A data marketplace is an online ecosystem wherein users can buy and sell data sets across multiple sources and industries. Such an ecosystem has become even more important in an increasingly data-driven world. Capitalising on this need, Daimler Southeast Asia – Mercedes Benz Group has finally launched its much-awaited blockchain-based data sharing platform. In 2020, Daimler laid the foundation for this platform by collaborating with Ocean Protocol – a well-known AI and blockchain initiative, and successfully executed a pilot project on decentralised data-exchange. This July, Daimler kickstarted this new platform known as Acentrik.
According to a report by Forrester, an estimated 60 to 73% of data remains unused for analytics. Moreover, 46% of organisations have utilised analytics to create new products as well as multiple revenue streams. These are the core reasons why the demand for such a robust data marketplace arose. By introducing their data on the platform, companies accrue one more avenue for revenue generation whereas the buyer companies/users get access to relevant insights they need, thus creating a win-win situation for both parties.
Yet, several observers are rightfully concerned about privacy issues and, more so, why would a company share their data which certainly gives them an edge over their competitors? Herein lies the answer – based on Daimler’s pilot project, Acentrik is touted to have this feature wherein the competitors can calculate the relevant metrics by running AI or analytics, but the core data would remain in the original company’s control.
The platform holds much promise, we look forward to witness the developments.