Finnish telecom giant Nokia has filed a patent for a “device, method, and computer program” capable of encrypting digital assets. The patent application was disclosed on Dec. 23 by China’s National Intellectual Property Administration (CNIPA).
The application outlines a device and program that encrypt digital assets using indexes linked to encryption processes. While details remain unclear, the filing reflects Nokia’s move into digital asset encryption and the development of specialized hardware for this purpose. Nokia has yet to comment further on the patent.
This is not Nokia’s first foray into blockchain technology. In 2021, the company launched the Nokia Data Marketplace, a blockchain-based enterprise platform for data transactions and analysis. The service leverages permissioned blockchain technology, offering controlled access to its network for pre-approved participants.
Nokia has also explored metaverse applications. In 2023, it collaborated on a 5G-connected microbrewery project, allowing researchers in Germany and Australia to conduct joint brewing experiments using augmented reality (AR) and digital simulations to refine brewing processes.
To support growing network demands—projected to rise by 22% to 25% by 2030—Nokia announced plans in March to upgrade its network equipment and services portfolio to serve emerging markets and innovations.
Nokia’s efforts coincide with other telecom companies entering the digital asset and blockchain sectors. Taiwan Mobile, Taiwan’s second-largest telecom operator, received a virtual asset service provider (VASP) license in July 2024. This license allows the company to establish a digital asset exchange, further reflecting the telecom industry’s interest in blockchain and crypto technologies.
Moreover, South Korea’s largest mobile phone company, SK Telecom (SKT), is set to launch a crypto wallet. Jong Seung Kim, the leader of SKT’s Web3 business team hopes that the wallet would contribute to the growth of the crypto market in South Korea, which is known for its high trading volumes and local interest.
