Nokia Publishes Paper on blockchain technology and Web3

Nokia, the company you probably forgot exists, has a Bell Labs and they have published a whitepaper on blockchain technology and Web3.

Much of it is a high level overview with catchy phrases like "the benefits of blockchain are clear, but value creation remains elusive." Some of it however is interesting.

"The blockchain's (BC) inherent value is implicit trust, which provides transaction confidence as buyers and sellers can be assured of their exchange. The smart contract will execute the contract when the agreement is met on both sides and the BC provides a permanent record. When disintermediation of the centralized platform occurs through BC, the operational savings of smart contracts occur as clearing houses or TTP (trusted third parties) charge for their services."

So says Bill Krogfoss, a Principal Consultant at Nokia Bell Labs, in turning features - peer to peer transactions - into benefits, such as confidence in the platform and saving costs.

He also provides examples of potential use cases, especially for telecom infrastructure providers like Nokia:

"For instance, roaming settlements that use a distributed BC network with a greater number of telecom providers (actors) would lead to lower operational costs for all. Creating a Web3 application for roaming settlement could also potentially enable the use of incentives to improve the user experience for mobile subscribers."

Download: https://onestore.nokia.com/asset/213367