Why Nokia Is Partnering with a Crypto Startup to Build an IoT Network

May 18, 2018 23:48 UTC

Nokia, a Finland-based multinational communications and information technology provider, has announced a project to give people in remote rural areas a chance to have mobile connectivity and enjoy the benefits of the digital economy, according to a a post on the company’s blog.

New tools that reduce the cost of network deployment and maintenance will bring access to these areas, and Nokia community hosted networks will collect Internet of Things (IoT) data and allow customers to monetize it, either individually or through IoT Data Community Projects.

Nokia is among the companies working with a Swiss cryptocurrency startup called Streamr that tokenizes data collected by internet-connected devices. Nokia’s community hosted networks will gather IoT generated data and integrate the data with the Streamr Data Marketplace.

Connecting Sensor Data

Nokia community hosted networks will transfer data from internet-connected devices in these remote areas to the blockchain. Sensors have been installed in places like farms to regulate irrigation and predict weather patterns.

Remote communities currently have little if any way to pay for network infrastructure to support internet connectivity, which could improve residents’ earning opportunities. Such communities, however, are responsive to the opportunity to have internet connectivity.

The technology could potentially impact billions of potential broadband users, the blog noted.

Such residents understand the value of keeping up with the news, having social media and entertainment options, and having access to health services. In addition, they recognize the advantage of having access to current pricing for the goods they want to sell.

Also read: HPE, Nokia tap Streamr to allow consumers to monetize blockchain tokenized data

Villages To Host Mobile Broadband

The networks will allow remote villages to host and monitor mobile broadband service. Customers will be able to set up zero-touch base stations and have service within 15 minutes.

The initiative will eliminate the need for customers to pay for base station installation, operation and maintenance. In addition, they will earn revenue from the services provided.

Streamr, which uses blockchain technology to facilitate data streaming, raised $31 million last year in an initial coin offering (ICO).

Featured Image from Shutterstock

Last modified: October 20, 2019 08:03 UTC

More of: finlandICONokia

Lester Coleman is a media relations consultant for the payments and automated retailing industries.