Finnish telecom big Nokia might be seeking to deepen its presence within the Web3 house. The corporate has reportedly utilized for a patent associated to the encryption of digital belongings, suggesting its intention to enter the blockchain enviornment with a deal with safety. The patent, titled “Machine Technique and Pc Program to Enhance Digital Property Encryption,” was filed in June, however particulars about it have solely not too long ago come to gentle.
The patent outlines Nokia’s imaginative and prescient for a system designed to reinforce the safety of precious cryptocurrencies. Leveraging developments in encryption applied sciences, Nokia plans to develop a tool that restricts entry to authorised entities, guaranteeing the safekeeping of digital belongings. Moreover, the system is anticipated to function an index system to assist in monitoring and managing encryption processes effectively.
For now, it stays unsure when Nokia would possibly obtain official suggestions on its patent software or the way it plans to implement the know-how.
This isn’t the primary time that the tools big has ventured into the Web3 enviornment. Again in 2021, it introduced the launch of a blockchain-powered Knowledge Market aiming to supply safe knowledge buying and selling and AI providers.
In a weblog printed by Nokia, the corporate stated that the worldwide blockchain know-how market is projected to swell to the valuation of $469.49 billion by 2030, citing knowledge by Fortune Enterprise Insights. It additional added that it’ll “information IT, operations, and community infrastructure evolution for achievement on the Web of Worth period.”
Different telecom and associated corporations have additionally expressed curiosity in exploring the Web3 house, becoming a member of Nokia on this rising frontier.
In Might, Vodafone’s Head of Blockchain Initiatives, David Palmer, instructed that blockchain networks, crypto wallets, smartphones, and SIM playing cards may converge in a Web3-driven transformation of Vodafone’s providers. In 2022, Japan’s NTT Docomo and South Korea’s SK Telecom additionally ventured into the blockchain sector.
