Nokia Is Partnering With A Crypto Startup To Build An IoT Network

One of the biggest companies in Finland and the well-known multinational communications and IT provider Nokia, has recently announced a project which will benefit people in remote rural areas providing them with mobile connectivity and helping them enjoy the benefits of the digital economy.

The news comes from the company’s blog and says that the new tools that Nokia is planning will reduce the cost of the network deployment and maintenance. However, in order for that to be achieved, Nokia will join forces with a cryptocurrency startup called Streamr – specialized in tokenizing data collected by Internet-connected devices.

The community hosted networks by Nokia will gather IoT generated data and integrate it with the Streamr Data Marketplace. That way, the Nokia community hosted networks will transfer the data from internet-connected devices and link it to the blockchain.

Streamr has already raised $31 million in an initial coin offering (ICO) and proved that it is one of the fastest growing startups using blockchain technology.

We can announce that @Nokia and @OSIsoft join @HPE in partnering with #Streamr. Data Done Differently #Consensus2018 pic.twitter.com/s8AIf2pAO0

— Streamr (@streamr) May 16, 2018

When it comes to the actual tech infrastructure, it will work in a simple way…

There are sensors already installed in places like farms in order to regulate the irrigation and predict the weather patterns. In times when remote communities have little to no money to pay for network infrastructure, Nokia is helping everyone with this new project.

The residents, on the other hand, will benefit from having reliable Internet. They will be able to connect on social media, keep up with the news and have multiple entertainment options all thanks to this connectivity. Customers will be able to set up zero-touch base stations and have service within 15 minutes.

This way, the entire initiative eliminates the need for customers to pay for base station installations, operation, and maintenance. In addition to this, it lets people earn revenue from the services provided.