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Nokia Launches Blockchain-Powered Marketplace for Data Trading

The marketplace is aimed at providing enterprises and communication service providers access to trusted datasets.

May 6, 2021 at 9:36 a.m. UTC
Updated Sep 14, 2021 at 12:51 p.m. UTC

Finnish telecom giant Nokia says it has designed a blockchain-based marketplace-as-a-service to facilitate the sharing of data and artificial intelligence (AI) models.

The Nokia Data Marketplace is intendeds to provide enterprises and communication service providers (CSPs) with the ability to access trusted datasets and improve business decision making, according to a press release issued Wednesday.

Data monetization, accelerating AI and machine learning, and multi-party transactions are some of the stated key areas of the service. Nokia emphasizes "trusted data exchange" and "authorization mechanisms."

The service further seeks to provide enterprises and CSPs the ability to become data marketplace providers through the monetization of data swaps between customers or business participants.

Nokia anticipates the marketplace will empower various vertical use cases, including electric vehicle charging, environmental data monetization, supply-chain automation and preventative maintenance.

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

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