Telecoms giant Nokia is launching a private blockchain for enterprises, dubbed the Nokia Data Marketplace, per an official press release.

This enterprise solution is designed for the secure sharing of data, transactions, artificial intelligence (AI) models built within a permissioned blockchain architecture.

The marketplace will provide enterprises and communication service providers (CSPs) access to trusted datasets. The service will facilitate real-time access to silos of trusted datasets for enterprises to choose from.

Furthermore, with the monetization of data swaps between customers, these CSPs could be empowered to grow into data marketplace providers.

The blockchain-focused effort would be useful in several sectors. These include EV charging, environmental data monetization, supply-chain automation, transportation, ports, energy, smart cities, and eventually healthcare.

Commenting on the service rollout, Nokia's Vice President Cloud and Cognitive Services Friedrich Trawoeger said that customers are in need of secure and trusted access to data for effective business decision making.

Nokia Data Marketplace solves this problem, according to Trawoeger. The private blockchain enables CSPs and enterprises to benefit from richer insights and predictive models.

The Nokia Data Marketplace would also accelerate AI growth through a federated learning approach. This would see it use orchestration capabilities to drive the development of highly accurate machine learning models for analytic use cases. Nokia Data Marketplace is also looking to be the platform that would efficiently apply AI and machine learning algorithms for data on-site.

In a fast-growing digital ecosystem, more people are spending time behind their screens than outdoors. Companies are frantically searching out channels to lay hands on the numerous ways data is being created daily.

This need is even more apparent as many people stay indoors and connect to the world through their phones. Now more than ever, millions of data are being generated by the second, and Nokia may just be providing a platform where companies can easily get user info.

Aside from Nokia’s efforts, blockchain companies Stellar, XinFin, and Ripple Labs are notable players in this market segment. These combined trios have brought the blockchain-based enterprise service into the limelight and led to wider adoption of blockchain for various other uses.

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