Nokia (NASDAQ: OK) has filed a patent application in China for a device that encrypts and indexes digital assets in the telecom operator’s latest foray into the world of blockchain.
China National Intellectual Property Administration (CNIPA) confirmed that the Finnish telecommunications and consumer electronics giant has filed a patent for a “device, method and computer program” that encrypts digital assets.
A translated version of the patent revealed that the patent describes a method for “encrypting a digital asset with a first key,” “providing an encrypted digital asset and an index for the encrypted digital assets to a first network function,” and “providing a first entity with the identity of said encryption digital asset.”
Nokia’s system will rely on both symmetric and asymmetric encryption – the former uses a single key to encryption and decryption, while the latter relies on a combination of public and private keys for greater security.
The Helsinki-based company is a pioneer in the field of mobile telephony and was the largest mobile telephony company in the world in the early 2000s. It was then overtaken by American and Asian brands and has since been reinvented using the latest technologies.
Blockchain and digital assets are among the new technologies that Nokia has dabbled in. In 2023, she embarked on the metaverse in a research role and has since expanded the initiative. Its report on the Technology Strategy 2030, published revealed in March 2024 that it plans to invest heavily in infrastructure to support the surge in demand for metaverse applications, Web3and artificial intelligence (AI).
However, his new patent application may be the most important in the world of digital assets. Security in the sector is one of the most pressing needs as criminals find new ways to target investors, and the global giant’s encryption device could be a giant leap for the industry. In 2024, criminals are expected to steal $2.2 billion worth of digital assets, a 21 percent increase from the previous year, according to a new report by Chainalysis.
Nokia joins other telecom giants focusing on the digital assets sector as the industry has grown significantly in recent years. Japan’s largest wireless operator NTT Docomo, triggered digital asset wallet earlier this year, while its South Korean counterpart triggered your wallet last year. Others, like Spanish giant Telefonica and Germany’s Deutsche Telekom (NASDAQ: DTEGY), use blockchain technology for security and verification.
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