Nokia to Allow Customers Monetize Their Data Using Blockchain

Telecom giants Nokia is collaborating with blockchain data platform Streamr to allow mobile customers monetize their user data and integrate with Internet of Things (IoT) sensors and devices.

Streamr announced its partnership with Nokia and data enterprise platform, OSIsoft on Wednesday at the coindesk consensus conference 2018, while launching its real-time data marketplace for connecting producers and consumers via a common interface.

These partnerships will be built upon the Streamr data marketplace which allows providers to list their real-time data streams and consumers to subscribe and purchase for those streams with the pricing and fee schedule terms all codified in Ethereum-based smart contracts.

Blockchain creates a system where creators of content are able to sell that content directly to buyers without the intervention of a centralized corporation. With data monetization, users get more control over their data privacy and also a stake in what their public data is selling for.

According to Henri Pihkala, CEO of Streamr, the provision of a data marketplace is critical to the realization of grand visions for “smart cities” and interconnected economies.

“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, and today we have achieved just that,” Pihkala said. “If people want to own their data, legislation won’t do that for us”

The partnership with Nokia will see the latter integrate its Kuha transportable base stations into Streamr’s data marketplace to connect rural populations with mobile data networks, while allowing those users to monetize their data and purchase streams from IoT devices.

“Providing smart mobile coverage for up to four billion individuals across the world is a major challenge and current solutions don’t go far enough,” Nokia’s Radio System Evolution Lead, Martti Ylikoski said in a statement.

“We recognize a growing movement of empowered mobile customers who want to control and monetize their own data. Our partnership with Streamr reflects our firm belief in the platform, as well as our commitment to better serve our customers,” he added.