Nokia announced the launch of the Nokia Data Market, a company-level blockchain-based data market infrastructure service. Unlike ordinary public chains, the Nokia blockchain is a private chain and will be operated and maintained by Nokia.
The company revealed that the new blockchain service provides data transactions and analysis functions within the framework of a secure, private, and authorized blockchain infrastructure. The service will allow its partners from various industries to collaborate through private chains, using AI and automation mechanisms in real-time to cope with the rapidly increasing amount of data, while ensuring safe and reliable access to data for effective business decisions.
An excerpt from the press release stated: “The Nokia Data Exchange Market makes possible a variety of vertical applications, including electric vehicle charging, environmental data monetization, supply chain automation and preventive maintenance, for transportation, ports, energy, and intelligence. Numerous vertical market segments such as cities and healthcare provide impetus.”
As part of the potential for vertical integration in the blockchain data market, Nokia also stated that the new services can enable other communication service providers to develop similar networks. In addition to reliable data exchange and monetization, it is reported that Nokia is also considering deploying a new platform to make progress in artificial technology and machine learning through a blockchain-based joint learning protocol.
Nokia became the latest company to launch blockchain-based enterprise services. As previously reported, enterprise blockchain is touted as the main adoption driver in 2021. Enterprise-centric cryptocurrencies such as Stellar Lumen (XLM), XinFin Network’s XDC, and XRP have recently experienced price increases.