Popular telecommunications company Nokia has announced that it will launch a Nokia Data Marketplace that will be built on the blockchain network. The marketplace will extract clients’ data in line with user agreements, which will in turn be monetized.
The news came in on Wednesday 5th May. The smartphone company stated that the new blockchain service offers a secure and private structure for data analysis and data transactions. It also mentioned that its marketplace will abide by legal laws and work based on permissions granted by users without breaching any user agreement.
What Nokia’s Data Marketplace Will do
The technology can be used for data transfer in a secure manner. Nokia also welcomes participation from users in diverse fields, not restricted to the telecom niche alone. The data can be utilized from niches like the electric cars niche, environmental data monetization, preventive maintenance and so forth. The energy industry, health care, and transportation industry can also leverage this new technology.
The new data marketplace will pave way for enterprises and Communication Service Providers (CSP) to extract vital information about users. This information can be used to predict user actions and understand the psychology behind such actions. As such, enterprises will be able to develop better products and increase accuracy in targeting the right clients. This will definitely boost the sales and revenue of such enterprises.
At the moment, Nokia does not intend to stop at this stage of innovation. The coming is also looking to improve the platform by deploying advanced AI technology and machine learning through blockchain-based protocols.