Nokia Files Patent to Enhance Blockchain Security for Digital Assets
Nokia, a leader in mobile technology, is entering the blockchain and crypto asset sector by filing a patent titled "Device method and computer program," aimed at enhancing digital asset security.
A New Era for Nokia: Entering the Crypto Security Scene
This patent filing, disclosed by the Chinese National Intellectual Property Administration, marks Nokia's significant entry into blockchain security. The system proposed will encrypt digital assets, allowing only authorized parties to access them, thereby introducing a novel approach to digital asset protection.
TELECOM POWERHOUSE NOKIA ENTERS BLOCKCHAIN SECURITY FIELD
– Leading mobile technology provider Nokia has filed for a patent called "Device method and computer program" to improve digital assets' encryption in the blockchain industry.
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– The patent, recently… https://t.co/Flxc48d7bc pic.twitter.com/gHeCnpYcwp
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The device incorporates a “first network function” to ensure encrypted assets remain secure while providing an index to track the encryption process. This innovation aims to enhance the security, efficiency, and reliability of blockchain systems, addressing concerns over transaction security and data storage.
Nokia’s Growing Blockchain Ambitions
This patent reflects Nokia's increasing focus on blockchain technology. In 2018, Nokia partnered with Streamr and OSIsoft to enable consumers to monetize their data securely through blockchain. This initiative demonstrated Nokia's commitment to decentralized technology.
In 2021, Nokia launched the Nokia Data Marketplace, using blockchain for enterprise-grade data infrastructure solutions. Additionally, Nokia has advanced in areas like the Metaverse, Web3, and Artificial Intelligence (AI), with efforts to develop innovative network architectures that integrate these technologies.
Nokia also obtained a Virtual Asset Service Provider (VASP) license from Taiwan's Financial Supervisory Commission, allowing it to establish a digital asset exchange in the region. These actions indicate that Nokia is actively influencing the future of digital security and asset management rather than merely observing the blockchain landscape.
This patent filing represents a pivotal moment for Nokia as it invests in blockchain and related technologies, paralleling Amazon's entry into the space with its Amazon Managed Blockchain service in 2019, which supports Ethereum and Hyperledger Fabric to enhance data security and operational efficiency.