Nokia’s New Data Marketplace Runs on Blockchain Technology

Saturday 08 May 2021, 12:30 PM AEST - 1 month ago

The sleeping giant, Nokia recently announced its Data driven Marketplace. This will enable businesses to monetise and safely exchange data and Artificial Intelligence (AI) models through a private blockchain.

According to a press release from Nokia their “Data Marketplace is designed to help enterprises and communications service providers (CSPs) use data in strategic decision-making, by providing real-time access to massive trusted datasets.”

Customers Will Be Able To Sell Data to One Another

There are quite the variety of use cases ranging from electric vehicle charging, to smart cities, and healthcare. Business participants of this solution will be able to exchange data with each other through the marketplace.

For example airline participants could share important datasets with each other that could significantly aid real-time decision-making, preventative maintenance, and safety all secured by blockchain.

Use Cases for Nokia Data Marketplace: Nokia

The offering hooks into Nokia’s existing Worldwide IoT Network Grid (WING), which offers global IoT connectivity for a range of markets such as logistics and healthcare.

Assisting AI Initiatives

The marketplace accelerates AI initiatives through federated learning for machine learning algorithms to gain experience from a broad range of data sets located at different locations. The approach enables multiple organizations to collaborate on the development of models, but without needing to directly share secure data with each other.

This approach, combined with orchestration capabilities, allows collaborative development of very accurate machine learning models for analytics use cases. It also meets growing demand for a platform that can efficiently apply AI and machine learning algorithms to data collected from any measuring instrument or sensor connected to the network.

Data Marketplace Infographic: Nokia

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.

Friedrich Trawoeger, Vice President, Cloud and Cognitive Services at Nokia

The increase of in the use of Distributed Ledger Technology (DLT) by big companies such as Nokia is a good way to showcase to institutions and the public what can be done with blockchain technology.

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