It continues to gain momentum with increased adoption of Polygon across various industries. being part of the group Daimler South East Asia leveraged Polygon for its Ethereum Layer-2 scaling solution to launch a blockchain-based data sharing platform.
Called Centric, the platform will enable businesses to buy and sell data. Although an Acentric Mercedes-Benz Although it was started by its partner, the blockchain platform can also be used to trade different data, from insurance information to clinical research.
Unlike most platforms with similar initiatives, acentric It does not store data on the blockchain. According to the Ledger Insight report, an NFT is used to represent each dataset, which can be stored with a metadata hash.
Polygon’s Usage Scenario Increases
The report states that the buying and selling of data with Polygon and Ethereum It is stated that it will be carried out on the Rinkeby testnet. As part of efforts to preserve the monetary value of data, businesses are expected to pay for data using stablecoins.
However, since transactions are processed on Polygon, users are required to pay gas fees using the network’s native cryptocurrency, MATIC. After the transaction is complete, the receiver can access the underlying data stored in AWS 53 or IPFS. Meanwhile, Polygon co-founder Sandeep Nailwal shared a tweet to celebrate the success.
“Mercedes Benz is the newest brand powered by Polygon!”
Mercedes Benz @MercedesBenz is the latest brand to be #PoweredByPolygon
Onwards!https://t.co/41kXlEYavs
— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) July 27, 2022
The initiative further showcases the widespread adoption of the Polygon network by top brands. Polygon continues to showcase its potential as one of the best blockchain platforms businesses can trust.
Importance of Data Sharing
There is a need for data sharing in various industries, including technology. Technologies like machine learning and Artificial Intelligence require a lot of data to work effectively. Some businesses have enough data on hand, it took them years to collect that data, while some companies weren’t lucky enough to start early.
Fortunately, businesses that do not have the early start privilege can benefit from the data sharing initiative.
Ocean Protocol co-founder Trent McConaghy explained in an interview that Google’s self-driving car startup Waymo is ahead of other businesses as it has been working on the solution for years.
MATIC Rises Over 10% in 24 Hours
At the same time, Polygon’s native cryptocurrency, MATIC, has gained over 10% in the last 24 hours after a rapid market recovery, according to data from Coinecko.
At press time, MATIC was trading at $0.88 on major cryptocurrency exchanges, including Finance and Coinbase.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.