CASE STUDY: ACENTRIK Q&A

The recent Isle of Man Innovation Challenge has unearthed new tech discussions and collaborations. One notable solution is Acentrik, the winner of the Innovation Challenge 2024 in Data & AI category. 

Today, we delve into the fascinating story of Acentrik's journey with Srikanth Kaja, the thought-leader that developed Acentrik, alongside the insightful perspective of Kurt Roosen, Head of Innovation at Digital Isle of Man. 

Can you tell us more about Acentrik and what was the backstory in developing a product like this in Mercedes-Benz? 

Srikanth: Acentrik is a SaaS data exchange platform which we developed internally in Mercedes-Benz to unlock greater value of data, be it at the tail end of the data value chain or as a platform to execute the organisation’s data mesh strategy. 

We also observe global data challenges across enterprises and government institutions that impede further sharing. Hence, we decided to offer it as a white label platform for external organisations. 

What was Acentrik’s journey like with Isle of Man thus far, from winning the Innovation Challenge till today? 

Srikanth: The Innovation Challenge was an eyeopener, being exposed to the brightest minds spanning across multiple countries and industries. Through this global competition, we forged connections with the finalists, as well as with the Government, including how we can support data stewardship initiatives. 

Since winning the Innovation Challenge in June, it sparked ongoing conversations and connections with other stakeholders such as the government agencies, corporate service providers and data centers providers of the island. 

Until today, Acentrik has garnered media attention from the local journalists of Isle of Man and UK, contributing to our growing presence and market traction in the region. 

The purpose of the Innovation Challenge was to attract groundbreaking solutions across the world to drive the growth of technical innovation in Isle of Man. Acentrik emerged as the winner for the Data & AI category, what was the main winning factor from the judges? 

Kurt: The Innovation Challenge’s Data and AI category was to identify and support innovative solutions that leverage data and artificial intelligence to address real-world challenges and drive economic growth. Acentrik was shortlisted as one of the 

finalists as they introduced a privacy-centric approach to data sharing for businesses and governments to leverage AI innovatively. 

Acentrik ultimately emerged as a winner in this category as it solves the longstanding data problems such as privacy and interoperability that exists worldwide. We also see a positive real-world impact of Acentrik on the communities and industries for the Island. 

What was the biggest takeaway from this Innovation Challenge? 

Srikanth: Our biggest takeaway is on the traction and validation on Acentrik, with the stamp of approval from the government of Isle of Man and industry experts. We see the market need for valuing data as an asset, and it aligns perfectly with our vision and technical capabilities to empower our stakeholders. Through the platform, data owners can derive both tangible and intangible value through privacy-preserving computation, enabling unprecedented data sharing and development of data ecosystems across industries. 

Not only was winning the Innovation Challenge a proof point to the market fit, but more importantly we gained connections with local businesses, regulators, and the Government on the Island. 

How has your partnership with Digital Isle of Man developed? Are there any joint initiatives or projects that you are particularly excited about? 

Srikanth: We are currently working with the Isle of Man Government on how we can position the technology for their Data Foundations programme. 

Aligned with the core values of our product, we are supporting the Island’s vision on open data sharing, embedding trust and accountability in the process of it. More importantly, the concept of valuing data as an asset is further enabled and executed by our platform’s features, be it through the platform’s catalog, tokenisation of data. 

You have mentioned that Acentrik is now scalable for both the private and public sectors. Can you name one of the most notable industries that have adopted your technology? 

Srikanth: The government sector is witnessing a surge in the adoption of frameworks, privacy laws, and digital inclusion initiatives. This trend is driven by the desire to empower citizens and organisations to engage more effectively and securely in the digital economy, as well as to accelerate broader digital transformation efforts within and across their regions. 

There is also a huge opportunity to leverage data-driven, evidence-based policy formulation from both public and private data. One such use case is a cross-agency data marketplace led by a government agency, where it is regulated for various stakeholders, be it banks, telecoms, insurers, who must respectively abide to strict data privacy laws. This is where adoption of privacy-preserving technology like Acentrik is pivotal to executing this data marketplace for the community. In addition, the key to unlocking the full potential of data collaboration for governments lies in driving widespread adoption and creating a scalable platform that can be used across industries and geographical regions. 

How do you envision working together with Acentrik to integrate this product into Isle of Man’s wider ecosystem? 

Kurt: We are looking at taking Acentrik as a data marketplace for the Island – be it used for the primary purpose of valuing data as an asset or used it to demonstrate responsible use of data across public and private sectors. 

What would you say to other applicants for the Isle of Man Innovation Challenge? 

Srikanth: Embrace this opportunity and take it as an invaluable chance to connect with global innovators. This competition serves as a great platform to learn from the masterminds of new transformative solutions, inspiring you to think differently and drive more positive changes to your product and company. 

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