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In a significant development for the tech and blockchain sectors, Finnish telecom giant Nokia has filed for a patent related to the encryption of digital assets. On December 23, the China National Intellectual Property Administration (CNIPA) disclosed a patent application that outlines a device, method, and computer program aimed at encrypting digital assets.
The patent application also revealed that the device and program involve a component specifically designed for the encryption of digital assets. It also outlines the use of indexes of digital assets for encryption purposes, suggesting that the proposed technology could provide an essential function for digital asset security.
For a long time, Nokia has been exploring innovations in blockchain and the metaverse. In 2021, it launched the Nokia Data Marketplace, a blockchain-based platform aimed at facilitating enterprise-level data transactions and analysis, which uses permissioned blockchain infrastructure. This technology highlights Nokia’s commitment to develop practical blockchain solutions for businesses.
In 2023, the company embarked into the metaverse with a unique project involving a 5G-connected microbrewery. This project, which utilized augmented reality (AR) technology, allowed researchers in Australia and Germany to collaborate on brewing experiments. The researchers used digital simulations to “perfect beer” in the virtual space, which depicts Nokia’s interest in leveraging emerging technologies for innovative applications.
Nokia’s efforts also extend to the telecommunications industry, On March 1, the company also disclosed its intentions to build network architecture to serve the emerging innovations market. It anticipates a 22% to 25% increase in network demand by 2030. This strategy is part of the company’s broader plan to meet the needs of the rapidly growing innovations market.
This move signals Nokia’s increasing involvement in the digital asset space and hints at the development of technology that could play a key role in securing cryptocurrency and other digital assets.