Mercedes-Benz and Polygon (MATIC) are working jointly to launch a platform for sharing data.
Daimler South East Asia, which is part of the Mercedes-Benz Group, has established a blockchain-based platform for sharing data that uses the Polygon scaling solution for Ethereum Layer-2.
Businesses will be able to purchase and sell data with the help of the Acentrik platform. Even though Acentrik was initiated by a Mercedes-Benz employee, the blockchain platform can be utilized to trade different types of data, such as information about insurance and clinical trials.
The majority of platforms with equivalent projects store their data on the blockchain, but Acentrik does not. It uses NFT and a metadata hash to represent each dataset.
Role of Polygon in this initiative
According to the reports, the data will be purchased and sold on the Polygon and Ethereum Rinkeby test networks. To protect the economic value of the data, companies are expected to pay for it with stablecoins.
But since transactions will occur on Polygon, users will have to bear gas fees in MATIC, which is the native cryptocurrency of the network.
Once the deal is done, the buyer will be able to access the data that is reserved on AWS 53 or IPFS.
On Twitter, Polygon’s CEO Matt Ryan lauded the success, he mentions that the initiative further showcases the overall adoption of the Polygon network by top brands. Polygon continues to showcase its potential as one of the leading blockchain platforms enterprises can rely on.
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Importance of information sharing
Sharing information/data is crucial in many fields, including technology. For machine learning and artificial intelligence to operate well, they require a lot of data. Some businesses have a lot of data that they have been accumulating for years, while others didn’t start early enough.
The data sharing program is useful because it can assist organizations that didn’t have the opportunity to start early.
Trent McConaghy, the co-founder of Ocean Protocol, mentions in an interview that Google’s self-driving vehicle project Waymo is way ahead of competitors because it has been working on the problem for years now.
In 24 hours, MATIC went up by 10 percent. Data shows that MATIC, Polygon’s native cryptocurrency, is up more than 10% in the last 24 hours after a snappy comeback on the market.
At the time of writing the article MATIC was trading around $0.98.
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