Nokia announced the launch of its blockchain-powered Data Trading Marketplace
Helsinki-based telecom giant Nokia announced that it had launched a blockchain-powered marketplace “Nokia Data Marketplace”. The marketplace incorporates Hyperledger Fabric enterprise blockchain and aggregates the data from the distributed sources to make the information favourable for machine learning (ML).
According to Nokia, the blockchain AI solution will enable telecom firms and other enterprises to provide data and artificial intelligence (AI) models as a service.
The move will allow AI to run on data locally and communicate back the key metrics without sharing the underlying data and analytics. Also, it runs a machine learning model that ensures data stays local. Finally, the system updates itself to improve the model without compromising the underlying data.
The once-dominant mobile phone maker targets data from IoT devices to provide solutions to connected cars and also helpful in improving smart cities, aerospace, ports, energy, and healthcare.
Blockchain – the ultimate enabler of data monetization
Blockchain is ultimately turning to be the data and analytics monetization. It has allowed marketplaces that enable individuals, companies, and even smart entities to trade their data and analytic insights directly with others.
The technology has helped improve driving data monetization. Today, data sharing and connected cars is now a hot trend. Other players already pulling strings in the industry include Denso and General Motors. Together, they recently created the MOBI Alliance latest blockchain mobility data sharing standards.
Still, China’s auto manufacturers have also launched their own blockchain data sharing solution for connected vehicles. Elsewhere, Daimler runs a pilot with Ocean Protocol. And Fetch partnered with Bosch to enable collective learning and improve its devices’ AIs.
Nonetheless, Nokia emphasizes “authorization mechanisms” and “trusted data exchange”. It will concentrate on data monetization to accelerate AI, ML, and multi-party transactions are some of the stated critical areas of the service.