More and more enterprises are moving to monetize their data on the blockchain and looking to securely store their data in the decentralized storage space offered by the blockchain.
Now, Singapore-based non-profit foundation Ocean Protocol has announced it has delivered a pilot project doing exactly this for Daimler AG.
The collaboration is intended to explore decentralized data orchestration for Daimler AG. It involves components of the Ocean Protocol with a solution using the Ocean blockchain network, including access control, data discovery, decentralized storage, and Ocean's Compute-to-Data.
Ocean software components connect to the decentralized data-sharing network. The data exchange protocol unlocks data for monetization purposes and demonstrates that decentralized solutions can be deployed for enterprises by using this technology stack.
Ocean Protocol is a decentralized data exchange protocol that unlocks data for AI use. The technology, which uses smart contracts on the Ethereum public blockchain platform, is also used by the Raiinmaker influencer platform amongst others.
This platform allows private data to be shared, without compromising control or security for the data owner. The data on the blockchain ensures traceability, transparency, and trust for stakeholders.
Ocean allows data owners to monetize data while keeping control over their data assets while maintaining privacy and control. Data consumers can access data that they could not access before: Private data.
Data sharing across the company requires decentralized technologies, which allows participating companies to maintain control over their data.
On-boarding, user authentication, and sharing can be also be securely utilized. Having a secure B2B data marketplace in the enterprise will allow businesses to monetize and put their data to work instead of it languishing in a data repository.
Daimler AG's international nature means that its business units could participate in a data-sharing ecosystem internally within Daimler or externally with its service partners.
Bruce Pon, Founder of Ocean Protocol, said: "We are honored to deliver this pilot project for Daimler, a company with a clear vision on how blockchain technology can unlock data sharing and make operations more efficient. With this pilot, Daimler demonstrates its continued leadership in the automotive industry."
The Ocean enterprise data marketplace solution can be customized for enterprises across verticals to maximize data sharing and data monetization. Users can publish and consume data, store, and retrieve data from decentralized storage and run compute on data.
Control and privacy are achieved by replacing the centralized intermediaries with a decentralized blockchain network so that data sellers retain control of their data using blockchain-enabled access control.
Each interaction with data assets in Ocean Protocol, such as publishing, sharing, selling, and consuming are recorded immutably onto the blockchain, enabling audit trails to keep track of how the data is used.
You can set a price in Ocean Tokens for users to grant them access to a priced asset, mark specific accounts which to allow buyers to get a priced asset for free, and configure specific marketplaces for buying and selling data.
Audit trails recorded on the blockchain keep track of transactions and interactions on your data set.
Paying to access or post data will become the new normal, and due to the variety of blockchain protocols, vendor lock-in will never need to happen again.