Finnish telecom giant Nokia may be seeking to deepen its presence in the Web3 space. The company has reportedly applied for patents related to digital asset encryption, indicating that its intention to enter the blockchain arena is to focus on security. The patent filed in June, titled “Address Methods and Computer Programs for Improving Digital Asset Encryption”, but details about it weren’t unveiled until recently.
The patent outlines Nokia’s vision for systems designed to enhance the security of valuable cryptocurrencies. Leveraging advances in encryption technology, Nokia plans to develop a device that restricts access to authorized entities to ensure the custody of digital assets. Additionally, the device is expected to have an indexing system to help monitor and manage encryption processes.
Currently, Nokia may receive formal feedback on when its patent application or how it plans to implement the technology.
This is not the first time the device giant has ventured into the Web3 arena. Back in 2021, it announced the launch of a blockchain-powered data market designed to provide secure data transactions and AI services.
The global blockchain technology market is expected to expand to a valuation of $469.49 billion by 2030, citing data from Fortune’s business insights. It further added that it will “guid the success of value ERA, operational and network infrastructure development”.
Other telecom companies and related companies have also expressed interest in exploring the Web3 space and have joined Nokia’s emerging fields.
In May, David Palmer, Vodafone’s blockchain program head, suggested that blockchain networks, crypto wallets, smartphones and SIM cards could converge in the conversion of Web3-powered Vodafone services. In 2022, Japan’s NTT DOCOMO and South Korea’s SK Telecom also ventured into the blockchain field.
