the market.
At the time this article was written, Binance, Coinbase, and other large cryptocurrency exchanges sold MATIC for $0.88.