Nokia has patented a digital asset encryption tool and program.
Finnish telecom company Nokia has filed a patent for a “device, method and computer program” capable of encrypting digital assets.
On December 23, the China National Intellectual Property Administration (CNIPA), the Patent Office of the People's Republic of China, announced that Nokia Technologies had applied for a digital asset encryption patent.
According to the app's English translations, a patent is a program with a component that encrypts devices and digital assets.
CN 119155674 A Definition of Registration by Nokia Technologies. Source: CNIPA
The patent also includes indexes of digital assets used for encryption, which the program provides for initial network functionality. While the patent seems vague, it does indicate that the company is getting into the encryption of digital assets and is creating a tool that performs this task.
Cointelegraph reached out to Nokia for more information, but did not receive an immediate response.
Nokia blockchain and Metaverse efforts
In the year In 2021, the mobile phone company announced Nokia Data Marketplace, an enterprise-grade data infrastructure service using blockchain technology. The platform uses a permissioned blockchain infrastructure and provides data transaction and analysis.
Permissioned blockchains are completely decentralized networks that use distributed ledger technology. They are embedded in an access layer that allows participants to communicate only after receiving pre-approved levels of authority.
In the year In 2023, the phone maker worked on a 5G-connected microbrewery using Metaverse technology. With augmented reality (AR), researchers in Australia have worked together with colleagues in Germany on brewing beer. The researchers simulated brewing to have “a perfect beer in the digital space.”
In the year On March 1, the company announced that it will build a network architecture to serve new innovative markets. In the year It is expected to increase network demand by 22 to 25 percent by 2030. As a result, the company will invest in its portfolio of network equipment and services in the coming years.
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Taiwan Mobile confirms VASP license
Meanwhile, Taiwan's second largest telecom operator, Taiwan Mobile, has brought its wealth and experience to the crypto market. On July 5, the company received a virtual asset service provider (VASP) license from Taiwan's Financial Supervisory Commission (FSC). A VASP license allows the organization to set up a digital asset exchange.
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