Nokia has recently made headlines for applying for a patent that focuses on encrypting digital assets, according to a report by local Chinese media outlet Sina Finance on December 23rd.
The patent application was filed in June 2024 and has been published under CN119155674.
Reportedly, the technology developed by Nokia encrypts assets using a first key to create a secure version of the data. This encrypted asset is then assigned an index for network functionality and linked to an entity through an identifier.
As of press time, Nokia has not provided any comments or responses to inquiries about the patent application.
Potential Pivot Speculations
Industry experts have noted that this move by Nokia indicates a potential expansion beyond its traditional focus on telecommunications and network technology into the emerging digital asset encryption sector.
Despite facing challenges in the mobile phone market with the rise of smartphones, Nokia remains a prominent global technology company with a wide-ranging patent portfolio covering areas such as 5G, mobile communications, IoT, and now digital asset encryption.
Earlier this year, Nokia unveiled plans to develop future network architectures tailored to industries driven by innovation, including blockchain, smart contracts, artificial intelligence, and the Internet of Value. The company predicts a significant increase in demand for these technologies, projecting growth of 22% to 25% by 2030.
In a statement, Nokia highlighted:
“Advances in semiconductors, software, artificial intelligence and machine learning, metaverse technologies, Web3 and cloud technologies will continue to accelerate. These technologies will significantly extend the scope of what is possible, connecting and merging the human, physical and digital worlds to help solve some of the greatest global challenges we face.”
In a recent demonstration in October, Nokia showcased how its 5G-powered digital factory twins are bridging the gap between physical and virtual worlds. The company emphasized how real-time data from thousands of sensors enables instant optimization and predictive maintenance for production lines.