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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Nokia, the Finnish telecommunications giant, has taken a significant step into digital asset security. The company has filed a patent for a “device, method, and computer program” designed to encrypt digital assets.
China’s National Intellectual Property Administration (CNIPA), the country’s official patent office, disclosed the patent application on December 23.
Nokia’s Digital Asset Encryption Device: How Big Is This Coming?
The company reportedly filed the patent under the title “Device method and computer program” on December 23, 2024. This submission follows an earlier application to the National Intellectual Property Administration in June 2024, identified under publication number CN 119155674 A.
According to translated details, the patent describes a device and program capable of encrypting digital assets through indexes linked to encryption processes.
While specifics remain unclear, the filing indicates Nokia’s interest in developing specialized tools for securing digital assets. The company has not provided further details regarding the patent.
Encryption remains critical in safeguarding cryptocurrencies like Bitcoin, where private keys ensure only authorized users can manage their holdings. Nokia’s proposed system aims to strengthen this protection through an innovative encryption method.
According to the patent abstract, the system uses a “first key” to encrypt digital assets. This key forms the core of the encryption process and can potentially leverage symmetric or asymmetric encryption.
Symmetric systems use a single key for both encryption and decryption, while asymmetric systems employ a public/private key pair to enhance security.
Nokia’s history of innovation in networking and telecommunications makes it a worthy candidate for this new product. The company’s extensive patent portfolio spans multiple domains, including 5G networks, IoT, and digital asset encryption.
This move is not Nokia’s first venture into blockchain technology. In 2021, the company launched the Nokia Data Marketplace.
The platform, built on permissioned blockchain technology, facilitates secure data transactions and analysis. It offers controlled access to its network for pre-approved participants, which marks its first success in integrating blockchain into enterprise solutions.
Nokia has also explored applications in the metaverse. In 2023, it collaborated on a project involving a 5G-connected microbrewery. This initiative allowed researchers in Germany and Australia to use augmented reality (AR) and digital simulations to improve brewing techniques.
Earlier this year, Nokia outlined plans to upgrade its network infrastructure to meet rising demand. With network traffic projected to increase by 22–25% by 2030, the company is investing in its equipment and services portfolio to support emerging markets and innovations.
Nokia’s interest in digital assets follows industry trends. Globally, telecom companies are increasingly investing in blockchain and cryptocurrency technologies.
Taiwan Mobile, the country’s second-largest telecom operator, secured a Virtual Asset Service Provider (VASP) license in July 2024. This license allows the company to operate a digital asset exchange.
In South Korea, SK Telecom (SKT), the largest mobile operator, is preparing to launch a cryptocurrency wallet. The company’s Web3 business team aims to foster growth in South Korea’s crypto market.
