Daimler inks Singapore blockchain partnership to identify data use cases
Daimler South East Asia and Blockchain Association Singapore (BAS) have officially launched a data platform that they say will offer businesses the tools to tap and monetise their data. The partnership will look to push adoption of the blockchain-powered platform across sectors.
Both companies would collaborate on relevant blockchain initiatives and work with existing as well as potential businesses within the BAS community, the partners said in a joint statement Wednesday.
Called Acentrik, the data marketplace was first conceptualised in 2020 as a decentralised platform for organisations to harness and monetise their data with "trust and efficiency", said Daimler. Underpinned with blockchain technology, the automotive maker said the data platform would facilitate the exchange of data with privacy and security. It added that transparency was critical in allowing both businesses and consumers to benefit from data.
"Transactions are facilitated by tokens and smart contracts, which gives no one absolute power to preside over any exchange," Daimler said.
Acentrik moved into beta in late-2021, offering various features such as "compute-to-data" that enabled organisations to run compute jobs, with approved algorithms, on the provided datasets. Data remained on-premises while projects were carried out to ensure the data provider's privacy and security, according to Daimler.
BAS' co-chairman Chia Hock Lai said there had been increasing adoption of blockchain across verticals, including automotive, noting that the technology facilitated secured data sharing.
"Blockchain is still relatively nascent and, through this partnership, we look forward to playing our part in promoting the use of blockchain technology," Chia said.
Now in its enterprise release stage, Acentrik would begin to onboard organisations keen to tap the data platform.
RELATED COVERAGE
- Singapore to pilot digital asset trading with blockchain, tokenisation
- Singapore officially launches digital platform to ease supply chain data flow
- Singapore looks to boost blockchain capabilities with $8.9M research investment
- Singapore touts blockchain use in COVID-19 data management
- Singapore, Canada complete blockchain trial for cross-border payments