Finnish telecom giant Nokia could be looking to deepen its presence in the Web3 space. The company has reportedly applied for a patent related to the encryption of digital assets, suggesting its intention to enter the blockchain arena with a focus on security. The patent, titled “Device Method and Computer Program to Improve Digital Assets Encryption,” was filed in June, but details about it have only recently come to light.
The patent outlines Nokia’s vision for a system designed to enhance the security of valuable cryptocurrencies. Leveraging advancements in encryption technologies, Nokia plans to develop a device that restricts access to authorised entities, ensuring the safekeeping of digital assets. Additionally, the device is expected to feature an index system to aid in monitoring and managing encryption processes efficiently.
For now, it remains uncertain when Nokia might receive official feedback on its patent application or how it plans to implement the technology.
This is not the first time that the equipment giant has ventured into the Web3 arena. Back in 2021, it announced the launch of a blockchain-powered Data Marketplace aiming to provide secure data trading and AI services.
In a blog published by Nokia, the company said that the global blockchain technology market is projected to swell to the valuation of $469.49 billion by 2030, citing data by Fortune Business Insights. It further added that it will “guide IT, operations, and network infrastructure evolution for success on the Internet of Value era.”
Other telecom and related firms have also expressed interest in exploring the Web3 space, joining Nokia in this emerging frontier.
In May, Vodafone’s Head of Blockchain Initiatives, David Palmer, suggested that blockchain networks, crypto wallets, smartphones, and SIM cards could converge in a Web3-driven transformation of Vodafone’s services. In 2022, Japan’s NTT Docomo and South Korea’s SK Telecom also ventured into the blockchain sector.