Oceania Protocol, which was known in 2019 as the world’s first data sharing platform operated by blockchain technology lessening gaps among businesses, is creating waves once more.
The Singapore-based firm has recently partnered with Daimler in a pilot experiment that leads to showing capabilities of Mercedes-bench manufacturer to monetize their data streams internally including their supply chain system.
This also includes connectivity between supply and chain procurement suppliers with whom the company is dealing with.
Daimler’s Stuttgart headquarters and its Singapore manufacturing hub have collaborated to achieve this partnership.
It allows large enterprises to feel more secured about sharing data and developing insights using undiscovered datasets – keeping the focus on the right target.
In a statement of the Daimler’s VP for Technology, Hartmut Mueller, their guidance is the power to decode the value of data in a decentralized manner.
The journey of the company to create a more stringent enterprise security was the among the most prominent reasons in creating partnership with Ocean Protocol.
It aims, as well, the B2B sector who may want to put data into work and put money into a tangible currency.
About Mercedes, There are trends that see an increase in people to get and feel secure.
Carmakers such as Daimler, General Motors, and BMW are currently the top names that are at the forefront to test the proof of concept test-driving blockchain technology.
Some of the data they are currently checking involves vehicle identification among others.
The founder of Ocean Protocol, Bruce Pon said that a certain firm similar can use an estimated $300 million a year just for software, security measures, and other types of administration.
These pain points are addressed by data sharing and transparency, thus saving one’s company from many expenses.
Pon also added that Daimler’s IT department can handle this kind of innovation, and this is something they really want for the longest time.
He is bullish that this blockchain technology, the IT systems of the firm could be converted into a profit center.
The effect of COVID 19 will be a ground of improvements for blockchains with sales and finance data, specifcially internal data sharing.
Pon ended by saying that unlike in 2016 and 2017, where the enterprise blockchain world experienced case of a chronic case of PoC fatigue, following an excess of use around the technology, this time it will be a different one.
In the meantime, looking into Ocean’s privacy-keeping tenets, it uses a federated machine learning which is built without direct link to training data, making data in its original location.
The centralized federated learning is popular among companies like Google, to name a few.
Car manufacturers know the wealth of data at their fingertips and the race to extract value from it, which could include sensor data generated by the car itself, as well as data consumed within the car by passengers.
Frank Schur, a technology manager at Daimler’s Singapore saif that decentralized data marketplace is an interesting proposition for opportunities in data aggregation as it gives a clear compensation approach.
He added that using Ocean Protocol, they will provide a more secure and transparent kind of service.