Nokia Acquires Space Time Insight and Planning Crypto Startup 

 May 30, 2019

By  Brian Forester

Nokia, the Finnish company up to shaping the future technology to transform the human experience, is at it again with the steps to advance its portfolio by acquiring Space Time Insight and partnering with a crypto startup with Internet of Things (IoT) application development.

Teaming up with a new crypto?

As Nokia aims to develop their multinational communication and information technology services, the Finnish company decided to raise a project to provide people in far-flung places a chance to have the convenience of mobile connectivity and take pleasure in perks of the digital economy shared on the company’s blog.

The company’s new tools that reduce the cost of network distribution and support will bring access to these areas and collect IoT data and allow users to mint it, either through IoT Data Community Projects or individually.

Like other big companies working on their way to starting up their own cryptocurrencies, Nokia has teamed up with Swiss cryptocurrency startup called Streamr that tokenizes data acquired by internet-connected devices. Hosted networks will gather IoT generated data and merge it with the Streamr Data Marketplace.

Nokia taking over IoT sphere by adding AI to IoT?

Expanding its IoT business with the acquisition of Space Time Insight, a major player in the IoT market, is expected to bring new technologies and prominent customers to the company.

News from Nokia verifies the attempts of the company to branch out the business and IoT suggests that it has become their focused task in the near future.

At this time IoT comparatively can’t be a pivotal part of Nokia’s business: the revenue of Nokia in 2017 exceeded  23 billion Euros, but the contribution of the software department in the overall result didn’t even reach 7%, and IoT is just a smaller fraction of that.

That’s where Space Time Insight comes in to change the tide. Nokia anticipating that this procurement will leverage the development of IoT in 18 – 24 months.

With the Launching of the Blockchain-powered IoT, a set of services looks to an economically and environmentally sustainable “smart cities.”

Blockchain technology is quickly plowing the way and the entire market capitalization of blockchain-based assets is $13 billion today. When decentralized blockchain protocols start displacing the centralized web services that dominate the current internet, we’ll start to see real internet-based sovereignty. The future internet will be decentralized.

You can also check out more about decentralized internet at Decenternet, a.k.a Dnet.

Brian Forester

Brian is an experienced journalist and crypto enthusiast. Founder of CryptoCurry - famed for his insightful input on the future of cryptocurrencies and blockchain technologies.

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