Nokia files patent for digital asset encryption system

Nokia has filed a patent for a system designed to encrypt digital assets, expanding its focus on Blockchain technology and digital asset security.

The patent, disclosed by the China National Intellectual Property Administration (CNIPA), outlines a device, method, and computer program for encrypting digital assets and managing encryption processes.

While specific details about the patent are not yet fully revealed, it marks another step in Nokia’s growing interest in blockchain and decentralised technologies.

In 2018, Nokia partnered with Steamr and OSloft to help customers monetise data using blockchain, marking the company's entry into digital asset technologies.

By 2021, Nokia introduced the Nokia Data Marketplace, a platform utilising permissioned blockchain to facilitate secure data transactions and analytics.

This blockchain-based marketplace allows controlled access to data, with an emphasis on enterprise-grade infrastructure.

Nokia’s blockchain ambitions expanded in 2023 when the company ventured into the metaverse. It created a 5G-connected microbrewery that allowed researchers in Germany and Australia to collaborate on beer brewing experiments using augmented reality.

Additionally, Nokia has been making strides in enhancing its network infrastructure, with plans to address emerging innovations and prepare for increased demand by 22% to 25% by 2030.

Nokia’s digital asset initiatives also extend to the virtual asset space. In 2023, the company secured a Virtual Asset Service Provider (VASP) license from Taiwan’s Financial Supervisory Commission.

This license enables Nokia to establish a digital asset exchange.

Nokia is not alone in its digital asset ventures. Taiwan Mobile, the second-largest telecom operator in Taiwan, also secured a VASP license in July, signaling increasing telecom interest in the digital asset sector.