Nokia announces blockchain-powered data marketplace

Nokia’s permissioned blockchain platform will reportedly allow trusted data exchange and monetization among client participants.

Smartphone maker Nokia has announced the launch Nokia Data Marketplace — the company’s enterprise-grade blockchain-based data marketplace infrastructure service.

In a release issued on Wednesday, Nokia revealed that its new blockchain service reportedly offers data transaction and analysis within the framework of a secure private, permissioned blockchain infrastructure.

As part of the announcement, Nokia declared that clients across diverse industries can participate in the blockchain network, leveraging the benefits of decentralized technology for trusted data transfer.

An excerpt from the 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 vertical integration potential of its blockchain data marketplace, Nokia also stated that the new service could enable other communication service providers to develop similar networks.

“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,” added Friedrich Trawoeger, vice president of cloud and cognitive services at Nokia.

Apart from trusted data exchange and monetization, Nokia is also reportedly eyeing the deployment of the new platform toward advances in artificial technology and machine learning via blockchain-based federated learning protocols.

Nokia becomes the latest company to debut a blockchain-based enterprise service as the market sector experienced significant growth in 2020. As previously reported by Cointelegraph, enterprise blockchain has been touted as a major adoption driver for 2021.

This significant growth in the enterprise blockchain arena has also positively impacted the price action of decentralized ledger technology projects that are building solutions in this market segment.

Indeed, enterprise-focused cryptocurrencies like Stellar Lumen (XLM), XinFin Network's XDC, and XRP have experienced upward price movements in recent times.