Nokia is looking forward to revolutionizing the data market by launching its own blockchain-powered data marketplace. In a press release issued by Nokia, it announced the launch of a private and secure space powered by blockchain technology that would allow its users to exchange and analyze data and Artificial intelligence models in that safe space.
We are proud to announce the launch of Nokia Data Marketplace to facilitate secure sharing of data and #AI models, enabling #digitaltransformation and data monetization for enterprises and communications service providers (CSPs). Read our press release https://t.co/ePUqkcHSmC pic.twitter.com/SnFBsj8Vvm
— Nokia for CSPs (@nokianetworks) May 5, 2021
The finish firm has stated that the main motivation behind the development was the success of blockchain. The company wants to benefit users from the advances in the field of decentralized technology for secure data transfer.
The data marketplace would provide access to businesses to datasets from various trusted places and help them make key decisions accurately and in a secure manner. Nokia would also allow and help other communication providers develop networks on the same model.
— Nokia (@nokia) May 5, 2021
As Nokia launches its new blockchain-based marketplace, enterprises and telecoms will become data providers themselves, by monetizing data exchanges between customers and businesses which will gradually transform the market. It will allow them to use cases in EV charging, environmental data monetization, supply-chain automation.
The access of data on a blockchain provider would help data providers increase their revenues as data is the crucial energy that’s needed to build a business. It is necessary for designing projects. Artificial intelligence-based designing of projects needs more access to data that could be provided through blockchain.
Nokia has decided to put its feet in the waters of blockchain-based enterprise as the sector sees considerable growth with an increase in decentralization. It is being hailed as a major sector of the future.
This news has resulted in an increase in the price of enterprise-based cryptocurrencies like Stellar lumen(XLM), XinFin Network’s XDC, and XRP. This has positively impacted decentralized technologies available in the market that are building solutions and products.