What is a data marketplace?
The value of a data marketplace is to facilitate the data trading and exchange process as efficiently and securely as possible while removing obstacles that prevent buyers and sellers from performing their activities.
What is a blockchain data marketplace?
Nokia Data Marketplace is a proven, secure and scalable solution for business-to-business i.e. B2B data exchange and monetization, and driving development of B2B2X ecosystems. It is based on private permissioned blockchain to facilitate secure, trusted and automated exchange of digital assets in the form of data streams between data buyers and sellers.
Nokia Data Marketplace provides enterprises and communications service providers (CSPs) access to rich datasets as well as AI/ML orchestration capabilities. The solution supports multiple data sharing and trust models to cater to the requirements of different datasets and customer needs.
- Data marketplace platform through SaaS
- Nokia Data marketplace infographic
- Benefits and features
- Use cases for IoT data monetization
- Use cases for secure data exchange
- Use cases for federated learning
- Enable digital transformation
- How to monetize data
- Related topics
- Related solutions and products
- Learn more
Data marketplace platform through SaaS business model
Through a Software-as-a-Service (SaaS) business model, our Nokia Data Marketplace platform offers enhanced automation, efficiency and scalability to CSPs and enterprises in a variety of industry verticals, including telco, government, energy, healthcare, transportation and logistics. With our SaaS model, customers also benefit from faster time-to-value, improved financial performance and greater business agility.
Infographic – B2B data exchange marketplace for digital transformation and data monetization
How to securely exchange data?
Nokia Data Marketplace uses private permissioned blockchain to enable trusted contracts and secure transaction mechanisms
Multiple data sharing and trust archetypes
The underlying data marketplace infrastructure offers a range of data science processing archetypes for the member organization to select from
Data privacy and security
Data is not stored in the Nokia Data Marketplace, the solution just controls the secure data exchange between buyer and seller
Data format agnostic
Data formats are not standardized to provide flexibility for data providers and data consumers to perform data transformations as per specific needs or algorithms
Benefits and features
Trusted data monetization
Easily monetize data with a digital catalogue, trusted smart contracts and transactional mechanisms
Secure data exchange
Easily exchange data among units within a large enterprise or an ecosystem
Federated AI/ML orchestration
Easily execute algorithms on data stored in multiple locations without actual data transfer, using federated learning
What is federated learning?
Through federated learning, AI models can be trained locally on distributed data sets without the need to move sensitive data. This ensures privacy preservation of the data, the model itself and the output of the model. The AI/ML orchestration capabilities of the Nokia Data Marketplace can be used for collaborative development of highly accurate machine learning models.
Use cases for IoT data monetization
Environmental data marketplace
Increase yield, minimize herbicides and optimize the use of fertilizers depending on actual (non-uniform) soil conditions by algorithm-driven control of farm equipment.
Industry verticals: agriculture, telco, tower companies and smart cities
Sports data marketplace
Improve competitiveness of tournaments and enhance gaming experience based on data from players’ wearables.
Industry verticals: sports
Healthcare data marketplace
Improve person-centric healthcare based on data from wearables and connected devices.
Industry verticals: healthcare and wellness
Use cases for secure data exchange
Supply chain automation
Optimize logistics network performance and reduce delays by automating settlements between the stakeholders.
Industry verticals: transportation, maritime, logistics and manufacturing
Optimize resources, improve experience and reduce delays by automating settlements between the stakeholders.
Industry verticals: energy, utilities, smart buildings and smart cities
Use cases for federated learning, AI orchestration or ML orchestration
Using AI or ML orchestration to increase equipment availability by optimizing maintenance planning, spare parts stock levels and employee resources.
Industry verticals: airlines, telco and manufacturing
Improve intelligence exchange between government agencies for faster actions with federated learning.
Industry verticals: government
Improve urban traffic management strategies to avoid congestion and improve experience.
Industry verticals: smart cities, telco and government
AI-based health recommendations
AI or ML orchestration can enable clinical decision support systems to tailor treatment to individuals or patient groups.
Industry verticals: healthcare
How to enable digital transformation with data marketplace
The majority of industries today use data to drive nearly all of their strategic decisions. Data driven decision making is critical for organizations as they transform their businesses for competitive advantage in the digital era.
Nokia Data Marketplace can enable digital transformations by helping industries to tackle data exchange-related challenges such as:
- Data remaining in ‘silos’ within organizations – meaning within business groups or units who are reluctant to share it with each other
- Interoperability issues between systems impeding free real-time data exchange
- Government regulations around data privacy and data movement restricting sharing
- When external sources are used, there are often concerns around data validity and integrity
Examples of digital transformation with data marketplace
Enterprises and consortiums can use real-time data exchange capabilities of the marketplace to drive transparency and trust in their business ecosystems while also enabling innovative new business models. For example, the oil and gas industry can use real-time data exchange and smart contract capabilities to improve global supply chain transparency and enable instantaneous transaction settlements. Smart grid providers can use it as a platform to facilitate the digital power trading economy enabling the monetization of microgrid power generation for participants, while reducing overall power generation, transmission and distribution costs. Automotive and industrial equipment manufacturers can use the data exchange and AI/ML orchestration capabilities to create highly accurate predictive maintenance models for their products.
How to monetize data
Almost all large organizations want to monetize their company generated data, but there is a need for both data consumers and data providers to have a mechanism which enables secure and trusted data and digital asset exchanges. In addition, there needs to be a simple, assured data monetization mechanism that guarantees providers compensation for their digital data assets.
Nokia Data Marketplace enables data providers and consumers to share and transact data and other digital assets like algorithms privately and securely, establishing vital trust between market participants while ensuring compliance with government. The Nokia Data Marketplace is key to unlocking value and establishing the data-as-a-service economy.
Examples of data monetization with data marketplace
CSPs, large enterprises and consortiums can fulfil the role of a data marketplace provider, generating new revenue streams from enterprise customers by facilitating trusted permissioned data exchange transactions, consequently helping them move up the enterprise digital transformation value chain. The real-time data exchange, smart contracts and AI/ML orchestration capabilities of Nokia Data Marketplace can be used as a foundational technology by industries to create many new and innovative applications and business models, catalyzing their data driven digital transformation initiatives.
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