Nokia, the well-known Finnish telecom company, has filed a patent application for technology aimed at securing digital assets. This was revealed on December 23 through the Chinese National Intellectual Property Administration (CNIPA). The filing introduces “device, method, and computer program” designed to encrypt digital assets, hinting at Nokia’s ambitions in the growing digital economy.
The patent describes a system that uses indexes tied to encryption processes, though the exact details remain unclear. This innovation could pave the way for Nokia to create hardware and software specifically for protecting digital assets, such as cryptocurrencies and other forms of digital value.
Businesses might use this technology to safeguard sensitive digital data and assets, creating secure environments for intellectual property and confidential information.
Essence of security in the digital assets space
Security is an important aspect of the digital asset economy due to the significant value at stake and the increasing sophistication of cybercriminal activities.
For instance, in the first half of 2024 alone, hackers stole approximately $1.58 billion from the crypto market, which is an 84.4% increase compared to the same period in 2023. According to Chainalysis, this figure reached $2 billion as the total funds stolen in 2024.
Ransomware attacks have reached unprecedented levels, with 2024 on track to set a new record for ransom payments. This includes a single incident resulting in a staggering $75 million payout.
These attacks target individuals, businesses, and governments alike, causing widespread disruption. The growing frequency and scale of ransomware is indicative of the need for advanced encryption methods, stronger cybersecurity frameworks, and collaboration between technology providers, authorities, and security firms. These measures are essential to protect digital assets and maintain trust in the digital ecosystem.
These trends underline the importance of robust encryption technologies, improved cybersecurity protocols, and collaborative efforts between platforms, governments, and security firms to safeguard digital assets and user trust in the ecosystem.
Nokia and the digital economy
Nokia’s step into this field reflects its broader efforts to stay at the forefront of digital transformation. Over the years, the company has taken major strides in areas like network security, blockchain integration, and quantum-safe cryptography.
For instance, it has collaborated with Turkcell to introduce advanced security measures capable of resisting threats from quantum computing. This innovation ensures secure communication, even as quantum computing poses new risks. These measures are vital for protecting digital transactions and data in an increasingly interconnected world.
The company has also been exploring blockchain-based solutions to enhance trust and efficiency in digital systems. Nokia’s research and development investments, which exceed €150 billion since 2000, have driven progress in areas like AI, IoT, and blockchain. These technologies are central to modern digital infrastructure.
