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According to a Tuesday announcement, Singapore-based Ocean is collaborating with Daimler AG to explore the decentralized sharing of financial data and sales internally at the multinational's production centers and externally among some of its supply chain partners.
The project, which involved Daimler's headquarters in Stuttgart and its production hub in Singapore, allows large companies to feel more comfortable sharing data and extracting insights from hitherto unknown datasets, keeping d eye who is watching what. "We believe in the power of blockchain to unlock the value of data in a decentralized way," said Daimler technology vice president Hartmut Mueller in a statement.
MercedesChain
Following the example of great technology, companies have understood that data is the most precious natural resource on the planet. Car manufacturers like Daimler, General Motors and BMW have been at the forefront of testing blockchain technology - find out how here buy Bitcoins.
Ocean Protocol founder Bruce Pon, who previously worked for five years in Daimler's IT department, said that a company of that size can spend around $ 300 million a year simply by trying to harmonize software, security measures and various types of administration - costs that a transparent means of sharing and reconciling data could reduce.
"We have shown that internal and external data sharing works," Pon said in an interview. "Blockchain can transform the company's IT system from a cost center into a profit center."
Federated machine learning
In addition to transparency and better data reconciliation between multiple systems, Ocean's secret ingredient for privacy protection uses so-called "federated machine learning". This type of machine learning is created without direct access to training data, allowing this data to remain in its original position, for example behind a company's firewalls.
Ocean co-founder Trent McConaghy explained that Ocean takes centralized federated learning, popular with companies like Google, and gives it a great deal of decentralization.
For 2.0
Looking ahead, car manufacturers and original equipment manufacturers (OEMs) understand the richness contained in the data and are ready to get involved in this race to extract value, for example by using the sensor data generated by the car itself, as well as the data accumulated inside the car by passengers.
Pon said the Ocean team did "a lot of brainstorming with car manufacturers" on this topic. He predicts that the first data market-based agreements could exist with road haulage companies or delivery service vehicles. "It's a technology that can put the automaker on an equal footing with the world's Google and Bloombergs," said Pon.
