Nokia Customers Monetize Their Data with Blockchain

Nokia is embracing the blockchain technology and encouraging its users to monetize their data in the blockchain network to create a more stable and organized system.

The best way to obtain more number of users on a blockchain is by paying the customers so that they share their information according to the pre-set agreement. Nokia, a global provider of mobile networks have collaborated with Streamr which is a Swiss blockchain start-up.

This joint enterprise among Streamr and Nokia has built a place in the market for ‘data on top’ of the blockchain. This marketplace allows all customers to input their data voluntarily on the network of the blockchain. The particular data of the user which is acquired with user’s acceptance can be legitimately sold to different parties who are interested in it. The interested clients can be digital advertisers, small or large organisation, government, or any person who wants to purchase such a huge amount of data of a different kind.

In the last year over $30 million has been raised by Streamr Network AG through ICO (Initial Coin Offering) because of its unorthodox concept of creating a very safe data marketplace with the help of blockchain technology. Plans have been made to give a financial value to the data which after being uploaded, gets saved on the network of blockchain in the form of cryptocurrency known as DATA or DATAcoin. The trading rate of DATAcoin is around 11.5 cents.

Cryptocurrencies created by different blockchain network organizations such as HashCash are traded in the various cryptocurrency trading platforms. One of such platforms for trading of crypto-coins and ERC20 tokens are Paybito which operates in the global market.

How does the Data Network work?

Nokia is using this particular concept by implementing it in its base-station of mobile devices. These mechanisms are actually a kind of Wi-Fi hotspots that are used quite often in areas where the range of the signal is low. For example, to evaluate the dynamic pattern of weather of any farm, handle the applicable processes and activities such as sowing and irrigation. These types of data can also be possessed and stored on the network of blockchain as many farmers can be interested in monetizing it.