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Nokia Allows its Users to Monetize Their Data Through a Blockchain Platform

Blockchain Streamr is “an open source platform for the free and fair exchange of the world’s real time data. Our blockchain-backed data Marketplace and powerful tools put your data back where it belongs – with you.” The company formed a partnership with Nokia, a telecommunications giant from Finland to allow the mobile phone users to monetize their data and make purchases.

Henri Pihkala, the CEO and founder of Streamr, announced the partnership during the Consensus 2018 conference. Pihkala gave a statement in which he said the following: “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.”

The partnership with Nokia will allow the integration of Nokia’s Kuha base stations with the Streamr’s data market, which in turn will allow the clients of Nokia to obtain economic benefits from their user data and purchase streams from Internet of Things (IoT) devices.

Martti Ylikoski, the Radio System Evolution lead engineer at Nokia, said: “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.”

The participants buy and sell data streams in real time using the smart contracts technology of Ethereum. In this processes, the buyers and sellers use an ERC-20 token called DATAcoin.

Streamr formed a similar partnership with OSIsoft, a software company from California, which would provide the company’s enterprise clients with the ability to earn money for their operations data.

Earlier this month, Streamr announced a partnership with Hewlett Packard Enterprise for its Streamr Engine. Streamr Engine is a data aggregator and analytic tool that will be used by Hewlett Packard Enterprise to collect data feed from an Audi Q2 car. Henri Pihkala, the CEO of Streamr, said the following about this partnership: “As one of the first demonstrations in the world where a car’s data will be monetised onto a publicly available platform, makes this not only a truly important milestone on our journey, but a pivotal moment in the race to innovate. As we welcome the future of cities and towns, real time data is required to drive smart cities forward. This partnership with HPE not only solves some of the challenges associated with smart cities, it also proposes a solution to the question of data ownership. We want to ensure that when drivers get in their car and produce valuable data, no one is reaping the rewards but them, and with Streamr, we will always keep our users in the driving seat.”

On the other hand, Raphael Davison, the Worldwide Director for Blockchain at Hewlett Packard Enterprise, said: “Our main objective at HPE is accelerating time-to-value for our Enterprise Blockchain customers. We see Blockchain use cases evolving into what we call Blockchain 3.0: the intersection of Blockchain, IoT, big data, AI and the Intelligent Edge. Our partnership with companies like Streamr helps us bring this future closer to a reality.”

Finally, Pihkala concluded with the following: “Our current focus is the rollout of our data marketplace, but this is just the beginning for Streamr. Presenting individuals with an opportunity to monetise their data is one thing but encouraging vehicles to trade information between themselves in an economy where machines can “talk” to other machines in real time is a vital part of any smart economy. This is the future, and we are thrilled to be a part of it.”

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