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Nokia Forays into Crypto: Partners with Blockchain-based Data-sharing Startup Streamr

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Nokia Forays into Crypto: Partners with Blockchain-based Data-sharing Startup Streamr

We’ve all heard of Nokia and its reliable mobile handsets in the past, but in 2018, Nokia’s developments are not all about cell phones. The Finnish telecom firm along with OSIsoft is joining hands with blockchain-based data sharing marketplace Streamr. The consortium will develop a new software that will allow the monetization of user data from multiple streams to make purchases.

Nokia and Streamr to Solve Major Problems

On May 16, 2018, at the fourth annual Consensus conference, the CEO of Streamr, Henri Pihkala, presented the partnership deal to the public, followed by the launch of Streamr’s real-time data marketplace. The development will allow the users to subscribe to real-time data streams and Pihkala believes the development is a crucial step toward building ‘smart cities.’

The partnership will see Streamr’s data marketplace combined with the community-hosted ‘Kuha’ base stations of Nokia to allow for monetization of user data and making purchases of streams from the Internet of Things (IoT) enabled devices.

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Furthermore, the three parties shall work towards connecting rural populations with mobile data networks. The project understandably targets a major problem of the developing world, with a reported four billion people out of mobile coverage areas and current systems not able to serve rural areas.

Martti Ylikoski, Nokia’s Radio System Evolution Lead, believes their partnership is a clear indicator of their belief and they wholly support connecting the world to basic mobile networks:

“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 move serves as a litmus to display confidence in the platform that allows users to take control and monetize their data.

DATA Coin To ‘Fuel’ the Network

The integrated network will utilize Streamr’s native ERC-20 token, DATAcoin, which buyers and sellers can use to purchase real-time data streams. The platform runs on Ethereum smart contracts.

Understandably proud of the newly acquired partnership deal, and the platform launch, Phikala told the crowd:

“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.”

Earlier on May 7, 2018, Streamr partnered with HP to produce a data aggregator, and analytics tool that noted down data feeds from an Audi Q2. The software’s basis was the Streamr Engine.

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