Nokia, a Finnish telecommunications company, is joining the cryptocurrency revolution. According to reports, Nokia has developed technology to encrypt digital assets and address vulnerabilities.
The Finnish company has officially applied for a patent for this product Cryptocurrency of digital assets With the Chinese Intellectual Property Administration last June 2024.
The patent, publication number CN 119155674 A, specifies a method for a device and computer software to protect assets from vulnerabilities.
Nokia’s latest move reflects its growing commitment to blockchain technology after decades of being associated with mobile device production.
Nokia: Cryptocurrency Digital Assets
the Patent summary It is suggested to encrypt digital assets using a key initially. The asset will then have another layer of protection using cryptography, meaning that only the user holding the key can access the asset.
For example, no one will have access to the XRP or ADA cryptocurrency except the person who has the private key to these assets. As such, these digital assets are protected from hacking.
Translation of Nokia Technologies' filing CN 119155674 A. Source: CNIPA
the Proposed encryption process It extends to the indexing, identification and verification of these digital assets. In short, only the person holding the key can use these assets for any type of online transaction, and they can only decrypt them after the transaction is confirmed.
Nokia’s latest pending patent addresses the growing problem faced by holders and investors who have their cryptocurrencies stolen and hacked.
Nokia’s entry into the Blockchain space
Nokia is expanding into the blockchain space and saw an opportunity in the vulnerability of digital assets. Chaina Analysis reports a loss of more than $2.2 billion Cryptocurrency hacking In 2024, which underscores the need for new security measures.
Nokia’s new patent on cryptocurrency encryption follows its initial investment in Data Marketplace for enterprises in 2021. The company’s data marketplace runs on blockchain technology and is an attempt to expand its portfolio and venture into blockchain.
While obtaining a patent does not guarantee that Nokia will eventually develop the system, the technology could be used as a basis for future developments.
More companies are venturing into the Blockchain space
Apart from Nokia, more traditional companies are now venturing into the world of technology Cryptocurrency industry, reflecting the growing popularity of the technology and use cases. For example, Sony uses existing blockchain technology with an R&D group working on Web 3.0. Other companies, such as Apple and Microsoft, create their own technologies and patents.
While many of these companies are still developing and researching blockchain products, a few companies are aggressively investing in this technology. Mastercard is a perfect example, as it has two patents that allow for trustless payment transactions through smart contracts and a system that converts cryptocurrencies into fiat currencies.
Featured image from Reuters, chart from TradingView