More and more enterprises are shifting to monetize their data on the blockchain and viewing to securely save their information in the decentralized storage space provided by the blockchain. Now, Singapore-based non-profit foundation Ocean Protocol has declared it has delivered a pilot project doing precisely this for Daimler AG.

The partnership is designed to investigate decentralized data orchestration for Daimler AG. It includes the Ocean Protocol components with a solution utilizing the Ocean blockchain network, involving access control, decentralized storage, data discovery, 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 explains that decentralized solutions can be used for enterprises utilizing this technology stack.

Ocean Protocol is a decentralized data exchange protocol that unfastens data for AI adoption. The technology, which utilizes smart contracts on the Ethereum public blockchain platform, is also utilized by the Raiinmaker influencer platform. This platform provides private data to be shared, without yielding control or security for the data owner. The data on the blockchain assures traceability, transparency, and trust for stakeholders.

Ocean enables data owners to monetize data while keeping command over their data assets while preserving privacy and control. Data customers can access data that they could not access before Private data. Data sharing across the company needs decentralized technologies, enabling participating companies to retain control over their data. On-boarding, user authentication, and sharing can be also be securely used. Having a secure B2B data marketplace in the enterprise will enable businesses to monetize and place their data to work instead of languishing in a data repository.

Daimler AG’s international nature indicates that its business units could internally engage in a data-sharing ecosystem within Daimler or externally with its service associates.

Bruce Pon, Founder of Ocean Protocol, said in a statement, “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 over verticals to maximize data sharing and data monetization. Users can publish and use data, store, and retrieve data from decentralized storage and run compute on data. Control and privacy are accomplished by substituting the centralized intermediaries with a decentralized blockchain network so that data sellers maintain control of their data utilizing blockchain-enabled access control.

Each interaction with data assets in Ocean Protocol, like publishing, selling, sharing, and consuming, is recorded immutably onto the blockchain, allowing audit trails to track how the data is utilized. You can set a price in Ocean Tokens for users to access a prized asset, mark specific accounts that enable buyers to get a prized asset for free and configure particular marketplaces for buying and selling data. Audit trails recorded on the blockchain keep track of transactions and communications on your data set. Paying to access or post data will become the new normal, and due to the mixture of blockchain protocols, vendor lock-in will never require to happen again.