Tuesday, August 16, 2022

Mercedes-Benz Colaborates With Polygon for Data Sharing

The Takeaway:

Daimler South East Asia will build a blockchain-based data sharing network, a division of the Mercedes-Benz Group, on the Ethereum Layer-2 scaling solution Polygon.

The decision to use Polygon furthers Polygon’s global growth in a variety of industries.

Acentrik, a new data-sharing platform from Daimler South East Asia, will let businesses purchase and sell the information in a decentralized setting.

The blockchain network will also be utilized to trade data from a variety of businesses, like insurance data, clinical trials, and many others, even though it is a Mercedes-Benz affiliate product.

Additionally, unlike the majority of other decentralized data systems of a similar nature, Acentrik’s data won’t be kept on a blockchain. Instead, each data set on the blockchain will be represented by a non-fungible token (NFT). Specific metadata will be stored on each of the NFTs.

MATIC Gets a Boost From Mercedes-Benz

Data exchanges will take place on the Polygon & Ethereum Rinkeby testnets, per sources from Daimler South East Asia. Additionally, companies will be required to utilize stablecoins to make a payment in order to safeguard the monetary worth of data.

However, users will also be obliged to pay gas fees using the MATIC token, which is the native token of Polygon, as the transactions must be performed on that platform.

The data will be available on AWS 53 or IPFS once a user has made all the required payments.

Sandeep Nailwal, the founder of Polygon, praised the feet in a tweet when discussing the progress and stated:

“Mercedes Benz @MercedesBenz is the latest brand to be #PoweredByPolygon”

In response to the news, MATIC price rose by more than 25 % since the announcement of the news. At the time of writing, it was trading atย  $ 0.9779, up by 5 % on daily basis.

MATIC vs USD
MATIC chart vs. USD. The daily candle chart shows a 25 % jump in price in the last three days.
Chart Source: tradingview.com

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Vivekanandan Tiwari
Vivekanandan Tiwari
Vivekanandan is an IT graduate, He loves to write about blockchain-related techs. He is enthusiastic about Financial markets and is always eager to learn.

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