Nokia is stepping into the world of cryptocurrency security with a groundbreaking patent designed to enhance digital asset encryption. This move highlights the company’s commitment to innovation in the rapidly expanding fields of blockchain and cryptocurrency.
Nokia’s Innovative Encryption Technology: A Step Forward in Digital Asset Security
On December 23, 2024, Nokia Technologies Co., Ltd. filed a patent titled “Device method and computer program” aimed at strengthening encryption for digital assets. This submission to the National Intellectual Property Administration, originally filed in June 2024, received the publication number CN 119155674 A.
The core of the patented system revolves around a “first key” that enables secure encryption of digital assets. This key can function within either a symmetric or asymmetric encryption framework. Symmetric encryption uses a single key for both encryption and decryption, while asymmetric encryption employs a public and private key pair to restrict access to authorized parties. This ensures that only the intended recipient can decrypt and manage digital assets.
Encryption, the process of converting data into a secure code to prevent unauthorized access, plays a crucial role in safeguarding digital currencies like Bitcoin. For instance, Bitcoin (BTC) relies on encryption to ensure that only individuals with the private key can access and control the coins stored in a wallet. Without robust encryption mechanisms, digital assets are vulnerable to theft and hacking.
The patented system introduces a “first network function” after the initial encryption process. This function receives both the encrypted assets and an index tracking the encryption process. Its role extends to further handling, which may include processing or verification. The system also incorporates a mechanism for identifying encrypted digital assets, facilitating secure and traceable management across networks.
Once identified, the encrypted assets are sent to a designated entity for validation or authorization. In this context, the “first network function” operates as a trusted node or service, ensuring additional verification and secure processing. This dual-layer security approach guarantees that digital assets remain traceable and are validated by authorized parties before any transaction or transfer.
Nokia’s entry into digital asset encryption aligns with its extensive history in networking, telecommunications, and technology innovation. The company boasts a diverse portfolio of patents spanning decades, covering fields like 5G networks, mobile communications, the Internet of Things (IoT), and now, digital asset encryption. Patents such as this one play a pivotal role in advancing secure digital asset management.
By venturing into this critical area, Nokia demonstrates its commitment to addressing the increasing need for robust security in the blockchain and cryptocurrency sectors.
Nokia files patent for a digital asset encryption device, signaling a move into blockchain security. pic.twitter.com/VcxnngDlxe
— cryptothedoggy (@cryptothedoggy) December 23, 2024
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