Finland-based mobile phone manufacturer Nokia unveiled its blockchain-enabled Nokia Data Marketplace on Wednesday, said to offer monetized data exchange and analysis capabilities. In a statement, the company said the service would allow its partners from various industries to collaborate via private blockchain, leveraging AI and automated mechanisms in real time to address rapidly growing data volumes.

“The new service also enables enterprises and CSPs [communications service providers] to become data marketplace providers themselves, by monetizing data exchanges between customers or business ecosystem participants.”

Friedrich Trawoeger, vice president for Cloud and Cognitive Services at Nokia, commented, “Our customers need secure and trusted access to data for effective business decision making.”

It is important to note that Nokia’s blockchain is differentiated from an open-source, decentralized blockchain like that of Bitcoin, which is secured not by one company, but multiple participants such as miners, developers, and nodes.