As crypto assets such as Bitcoin and even NFTs like Pudgy Penguins skyrocket in price, more investors have been attracted to digital assets. We have seen many investors, from individuals to institutions, try to get in on all the impressive crypto action. It’s not surprising to see this level of interest from investors, especially at times like these when digital assets are doing pretty well. What’s surprising is the latest company that has shown interest in digital assets.
When discussing digital assets, Nokia is not a name you would expect to pop up. The Finnish telecom company is best known for its incredibly strong phone models. However, Nokia has now filed for a patent on a “device method and computer program” that can encrypt digital assets.
⚡ LATEST: Nokia files patent for a digital asset encryption device, signaling a move into blockchain security. pic.twitter.com/K2b7BnIh1X
— Cointelegraph (@Cointelegraph) December 23, 2024
The China National Intellectual Property Administration (CNIPA), the patent office of the People’s Republic of China, disclosed on December 23 that Nokia’s technologies had filed for a patent over its new digital asset encryption technology.
The original patent application was written in Chinese. However, an English translation of the application has revealed that the nature of the patent is one for both a device and a computer program with a component that encrypts digital assets.
Nokia’s patent is also said to contain indexes of digital assets used for encryption, which the designed program would provide in its first network function. From the details of the report, Nokia’s new tech encrypts assets using a first key tasked with creating a secure data version. The encrypted digital asset is then later assigned an index for network functionality and linked to an entity through a unique identifier.
Not much else is known from the report, but from the little it showed. It seems that Nokia is pushing to break into the digital assets space, albeit through the encryption route.
While the company’s recent venture may seem strange, this is not the first time Nokia has tried its hand at some digital asset ventures. The mobile phone company announced The Nokia Data Marketplace back in 2021. The Data Marketplace was an enterprise-grade data infrastructure service using blockchain tech.
Look who's launched a blockchain data marketplace!
— Big Data Protocol (@bigdataprotocol) May 21, 2021
This further validates the use case for blockchain for trading+exchange of valuable data.
Key difference: $BDP Data Market runs on #Ethereum. @nokia's runs on a private permissioned blockchainhttps://t.co/QYDZ8ykyL1 pic.twitter.com/vPjFAabIVm
2023 also saw Nokia working on a 5G-connected microbrewery using metaverse tech. Nokia researchers in Australia and Germany were able to work on joint experiments brewing beer.
Nokia also announced on March 1 that it would be building a network architecture to serve the emerging innovations market. According to the company, there will be an estimated 22% to 25% increase in network demand through 2030, and it aims to be there to cater to that demand when it comes.
1. Adapt or die. Nokia’s inability to embrace change destroyed it.
— Business Nerd 🧠 (@BusinessNerd_) December 17, 2024
2. Internal unity matters. Divisions within the company slowed decision-making.
3. Innovation must be relentless. Resting on past success is a fatal mistake. pic.twitter.com/VEqRy74in2
Kataryna Habeliia
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
