HomeCrypto NewsMarketMercedes Benz Taps Polygon (MATIC) to Launch Data Sharing Platform 

Mercedes Benz Taps Polygon (MATIC) to Launch Data Sharing Platform 


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Polygon’s widespread adoption across various sectors continues to gain momentum. 

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Daimler South East Asia, part of the Mercedes Benz Group, has leveraged Ethereum Layer-2 scaling solution Polygon to launch a blockchain-based data sharing platform. 

The platform dubbed Acentrik will enable enterprises to buy and sell data. Although Acentrik was launched by a Mercedes-Benz associate, the blockchain platform can be used to trade different data ranging from insurance information to clinical trials, among others. 

Unlike most platforms with similar initiatives, Acentrik’s data are not stored on the blockchain. According to the Ledger Insight report, a non-fungible token (NFT) is used to represent each dataset, with a metadata hash stored with it. 

Polygon’s Use in the Initiative

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Buying and selling of the data will be conducted on Polygon and Ethereum Rinkeby test network, the report adds. As part of efforts to protect the monetary value of the data, enterprises are expected to make payments for the data using stablecoins. 

However, since transactions are conducted on Polygon, users will be required to pay gas fees using the network’s native cryptocurrency, MATIC. 

Once the transaction is complete, the buyer can access the underlying data stored on AWS 53 or IPFS. 

Meanwhile, Sandeep Nailwal, the co-founder of Polygon, took to Twitter to celebrate the feat, saying: 

“Mercedes Benz is the latest brand to be Powered By Polygon Onwards!” 

The initiative further showcases the widespread adoption of the Polygon network by top brands. Polygon continues to showcase its potential as one of the top blockchain platforms enterprises can rely on. 

Data Sharing Importance

There is a need for data sharing across various industries, including tech. Machine learning and Artificial Intelligence require a lot of data to function effectively. Some enterprises have enough data at their disposal, which took them years to gather, while others are not lucky enough to start early. 

Fortunately, enterprises that are not privileged to start early can take advantage of the data sharing initiative. 

Trent McConaghy, the co-founder of Ocean Protocol, disclosed in an interview that Google’s self-driving car initiative Waymo is ahead of other enterprises simply because it has been working on the solution for years. 

MATIC Soars Over 10% in 24 Hours

Meanwhile, MATIC, the native cryptocurrency of Polygon, is up over 10% in the last 24 hours after a quick market rebound, according to data from Coingecko

At press time, MATIC was trading at $0.88 across major cryptocurrency exchanges, including Binance and Coinbase. 

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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