Nokia, a Finnish telecommunications company, is joining the crypto revolution. According to reports, Nokia has developed technology to encrypt digital assets and deal with defects.
The Finnish company officially applied for a patent for encryption of digital assets with the Chinese Intellectual Property Administration last June 2024.
The patent, with publication number CN 119155674 A, identifies a method for a device and computer program to protect assets from vulnerability.
Nokia’s latest move shows their growing commitment to blockchain technology after decades of being associated with mobile device manufacturing.
Nokia: Encrypting Digital Assets
The patent abstract proposes encrypting digital assets by using a key at first. Then, the asset will have another layer of security using encryption, meaning that only the user with the key can access the asset.
For example, XRP or ADA encrypted will not be accessible to anyone except the person who has the private key of these assets. As such, these digital assets are protected from hacking.
Translation of Nokia Technologies' filing CN 119155674 A. Source: CNIPA
The proposed encryption process goes beyond identifying, identifying, and authenticating these digital assets. In short, only the person holding the key can use these assets for any kind of online activity, and can only remove them after the transaction is confirmed.
Nokia’s latest patent pending addresses a growing problem for owners and investors who have experienced crypto theft and hacking.
Nokia’s Entry into the Blockchain Niche
Nokia is expanding into the blockchain niche and sees an opportunity in the vulnerability of digital assets. Chainalysis reports that more than $2.2 billion was lost through cryptocurrency hacking in 2024, which emphasizes the need for new security measures.
Nokia’s new patent for crypto encryption follows its first investment in the Enterprise Data Market in 2021. The company’s Data Marketplace uses blockchain technology and is an effort to expand its portfolio and get into blockchain.
Although having a patent does not guarantee that Nokia will eventually develop the system, this technology can be used as a basis for future development.
More Firms Are Getting Into Blockchain
Besides Nokia, more traditional firms are now entering the cryptocurrency industry, reflecting the technology’s growing popularity and use cases. For example, Sony uses existing blockchain technology with an R&D team working on Web 3.0. Other companies, such as Apple and Microsoft, develop their own technologies and patents.
While many of these companies are still developing and researching blockchain products, a few companies are firmly invested in the technology. Mastercard is a perfect example, with two patents that enable trustless payments through smart contracts and a system that converts cryptocurrencies into fiat.
Featured image from Reuters, chart from TradingView
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