Mercedes Benz taps Polygon to develop a data-sharing platform

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

Polygon (MATIC) partners with Mercedes Benz

Daimler South East Asia’s new data-sharing platform, Acentrik, will allow firms to buy and sell data in a decentralised manner.

Though it is a Mercedes-Benz affiliate product, the blockchain network will also be used to exchange data from a range of enterprises, including insurance information, scientific investigations, and clinical trials data.

Acentrik is developed primarily for corporate users, with Know Your Business and other stringent access controls. Instead of storing the data on the blockchain, each dataset is represented by a non-fungible token (NFT), along with a metadata hash.

Mercedes-Benz and Polygon to develop a platform for data exchange

While customers can pay for data with a stablecoin rather than a cryptocurrency, transactions will take place on the public blockchains Polygon or the Ethereum Rinkeby test network.

However, Polygon gas prices must be paid in MATIC, Polygon’s native token.

After all essential payments have been done, the underlying data can be stored on IPFS or AWS S3.

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 the 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.

Likewise, a month ago, automobile giant Bentley also announced its NFT Collection.