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Nokia, HP Allow Blockchain Users to Monetize Data

What’s the best way to get more users on a blockchain? Pay them for sharing their information—with their consent, of course.

Hewlett Packard Enterprise Co. (HPE), a global provider of IT, technology and enterprise products, and Nokia, a global provider of mobile networks, have partnered with a Swiss blockchain startup called Streamr. The joint venture among the trio is to build a marketplace for data on top of a blockchain, and let the consumers put their data (willingly) on the blockchain network. This user data, obtained with user consent, can then be legally sold to the interested parties. Interested clientele may include large and small organizations, digital advertisers, governments and anyone who may be interested in buying such data of vast variety. (See also: HPE and Nokia Expand IoT Partnership.)

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Streamr Network AG has successfully raised $30 million through an initial coin offering (ICO) last year for its innovative concept of building a secure “data marketplace” using blockchain technology. It plans to assign a monetary value to the data that gets uploaded and stored on the blockchain network in the form of a cryptocurrency called DATAcoin (DATA). The DATAcoin has an exchange rate of around 11.5 cents as of mid-May.

How the Data Network Works

While Streamr is offering blockchain expertise, HP is using its technology stack to expand the use to a variety of areas. For instance, it has built a prototype to collect vital data points from a car—like windshield wiper activity—that may be used for weather warnings at a specific location, or fuel quantity available in the car which may help predict fuel demand in an area, or car components’ wear and tear, which may issue necessary alerts for replacements. Such data points will be purchased from the car owners and stored on the data blockchain and can be utilized by various interested parties for commercial and social gains. For instance, a sensor fitted in the car would be sufficient to assess the road condition and allow authorities to take up the necessary road repair without…

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