Nokia Launches Blockchain-Based Data Marketplace

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Nokia has announced the launch of its distributed ledger technology (DLT) powered data marketplace. The Finland-based mobile phone manufacturer says the new platform will facilitate secure data trading, while also making life easier for enterprises and communications service providers (CSPs), according to a press release on May 5, 2021.

Nokia’s DLT-Based Data Marketplace Now Live 

While data is an integral part of enterprises, as it helps them to fully understand and improve their operations where necessary, thereby enabling them to reduce both money and time wastage, there are still numerous grey areas in data marketplaces, including lack of trust, privacy, and security of data, amongst others.

In a bid to make it easier for businesses to make the most of their data, Nokia has launched its blockchain-based data marketplace as-a-service platform for secure data trading and artificial intelligence (AI) models. 

According to a press release by the company, the new DLT-based data marketplace combines AI and machine learning to provide enterprises and communications service providers (CSPs) with real-time trusted datasets for strategic decision making.

Empowering Enterprises

In addition to providing robust datasets to enterprises and CSPs in real-time, Nokia has hinted that users of the platform will also be able to easily monetize data exchanges between customers. 

The firm claims its new data marketplace has a vast array of use cases, including environmental data monetization, smart cities, healthcare, smart vehicle charging, ports, and energy, among others.

Commenting on the latest blockchain-based data marketplace, 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 and predictive models to drive digital ways of working and tap into new revenue streams.”

Notably, Nokia has made it clear that its new blockchain-enabled data marketplace complements its Worldwide IoT Network Grid (WING), thereby fostering faster turnaround for logistics ecosystem partners, while also promoting transparency in supply chains.

Wouter van Neerbos, CEO of Marlin said:

“Through automated data exchange among shipping partners, Nokia brings us the transparency and operational efficiency required in our global marine supply chain. This lashes waiting time for shipping participants in the marine ecosystem enables faster turnaround for ships, and reduces our costs.”

This is not the first time Nokia is foraying into the blockchain ecosystem, as the firm previously partnered with Streamr, a DLT-powered data sharing platform to develop a data monetization solution for its customers.

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