Popular mobile phone manufacturer Nokia has submitted a patent for a device, system, and software to encrypt virtual assets. The development surfaced on Monday after the China National Intellectual Property Administration (CNIPA) revealed that the firm applied for a patent for digital assets encryption.Â
As revealed, the patent is for a device and program supporting users to encrypt their cryptocurrencies. At the moment, the actual rationale behind the application remains unclear; nevertheless, there is growing optimism that the Asian distributor of mobile phones could be diving into the digital assets sector.
More so, the news also birthed speculation that Nokia could be designing a device that will help users encrypt their virtual assets. The latest move underlines the newest effort of Nokia to foray into the cryptocurrency landscape.
It is worth mentioning that the upcoming innovation by Nokia could prove helpful in assisting investors in protecting their virtual assets. Without a doubt, 2024 has been a progressive year for the cryptocurrency sector following the approval of BTC and Ether ETF, the emergence of Donald Trump, and Bitcoin’s price rally.
These landmark events created a pathway for investors to venture into the industry, supporting it to a new height. Conversely, cyber breaches on cryptocurrency firms have been on the rise during the year.
According to Chainalysis, bad actors have stolen up to $2.2 billion from the cryptocurrency sector in 2024.
Side Note on Nokia
Early this year, Nokia reported that by 2030, there will be an increased demand for network architecture. According to the report, the firm projected that the increase will rise between 22 and 25%, thus compelling the firm to focus on network solutions that will support emerging innovations in the market.
Referencing this research, Nokia explained that it will invest in network infrastructure and services in the near future. Also, in 2021, the company launched its Nokia Data Marketplace, an enterprise-grade data infrastructure service that relies on blockchain innovation.
The data marketplace depends on a permissioned blockchain system to provide data transactions and analysis. Furthermore, the solution allows users to send, receive, and analyze data within a secured, private, and permissioned network.
Nokia added that users from various industries can participate in the blockchain network thanks to the advantage of decentralized technology for exchanging trusted data. Similarly, the marketplace allows a wide range of uses, including charging electric vehicles, monetizing environmental data, and automating supply chains.
Likewise, the solution can as well support sectors like transportation, energy, healthcare, and smart cities. Meanwhile, the firm added that the innovation could help telecommunication service providers design similar projects.
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