Nokia launches blockchain-powered Data Marketplace

Nokia launches blockchain-powered Data Marketplace
1 year ago
2 mins read

Finnish telecom firm Nokia has launched the Data Marketplace service, a blockchain-powered platform that facilitates instant access to massive trusted datasets.

In a press statement, Nokia said the service would enable partners from various sectors to collaborate through a private blockchain. The marketplace leverages data monetization, AI, machine learning, and multi-party transactions to offer data exchange and authorization mechanisms.

The service also plans to offer enterprises and communication service providers (CSPs) a platform to access trusted datasets to make better business decisions.

“Our customers need secure and trusted access to data for effective business decision making. Enterprises and CSPs can now benefit from richer insights and predictive models to drive digital ways of working and tap into new revenue streams,” said Friedrich Trawoeger, Vice President, Cloud and Cognitive Services at Nokia.

Different use cases

Furthermore, Nokia aims the marketplace will facilitate several vertical applications like electric vehicle charging, environmental data monetization, supply-chain automation, and preventative maintenance.

The Nokia Data Marketplace will also act as a complement to the Nokia Worldwide IoT Network Grid (WING), which provides global IoT connectivity and vertical applications.

Additionally, the new service is not the first time Nokia is venturing into the blockchain ecosystem. In the past, the firm partnered with Streamr, a DLT-powered data-sharing platform, to establish a data monetization solution for its customers.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.