Nokia Join Forces with Blockchain Startups to Allow Mobile Phone users to Monetize Data

Nokia Join Forces with Blockchain Startups to Allow Mobile Phone users to Monetize Data

Blockchain technology is the rave of the moment, and most reputable organisations are scampering to join the distributed ledger technology bandwagon. Now, Finnish telecoms and mobile phone giant, Nokia, in partnership with Blockchain data platform Streamr and OSloft software firm are creating a solution that would enable mobile phone users to monetize their data and purchase goods.
The latest development was made known to attendees by Chief Executive of Streamr, Henri Pihkala at this year’s Consensus Summit holding in New York. The highly reputable entrepreneur also conducted a live launch of the firm’s real-time data marketplace that makes it possible for users to provide and subscribe to a vast array of data streams in real-time. The executive expressed his excitement and satisfaction concerning this latest development. In his words:

“Today marks a hugely significant day in Streamr’s history, not only showcasing our platform to the world on-stage at Consensus but announcing two stellar partnerships.”

He also stated that:

“To realise 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.”

A Forward-Thinking Move

Per the firms involved in the deal, Nokia’s Kuha base stations will now integrate the Streamr data marketplace into their systems, allowing Nokia users to pay for contents from the Internet of Things devices (IoT).
Commenting on the strategic partnership, Nokia’s radio system evolution lead, Martti Ylikoski reiterated that this latest move would enable them to satisfy the yearnings of customers who need to control and monetise their data.

“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,” he said.

How it Works

The initiative will be facilitated by Ethereum smart contracts. It will enable users to buy and sell data streams in real-time. DATAcoin, an ERC-20 token will be the native cryptocurrency of the project.
Notably, OSloft’s enterprise clients will earn real money by simply trading their data.
It is worth noting that some weeks ago, Streamr inked a partnership deal with PC heavyweights Hewlett Packard Enterprise. The agreement would enable HP to use Streamr’s solutions to collect data feeds from an Audi Q2.