Nokia announced the opening of a new blockchain-based data marketplace, which will connect 240 metropolitan edge locations globally for the secure trading of data and artificial intelligence models.
This Thursday Nokia, the Finland-based communications and technology company, published a Press release to announce the opening of a new marketplace that will use the power of blockchain technology to drive secure trading of data and AI models. According to the release, the new marketplace combined with other Nokia technologies, such as Equinix data centers, will enable organizations to share data and algorithms globally across more than 240 metropolitan edge locations.
Nokia’s new blockchain-powered data marketplace is designed to provide an effective solution to the growing need of enterprises, technology companies and communication service providers for massive and reliable real-time data for business and corporate decision-making.
Thus, Nokia's new market, called Nokia Data Marketplace, will make accurate and easily accessible data available to organizations to accelerate the Artificial Intelligence (AI) and the Machine Learning (ML), which have become increasingly crucial and important technologies in business decision-making. This new marketplace is a complement to other Nokia tools, such as WING (Nokia Worldwide IoT Network Grid), which facilitates access and connectivity to IoT (Internet of Things) data globally, as well as vertical applications.
It may interest you: CaseMail, the first USPS-approved ePostage product using blockchain and NFTs
Secure data sharing and monetization
In the announcement, Nokia said the new marketplace will enable trusted data exchanges and monetization to benefit a wide range of industries through a highly efficient, private blockchain built on Hyperledger.
Friedrich Trawoeger, vice president of Nokia's cloud and cognitive services, said that Nokia Data Marketplace will be able to ensure the creation of new authorization mechanisms and trusted data exchange, so that its corporate customers gain secure access to a wide range of data, and thus be able to make effective business decisions.
“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.”
One of the key capabilities of the Nokia Data Marketplace is to aggregate trusted big data to accelerate AI and machine learning initiatives, facilitating the collaborative development of highly accurate machine learning models, enabling the creation of multiple analytics and vertical use cases. Nokia cites several examples of application cases such as electric vehicle charging, environmental data monetization, supply chain automation and preventative maintenance that power numerous vertical segments including transportation, ports, energy, smart cities and healthcare.
In the case of ports and supply chains, Marlin, one of the companies that uses Nokia's communications services, says that automated data exchange through the new marketplace helps Nokia ensure a high level of transparency and operational efficiency, two qualities required in the global maritime supply chain. Wouter van Neerbos, Marlin CEO, said that Nokia Data Marketplace and automated data exchange enables faster response time for ships and reduces the company's operating costs.
AI and ML era
Several companies worldwide are using the potential of blockchain technology to boost their processes. For example, in the automobile manufacturing industry, companies such as General Motors are using this technology to power a distributed navigation map update system for vehicles. GM presented a license about this blockchain-powered system in 2020.
General Motors, the company also signed an alliance with Mobility Open Blockchain Initiative (MOBI) to create a working group focused on developing a smart driving and mobility system, using blockchain, Big Data, AI and ML, for the exchange of mobility data in real time, in order to avoid accidents on the roads. The sports car company BMW is also using blockchain to ensure transparency in its supply chain.
In medical applications, Artificial Intelligence and Machine Learning already allow for the optimization of medical trials, and it is expected that in the future these technologies will help in the prediction and diagnosis of diseases, so that patients can receive much more effective medical treatment in time.
As we can see, new technologies are covering different areas, beyond the financial sector, which will transform our society in the coming decades.
Continue reading: JPMorgan is interested in Ethereum and opens hiring for blockchain developers
