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We present a blockchain based system that allows data owners, cloud vendors, and AI developers to collaboratively train machine learning models in a trustless AI marketplace. Data is a highly valued digital asset and central to deriving business insights. Our system enables data owners to retain ownership and privacy of their data, while still allowing AI developers to leverage the data for training. Similarly, AI developers can utilize compute resources from cloud vendors without loosing ownership or privacy of their trained models. Our system protocols are set up to incentivize all three entities - data owners, cloud vendors, and AI developers to truthfully record their actions on the distributed ledger, so that the blockchain system provides verifiable evidence of wrongdoing and dispute resolution. Our system is implemented on the Hyperledger Fabric and can provide a viable alternative to centralized AI systems that do not guarantee data or model privacy. We present experimental performance results that demonstrate the latency and throughput of its transactions under different network configurations where peers on the blockchain may be spread across different datacenters and geographies. Our results indicate that the proposed solution scales well to large number of data and model owners and can train up to 70 models per second on a 12-peer non optimized blockchain network and roughly 30 models per second in a 24 peer network.