According to reports, Nokia’s permissioned blockchain platform will enable trusted data exchange and monetization among client participants.
Nokia Data Marketplace, the company’s enterprise-grade blockchain-based data marketplace infrastructure service, has been launched.
According to a press release released on Wednesday, Nokia’s latest blockchain service provides data transaction and analysis within the context of a secure private, permissioned blockchain infrastructure.
As part of the announcement, Nokia stated that clients from various industries would participate in the blockchain network, leveraging the advantages of decentralized technology for trusted data transfer.
The following is an extract from the press release:
“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.”
Nokia also mentioned that the new service would allow other communication service providers to build similar networks as part of the vertical integration potential of its blockchain data marketplace.
“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.
Aside from trustworthy data sharing and monetization, Nokia is reportedly planning to use the new platform to advance artificial intelligence and machine learning through blockchain-based federated learning protocols.
Nokia is the latest company to launch a blockchain-based business service, as the market sector is expected to expand significantly in 2020. Enterprise blockchain has been touted as a big adoption catalyst for 2021.
This substantial growth in the enterprise blockchain arena has also influenced the price action of decentralized ledger technology projects developing solutions in this market segment.
Indeed, enterprise-focused cryptocurrencies such as Stellar Lumen (XLM), XinFin Network’s XDC, and XRP have seen recent price increases.