Nokia takes a major step towards cryptocurrency security with a new encryption patent.
Nokia Technologies Co., Ltd. reportedly applied for a patent on December 23, 2024, under the title “Computer Program and Device Method” to improve digital asset encryption. The patent was submitted to the National Intellectual Property Administration in June 2024 and received publication number CN 119155674 A.
Nokia is taking a big step by entering the rapidly growing field of digital asset encryption, which is becoming crucial in the blockchain and cryptocurrency sectors.
According to the patent abstract, this proposed system described in the patent will allow users’ devices to securely encrypt digital assets using a “first key,” which is used to encrypt the assets and ensure their security.
This key is likely to be part of a symmetric or asymmetric encryption system, where a single key (symmetric) or a public/private key pair (asymmetric) is used to ensure that only authorized parties can decrypt and access the digital asset. .
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The process of transforming data or information into a code to stop unwanted access is known as encryption. Encryption ensures that only people with permission can access and manage digital assets like Bitcoin and other cryptocurrencies. In the case of Bitcoin (BTC), for example, encryption ensures that only the holder of the private key can access and manage the coins stored in a wallet. In the absence of encryption, any digital asset can be susceptible to theft and hacking.
After application of the ‘first key’, a ‘first network function’ is provided with the encrypted assets and an index that monitors the encryption process for further handling, which may involve processing or verification.
To ensure secure and traceable management of digital assets across networks, the system also has a mechanism to identify these encrypted digital assets.
This identification is subsequently sent to a first entity for validation or authorization, with the first network function acting as a trusted node or service that processes the encrypted assets and performs tasks such as additional verification.
The patent serves as an identification process that ensures that assets are traceable and can be validated by the appropriate parties before being transferred or used in a transaction.
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The advancement and security of digital asset management largely depends on patents like Nokia.
With a long history in networks, telecommunications and technological innovation, Nokia is a leading global technology company. The company’s portfolio of hundreds of patents spans decades and includes many technological fields, spanning digital asset encryption, 5G networks, mobile communications and the Internet of Things.
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