Nokia to use blockchain tech to help build smart cities

Nokia will launch a new set of services including the internet of things (IoT) and blockchain, that will help create economical and environmentally friendly smart cities.

The IoT involves a vast collection of connected devices and sensors, and Nokia’s existing Sensing as a Service (S2aaS) technology, powered by blockchain, can provide intelligent analytics based on the data gathered, reports BitcoinMagazine.

Asad Rizvi, head of global services business development at Nokia, said: “Cities need to become digital in order to efficiently deliver services to their habitats. Smart infrastructure, which is shared, secure and scalable, is needed to ensure urban assets and data are efficiently used.

“We can help cities with that. In additional, we can help operators generate new revenue utilising their existing network by providing solutions for smart city players, such as city, transport, travel and public safety authorities.”

The company goes into more detail on the role of blockchain and its built-in micropayment platform in a recent solution paper, which reads: Our complete micropayment platform can help you quickly generate new revenue from your data.

“Based on blockchain, the distributed ledger technology that is taking finance, healthcare, and a range of other industries by storm, our platform allows you to easily integrate third parties into your data market – expanding your customer base and service offerings. And as every transaction is verified against other peers in the blockchain network, you can be sure that your platform is secure.”