Nokia files patent for digital asset encryption device and program

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As a seasoned investor with a knack for spotting tech giants venturing into new territories, this recent move by Nokia to file a patent for digital asset encryption has piqued my interest. Having seen the evolution of mobile phones from brick-like devices to smartphones and beyond, I can’t help but wonder if we’re on the cusp of another significant leap with Nokia potentially entering the crypto space.

Telecom giant Nokia submitted a patent application for an innovative system involving both a “gadget,” process, and software programming that would securely encode digital possessions.

On December 23rd, it was revealed that Nokia Technologies submitted an application for a patent concerning the encryption of digital assets, as overseen by the China National Intellectual Property Administration (CNIPA). In essence, if approved, this patent would cover a device and a software program equipped with an encrypting feature for digital assets.

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The patent also involves indexes of digital assets used for encryption, which the program would provide for its first network function. While the patent seems unclear, it shows that the company may be diving into the encryption of digital assets and could potentially be developing a device that performs this function.  

CryptoMoon contacted Nokia for more information but did not receive an immediate response. 

Nokia’s blockchain and metaverse endeavors

As a researcher in 2021, I found myself intrigued by the announcement of Nokia’s Data Marketplace – a robust data infrastructure service designed for enterprises, leveraging advanced blockchain technology. This innovative platform employs permissioned blockchain architecture, enabling secure data transactions and analytics, thereby revolutionizing the way data is managed and utilized in businesses.

In simpler terms, permissioned blockchains are network systems that employ distributed ledger technology, yet they aren’t completely decentralized. These networks have a built-in control layer that grants access to participate only after certain authority levels have been granted in advance.

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In 2023, the phone manufacturer focused on developing a 5G-linked microbrewery that utilized metaverse technology. Collaborating with their counterparts in Australia and Germany through augmented reality (AR), researchers worked together to conduct shared brewing experiments. They used digital simulation to refine beer-making techniques within the virtual environment.

Starting on March 1st, the company announced plans to construct a network infrastructure tailored for the rapidly growing innovations market. They expect a substantial rise in network usage, approximately 22-25%, by the year 2030. As a result, they will be dedicating resources towards expanding their selection of network equipment and services over the next few years.

Taiwan Mobile secures VASP license

Simultaneously, Taiwan Mobile, the second-largest telecommunications company in Taiwan, is entering the crypto market with its resources and expertise. On July 5th, they were granted a Virtual Asset Service Provider (VASP) license by Taiwan’s Financial Supervisory Commission (FSC). This license enables the company to establish a digital asset exchange.

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2024-12-23 16:34