Mercedes-Benz Taps Polygon To Develop A Platform For Data Exchange

Daimler South East Asia, part of the Mercedes Benz Group, introduced a blockchain-based data sharing network called Acentrik that is specifically designed for corporate users.

The new project will let businesses purchase and sell data in a decentralized setting.

Polygon, an Ethereum Layer-2 scaling solution, will help execute transactions.

The blockchain network will also be utilized to exchange data from a variety of businesses, including insurance information, scientific studies and clinical trials data, through a Mercedes-Benz affiliate product. Instead of the data being stored on the blockchain, a non-fungible token (NFT) represents each dataset and a metadata hash is stored with it.

Although users have the option of using a stablecoin rather than a cryptocurrency to pay for data, transactions will be carried out on the public blockchains Polygon or the Ethereum Rinkeby test network.

However, Polygon gas costs must be paid using MATIC, the native token of Polygon.

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

"Mercedes Benz, is the latest brand to be Powered By Polygon Onwards!” Polygon co-founder Sandeep Nailwal said via Twitter.

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.