Nokia files patent for digital asset encryption as it eyes blockchain potential

2024-12-23 20:46

Nokia has reportedly applied for a patent focused on encrypting digital assets, local Chinese media outlet Sina Finance reported on Dec. 23.

The patent was reportedly filed in June 2024, and the application was published under CN119155674.

According to the report, the technology encrypts assets using a first key that creates a secure data version. This encrypted asset is then assigned an index for network functionality and linked to an entity through an identifier.

Nokia has yet to respond to requests for comment as of press time.

Pivot rumors

Market observers have pointed out that this move signals that the mobile giant was expanding beyond its robust telecommunications and network technology legacy to the emerging sector.

Despite losing its lead in the mobile phone sector following the advent of smartphones, Nokia remains a leading global technology company with an extensive patent portfolio spanning diverse fields like 5G, mobile communications, IoT, and digital asset encryption.

Earlier in the year, Nokia revealed plans to develop future network architectures tailored to innovation-driven industries, including blockchain, smart contracts, artificial intelligence, and the Internet of Value. The firm expects demand in these areas to grow by 22% to 25% by 2030.

It noted:

“Advances in semiconductors, software, artificial intelligence and machine learning, metaverse technologies, Web3 and cloud technologies will continue to accelerate. These technologies will significantly extend the scope of what is possible, connecting and merging the human, physical and digital worlds to help solve some of the greatest global challenges we face.”

In October, Nokia showcased how its 5G-powered digital factory twins bridge the physical and virtual worlds. The firm highlighted how real-time data from thousands of sensors enabled instant optimization and predictive maintenance for production lines.

The post Nokia files patent for digital asset encryption as it eyes blockchain potential appeared first on CryptoSlate.

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