Nokia has confirmed the introduction of its Data Trading Marketplace, which is operated by blockchain technology

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Nokia, a telecom giant, headquartered in Helsinki, has announced the introduction of a blockchain-powered marketplace called “Nokia Data Marketplace.” The marketplace integrates the Hyperledger Fabric business blockchain and collates data from several sources for machine learning (ML).

The blockchain AI solution, as per Nokia, would allow telecom companies and other businesses to sell data and artificial intelligence (AI) frameworks in the form of services.

The change would enable AI to run locally on data and convey performance measures without having to share the underlying data and analytics. It also employs machine learning techniques to make sure that the data remains local. Eventually, the system improves the model without risking the underlying data by updating itself.

A cell phone manufacturer uses data from IoT devices to provide applications for connected vehicles, smart cities, aerospace, ports, power, and healthcare.

Is Blockchain Technology the New Internet?

The key enabler of data monetization is blockchain.

In fact, blockchain can be used to monetize data and analytics. Individual people, businesses, and even smart organisations will now share their data and analytical expertise openly with others thanks to marketplaces.

The innovation has aided in the monetization of driving data. Information sharing and connected vehicles are now very widespread. Denso and General Motors are two other companies that are now pulling strings in the sector. They previously collaborated to develop the MOBI Alliance’s most recent blockchain mobility data sharing requirements.

Despite this, China’s automakers also established their own blockchain data sharing system for connected cars. Daimler is now doing a test of Ocean Protocol. Fetch has teamed up with Bosch to allow collaborative learning and develop the AI in its devices.

However, Nokia puts a focus on “authorization processes” and “trusted data exchange.” According to the company, it will focus on data monetization to speed up AI, machine learning, and multi-party transfers.

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