Nokia has launched Nokia Data Marketplace, a blockchain-based platform that gives enterprises and communications service providers (CSPs) real-time access to large, trusted datasets and AI models.
Friedrich Trawoeger, VP of Cloud and Cognitive Services at Nokia, said:
“Our customers need secure and trusted access to data for effective business decision making. 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.”
Nokia Data Marketplace accelerates AI initiatives through federated learning. Combined with orchestration capabilities, this approach enables collaborative development of highly accurate machine learning models for analytics use cases while preserving data privacy. It also answers growing demand for a platform that can apply AI and machine learning algorithms directly to in‑situ data.
The marketplace complements Nokia Worldwide IoT Network Grid (WING), which provides global IoT connectivity and vertical applications. For example, Nokia WING’s asset-tracking service can be enhanced by the Data Marketplace’s blockchain to enable secure, automated data exchange and transactions among logistics ecosystem partners, reducing turnaround times.”
Nokia Data Marketplace is designed to facilitate secure sharing and monetisation of data and AI models among enterprises and CSPs, helping organisations build richer datasets and generate new revenue streams from data exchanges.
Kaladhar Voruganti, Senior Fellow in the Office of the CTO at Equinix, noted that when combined with Equinix data centres the marketplace enables global data and algorithm sharing across more than 240 metro edge locations, expanding where insights and analytics can be executed close to the source of data.
The platform supports monetisation of data exchanges between customers or participants in a business ecosystem, simplifying transactions and establishing trust through blockchain records.
Wouter van Neerbos, CEO at Marlin, explained how the solution benefits the marine supply chain: “Through automated data exchange among shipping participants, Nokia brings us the transparency and operational efficiency required in our global marine supply chain. This reduces waiting time for participants in the marine ecosystem, enables faster turnaround for ships, and lowers our costs.”
After early associations with cryptocurrencies, blockchain technology is increasingly adopted by enterprises as a secure digital ledger that provides transparency and trust for business processes and data exchanges.
Justin van der Lande, Principal Analyst at Analysys Mason, added: “Data is the fuel for future business and is critical to producing the best AI-driven insights. Access to larger and more complete datasets is essential. Data sharing between enterprise partners is vital to building those datasets, and a secure platform like Nokia’s blockchain-based Data Marketplace accelerates the creation of new datasets and deeper business partnerships.”
More information about Nokia Data Marketplace can be found on Nokia’s website.
(Photo by Chris Liverani on Unsplash)
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