Nokia, the Finnish telecommunications leader, announced that the company has filed a patent for a “device, method, and computer program” designed to encrypt digital assets, indicating its entry into blockchain security services as per BSCN.
Nokia’s Patent Details
The patent has been submitted to China’s national Intellectual Property Administration (CNIIPA) and disclosed today, December 23, 2024. The filed patent indicates that the a system will be developed that enables users to securely encrypt digital assets using a primary key. This key will ensure that only authorized parties can decrypt and access the assets, enhancing security during digital transactions.
Nokia’s blockchain Endeavors
This move will act as a step in the direction of innovation. In 2021, the company had launched the Nokia Data Marketplace, a blockchain-based platform for carrying out secure data transactions and analysis. Unlike fully decentralized blockchains, this platform utilized permissioned blockchain technology, granting access only to approved participants.
Strategic Vision and Future Plans
The recent patent filing suggests that the company is positioning itself to address the growing need of security within the digital asset space. As cryptocurrencies have been in demand in recent times, the demand for secure encryption method is a need of the hour. The company’s entry into this sector could contribute significantly to enhance security standards within the industry.
Nokia has not yet provide a detailed comments on the patent but this move indicates the company’s dedication towards supporting the digital landscape.
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