Nokia files patent for digital asset encryption device and program

Mobile phone distributor Nokia filed a patent for a “device, method and computer program” which could encrypt digital assets

On Dec. 23, the China National Intellectual Property Administration (CNIPA) showed that Nokia Technologies applied for a digital asset encryption patent.

According to English translations of the patent application, the patent is for a device and a program with a component that encrypts digital assets.

Translation of filing CN 119155674 A by Nokia Technologies. Source: CNIPA

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

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

Nokia’s blockchain and metaverse endeavors

In 2021, the mobile phone company announced the Nokia Data Marketplace, an enterprise-grade data infrastructure service using blockchain technology. The platform uses permissioned blockchain infrastructure and offers data transaction and analysis

Permissioned blockchains are networks that use distributed ledger technology but are not fully decentralized. They are embedded with an access layer, allowing participants to interact only after having pre-approved levels of authority

In 2023, the phone creator worked on a 5G-connected microbrewery using metaverse technology. With augmented reality (AR), researchers in Australia worked alongside colleagues in Germany on joint experiments brewing beer. The researchers simulated brewing so they could “perfect beer in the digital space.”

On March 1, the company reported that it would build network architecture to serve the emerging innovations market. The company anticipates a 22 to 25% increase in network demand through 2030. Because of this, the company will invest in its network equipment and services portfolio in the coming years

Related: NFTs in 2024: Surviving challenges, embracing growth, eyeing the future

Taiwan Mobile secures VASP license

Meanwhile, Taiwan Mobile, Taiwan’s second-largest telecom operator, brings resources and experience into the crypto market. On July 5, the company received a virtual asset service provider (VASP) license from Taiwan’s Financial Supervisory Commission (FSC). The VASP license allows the firm to set up a digital asset exchange

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