Nokia announces a blockchain-based data marketplace


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Earlier today, Nokia announced the launch of Nokia Data Market – the company’s enterprise-level blockchain-based data market infrastructure service. Unlike ordinary public chains, the Nokia blockchain is a private chain. The operation and maintenance of this blockchain are entirely with Nokia. In an official statement, Nokia revealed that the new blockchain service provides data transactions and analysis functions within the framework of a secure, private, and authorized blockchain infrastructure.

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The service will allow its partners from various industries to collaborate through private chains. It will use AI and automation mechanisms in real-time to cope with the rapidly increasing amount of data. Furthermore, it will ensure safe and reliable access to data for effective business decisions.

An excerpt from the press release reads: “This [the Nokia Data Marketplace] enables a wide range of vertical use cases, including electric vehicle charging, environmental data monetization, supply-chain automation, and preventative maintenance powering numerous vertical segments, including transportation, ports, energy, smart cities and healthcare.”

As part of the potential for vertical integration in the blockchain data market, Nokia also stated that the new services can enable other communication service providers to develop similar networks. In addition to reliable data exchange and monetization, it is reported that Nokia is also considering deploying a new platform to make progress in artificial technology and machine learning through a blockchain-based joint learning protocol.

Blockchain – the main driver of cryptocurrencies this year

Nokia became the latest company to launch blockchain-based enterprise services. Previous report claims that enterprise blockchain will be the main crypto driver in 2021. Enterprise-centric cryptocurrencies such as Stellar Lumen (XLM), XinFin Network’s XDC, and XRP have recently experienced price increases.

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Friedrich Trawoeger, Vice President, Cloud and Cognitive Services at Nokia, said…“Our customers need secure and trusted access to data for effective business decision-making. With Nokia Data Marketplace, enterprises and CSPs can now benefit from richer insights. They will also use its predictive models to drive digital ways of working and tap into new revenue streams.”

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