A blockchain-based data-sharing platform known as Ocean Protocol united with Daimler. The collaboration is based on how the Mercedes maker could apply Blockchain to monetize data streams inside the organization and across its supply chains. Ocean, the Singapore-based company, has developed a proof-of-concept with Daimler exploring the decentralized sharing of data, including sales and financial metrics.
Ocean Protocol, which is a blockchain-oriented platform, has finalized a proof-of-concept (PoC) with Daimler, presenting how the Mercedes maker can undertake monetization of data streams within the company and across its supply chains.
Daimler’s technology VP conveyed their belief in the power of Blockchain to unveil the value of data in a decentralized manner. He also expressed that the collaboration with Ocean would enable them to build a secure venture B2B marketplace of data to monetize and allow data to function.
Mercedes & Ocean
Car companies, including Daimler, BMW, General Motors have always been on the frontline to test new technologies, and they did not stand still at the emergence of blockchain technology. An organization of the size such as Daimler itself have enough capacity to spare enough money to harmonize software, security measures and various categories of administration.
Ocean company’s founder Bruce Pon previously worked in the Daimler’s IT department and believed that the IT department could be transformed into the company’s profit centre.
The Original Equipment Manufacturers or OEMs and Car manufacturing companies have now realized the potential of data being at their fingertips and strive for extracting more value from it. This might be the sensor data produced by car itself, and the upcoming technology of autonomous vehicles or the data consumed by the passengers within the car.
The decentralized data distribution system through the implementation of Blockchain provides an excellent proposition for these car people. Pon, on indulging in brainstorming with the carmakers conveys that this could transform the entire supply chain system with the possible occurrence of first data-market based subsidies.
Ocean uses federated machine learning which is their secret ingredient for preserving privacy.
This machine learning approach is developed so that there is no direct access to training data which ensures that data persists in its original location, for example, beneath the company’s firewalls.
