Nokia Customers To Monetize Data on Blockchain Platform
Blockchain-based marketplace will enable Nokia users to sell their data.
A tie-up between Swiss-based tech firm Streamr, Finland-based Nokia and US software firm OSIsoft seeks to develop a platform where mobile clients can monetize their user data, Streamr said on Wednesday.
Streamr will provide a blockchain-based real-time data marketplace whose purpose is to bring together producers and consumers of data. It is an open-source platform where data providers agree to list streams of data that data consumers can subscribe for.
Under the partnership deal, the telecom giant will integrate its Kuha mobile base stations into Streamr’s data marketplace. Consequently, Nokia customers can buy and sell their user data from Internet of Things (IoT) devices worldwide through Ethereum smart contracts. The data trade will be carried out with Streamr’s DATA coin (DATA).
With its expertise in real-time data management, California-headquartered OSIsoft will in turn offer data sharing solutions through its PI System. The core functions of the PI System are the collection, analysis, visualization and sharing of huge amounts of high-fidelity, time-series data, OSIsoft explains on its web site.
The companies presented their partnership at the Consensus 2018 blockchain conference in New York on Wednesday. The data marketplace developed by Streamr got its official launch at the summit, too.
“To realize our vision of a sustainable, equitable, and efficient data economy, we needed to create a space in which buyers and sellers could come together freely,” Streamr CEO Henri Pihkala said at Consensus 2018. He explained that if people want to own their data, the solution is not legislation but a marketplace where people can freely utilize and monetize data.
The issue of data monetization that the current collaboration is seeking to tackle has come under the spotlight in the recent years with the rise of trends such as big data and IoT. In its essence, this is the process of translating data into money and it has grown in importance considerably, as data is a strategic asset in the current data-driven economy. As a reaction to the trend, enterprises tend to move their focus away from cutting costs to improving services and operations (and hence, customer experience). And to achieve this, companies need to use data effectively.
Earlier projects in the field
According to Martti Ylikoski, director at Nokia, mobile customers are increasingly looking for ways to control and monetize their own data. Pikhala meanwhile expressed his belief that the presence of data marketplaces will make it possible for “smart cities” and interconnected economies to be developed.
In a deal signed last week, the blockchain company agreed to deliver its data aggregation and analytics tool Streamr Engine to IT solutions giant Hewlett-Packard Enterprises (HPE). Streamr Engine will be integrated with HPE’s standard vehicle technology to provide real-time vehicle data, such as data from fuel consumption, acceleration, gearing and location. Thus, drivers are the ones who own the data and get the profit from providing it.
Another big name in the digital space, US-based Amazon, also plans to introduce a data marketplace. Last month, the firm received a patent for a marketplace which involves data feed on cryptocurrency transactions.
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