Nokia Officially Enters the Blockchain Sector

According to information from the China National Intellectual Property Administration (CNIPA), the Finnish telecommunications and consumer electronics conglomerate has applied for a patent for an “apparatus, method, and computer program” that can encrypt digital assets.

A translated version of the patent application reveals that the device describes a method for “encrypting a digital asset with a first key,” “providing an encrypted digital asset and an index for the digital asset to a first network function,” and “providing an identity of the encrypted digital asset to a first entity.”

Nokia’s system will use both symmetric and asymmetric encryption. Symmetric encryption uses only one key to encrypt and decrypt, while asymmetric encryption relies on a combination of public and private keys to enhance security.

As one of the pioneers in the mobile phone industry, Nokia was once the world’s largest phone manufacturer in the early 2000s. However, after being surpassed by American and Asian brands, the company reshaped its strategy and expanded into the latest technologies.

Blockchain and digital assets are areas where Nokia is experimenting. In 2023, the company began researching the metaverse and has expanded this initiative. The “Technology Strategy 2030” report released in March 2024 shows that Nokia plans to invest heavily in infrastructure to meet the growing demand from metaverse, Web3, and artificial intelligence (AI) applications.