Nokia is taking a big step toward securing cryptocurrencies with a new encryption patent.
Nokia Technologies Co., Ltd. reportedly filed a patent on December 23, 2024 under the title “Device method and computer program” to improve the encryption of digital assets. The patent was filed with the National Intellectual Property Administration in June 2024 and was assigned publication number CN 119155674 A.
Nokia is taking a big step by entering the fast-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 user devices to securely encrypt digital assets using an “initial key,” which will be used to encrypt the assets and ensure their security.
This key is likely part of a symmetric or asymmetric encryption system, using a single key (symmetric) or a pair of public/private keys (asymmetric) to ensure that only authorized parties can decrypt and access the digital asset .
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The process of converting data or information into a code to stop unwanted access is known as encryption. Encryption ensures that only authorized people can access and manage digital assets such as Bitcoin and other cryptocurrencies. For example, in the case of Bitcoin (BTC), 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, all digital assets can be susceptible to theft and hacking.
After applying the ‘first key’, a ‘first network function’ is then provided with the encrypted assets and an index that monitors the encryption process for further processing, possibly with processing or verification.
To ensure the secure and traceable management of digital assets over networks, the system also has a mechanism for identifying these encrypted digital assets.
This identification is then 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 authentication.
The patent serves as an identification process that ensures the 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 relies heavily on patents like Nokia.
With a long history in networking, telecommunications and technological innovation, Nokia is a leading global technology company. The company’s portfolio of hundreds of patents spans decades and spans many technology areas, including digital asset encryption, 5G networks, mobile communications and the Internet of Things.
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