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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 which is 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.
Nokia’s Blockchain and Metaverse Ventures
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. Researchers in Australia and Germany collaborated in the project on brewing experiments, which utilized augmented reality (AR) technology. 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 revealed its intentions to build network architecture to cater to 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.
Nokia’s Increasing Involvement In Digital Space
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. Nokia’s entry into this space can be seen as a push by traditional telecom companies to diversify their portfolios and embrace the digital future.
Besides, Taiwan Mobile, Taiwan’s second-largest telecom operator, recently obtained a virtual asset service provider (VASP) license from Taiwan’s Financial Supervisory Commission (FSC). This license allows Taiwan Mobile to establish a digital asset exchange, highlighting the growing convergence of telecom and digital finance.