EddieJayonCrypto
6 Jan 25
Nokia has filed a patent in China for a device that encrypts and indexes digital assets, signaling its foray into blockchain technology. The patent describes a method for encrypting digital assets and providing enhanced security using symmetric and asymmetric encryption. This move aligns with Nokia'...
A translated version of the patent revealed that the patent describes a method for “encrypting a digital asset with the first key,” “providing the encrypted digital asset and an index for the encrypted digital assets to the first network function” and “provide the first entity with the identity of the digital asset of said encryption.” Nokia’s system will rely on symmetric and asymmetric encryption—the former uses a single key for encryption and decryption, while the latter relies on a public and private key combination for enhanced security.
In 2023, it ventured into the metaverse in a research capacity and has since expanded the initiative. Its Technology Strategy 2030 report, published in March 2024, revealed that it intends to invest heavily in infrastructure to support a surge in demand from metaverse applications, Web3, and artificial intelligence (AI). However, its new patent application might be its most significant in the digital asset world.
Security in the sector is one of the most pressing needs as criminals find novel ways to target investors, and an encryption device from a worldwide giant could be a great leap for the industry. In 2024, criminals reportedly stole $2.2 billion worth of digital assets, a 21% surge from the previous year, according to a new report by Chainalysis. Nokia joins other telecom giants targeting the digital asset sector as the industry’s growth has burgeoned in recent years.