Nokia launches blockchain-powered data marketplace

Nokia has launched a “data marketplace as-a-service” to facilitate secure sharing of data and AI models.

The Finnish firm said its move would enable digital transformation and data monetisation for CSPs and enterprises.

Friedrich Trawoeger, VP, 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.”

The idea is that, as data volumes continue to surge, AI and machine learning are increasingly crucial in business decision making. Nokia said that, via private blockchain, its Data Marketplace can help enterprises and CSPs use data in strategic decision making, by providing real-time access to massive, trusted datasets.

The new service also enables enterprises and CSPs to become data marketplace providers themselves, by monetising data exchanges between customers or business ecosystem participants.

Justin van der Lande, principal analyst at Analysys Mason, said: “Data is the energy needed to run all future business; critical to their success in creating the best AI based insights and needs access to the largest data sets. Data sharing between enterprise partners is vital in building complete data sets. Facilitating data sharing using a secure platform, such as Nokia’s blockchain-based Data Marketplace, accelerates enterprises’ building of new data sets and creates richer business partnerships for them.”

The developments dovetail with Nokia Worldwide IoT Network Grid (WING), which offers global IoT connectivity and vertical applications. By way of example, Nokia said WING’s asset tracking solution is enriched by Nokia Data Marketplace’s blockchain “to provide secure and automated data exchange and transactions between logistics’ ecosystem partners for faster turnaround”.