Mercedes maker Daimler AG said that it will use blockchain-based data-sharing solutions to streamline and maintain transparent data flow across its global offices and worldwide production hubs.
Daimler AG, the parent company of Mercedes-Benz, and Ocean Protocol together have completed a new blockchain-powered proof-of-concept. The two companies have joined hands to explore the decentralized sharing of internal organizational data.
Ocean Protocol is a Singapore-based blockchain data-sharing platform. Using Ocean’s solutions, Daimler will create decentralized sharing of its financial and sales data among its several production hubs as well as externally with some of its supply chain procurement partners. For example, Daimler AG will connect its Stuttgart headquarters with the Singapore hub on a blockchain platform.
This will help the automobile giant access worldwide data in a transparent and secure manner. Using robust blockchain technology, Daimler aims to streamline its operations further and extract crucial insights from some undiscovered datasets. Moreover, it also helps to maintain transparency and keep a check on who’s looking at what.
Hartmut Mueller, Vice President IT Technology & Cross Functions, Daimler AG, said:
“We believe in the power of Blockchain to unlock the value of data in a decentralized way. On our journey towards a data driven company this collaboration with Ocean protocol enables us to build a secure enterprise B2B data marketplace to monetize and put data to work”.
Mercedes Blockchain Network
Automobile giants are slowly focusing on shifting to blockchain as the industry sees a major disruption with electric vehicles and self-driving cars. Giants like Daimler, BMW, and General Motors are testing new blockchain solutions like vehicle identity and day inputs of autonomous vehicles.
Bruce Pon, Founder of Ocean Protocol, has previously worked in Daimler’s IT Department for five years. As per Pon, the company of the size of Daimler can easily spend $300 million to introduce software security measures. Speaking about the recent partnership, Pon 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”.
Along with ensuring transparency and data reconciliation across different systems, the Ocean platform uses “federated machine learning” for privacy-protection. This machine learning allows data to remain in its original location behind the company’s firewall.
Similar to other tech giants like Google, Ocean uses centralized federated learning and then gives it a major spin of decentralization.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.