Nokia Officially Enters the Blockchain Sector

Nokia has filed a patent application in China for a device that encrypts and indexes digital assets, marking the telecom operator's next step into the blockchain space.

Azcnews 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 enters the blockchain space
Nokia enters the blockchain space

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.

Read more: GameFi and Layer 2 Tokens Post Losses as Other Sectors See Growth

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.

(6 votes)

3.5/5

(6 votes)

Latest

Pi Network Faces Challenges Ahead Of Pi2day Amid Market Downturn

News | Editor Choice | Pi Network

Pi Network Faces Challenges Ahead of Pi2Day Amid Market Downturn

With just days left before Pi2Day, the Pi Network community is hoping for a price boost from major announcements — but geopolitical tensions and Pi Coin’s steep decline may dim those hopes.

What Does Former Binance Ceo Say As Bitcoin Falls Below $100k

News | Bitcoin | Editor Choice

What Does Former Binance CEO Say as Bitcoin Falls Below $100K?

As Bitcoin plunges below $100,000 amid geopolitical tensions, former Binance CEO Changpeng Zhao reassures the community that this is merely a dip before the next all-time high.

Pi Coin Founder’s Reaction To Being Called A Scammer

Editor Choice | Pi Network

Pi Coin Founder’s Reaction to Being Called a “Scammer”

While the price of PI is struggling around the 0.5 USD mark, the founder of Pi Network, Nicolas Kokkalis, has unexpectedly been labeled a "scammer."

Altcoin Plummets 80% Time To Test The Bottom Or A Recovery Opportunity

Altcoin | Editor Choice

Altcoin Plummets 80%: Time to Test the Bottom or a Recovery Opportunity?

The entire altcoin market has lost 80% of its value in just the past six months, even though BTC has maintained the 100k mark. Altcoins continue to search for a bottom, and this may present an opportunity for recovery.

Tether Mints Another 2 Billion Usdt As Bitcoin Reclaims $100k

News | Altcoin | Editor Choice

Tether Mints Another 2 Billion USDT as Bitcoin Reclaims $100K

Tether continues to draw attention as it mints another 2 billion USDT on the Tron network, just as Bitcoin bounces back above $100,000 and the crypto market begins to recover from recent geopolitical turbulence.