December 24, 2024
Finnish telecoms company Nokia has filed a patent for a device and software that can encrypt digital assets.
On December 23, the China National Intellectual Property Administration (CNIPA), the patent office of the People's Republic of China, revealed that Nokia has applied for a patent for digital asset encryption.
According to English translations of the application, the patent relates to a device and software containing a component that encrypts digital assets.
The patent also includes crypto indexes used in encryption, which the software provides for its first function on the network. While the patent may seem vague, it shows that the company is moving towards encrypting digital assets, and may be developing a device capable of performing this function.
Cointelegraph reached out to Nokia for more information, but did not receive an immediate response.
In 2021, the mobile phone company announced the Nokia Data Marketplace, a data infrastructure for blockchain-based enterprises. The platform uses a permissioned blockchain network and provides transaction processing and data analytics services.
Permissioned blockchains use distributed ledger technology, but are not fully decentralized, having an access layer that allows participants to interact only after obtaining pre-approved levels of authority.
In 2023, the phone maker is developing a 5G-connected brewery using metaverse technology. Researchers in Australia have been working with colleagues in Germany on joint beer-making experiments using augmented reality (AR) to improve the brewing process in the digital space.
On March 1, the company announced plans to build a dedicated network architecture to serve the emerging innovation market. The company expects demand for networks to grow by 22% to 25% by 2030.
Meanwhile, Taiwan Mobile, the second-largest telecom operator in Taiwan, has entered the cryptocurrency market. On July 5, the company was granted a Virtual Asset Service Provider (VASP) license by Taiwan’s Financial Supervisory Commission (FSC). The license allows the company to establish a platform for trading digital assets.