Polygon And Mercedes Benz To Develop a Platform For Data Exchange

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

This new platform is called Acentrik, and it will let businesses purchase and sell data in a decentralized setting. The blockchain network will also be used to exchange data from a variety of businesses, including clinical trials data, insurance information, and scientific studies though it is a Mercedes-Benz affiliate product.

The platform is specifically designed for corporate users, with Know Your Business and other robust access restrictions. Instead of the data being stored on the blockchain, NFT represents each dataset and a metadata hash is stored with it.

However, users can use a stablecoin rather than a cryptocurrency to pay for data while the transactions will be carried out on the public blockchains Polygon or the Ethereum Rinkeby test network. The platform asks for Polygon gas costs to be paid using MATC.

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

The co-founder of Polygon, Sandeep Nailwal, said in a tweet that  Mercedes-Benz is the latest brand to be powered by a polygon.

Following the announcement, the price of MATIC surges 10% to a day high of $0.90.

Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.