Nokia patents technology for encrypting digital assets

Nokia is taking a giant step towards securing cryptocurrencies with a brand new encryption patent.

Nokia Applied sciences Co., Ltd. reportedly filed a patent on December 23, 2024 underneath the title “Machine technique and pc program” to enhance the encryption of digital property. The patent was filed with the Nationwide Mental Property Administration in June 2024 and was assigned publication quantity CN 119155674 A.

Nokia is taking a giant step by coming into the fast-growing subject of digital asset encryption, which is changing into essential within the blockchain and cryptocurrency sectors.

In line with the patent summary, this proposed system, described within the patent, will enable person gadgets to securely encrypt digital property utilizing an “preliminary key,” which will probably be used to encrypt the property and guarantee their safety.

This secret’s seemingly a part of a symmetric or uneven encryption system, utilizing a single key (symmetric) or a pair of public/non-public keys (uneven) to make sure that solely approved events can decrypt and entry the digital asset .

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The method of changing knowledge or info right into a code to cease undesirable entry is called encryption. Encryption ensures that solely approved individuals can entry and handle digital property reminiscent of Bitcoin and different cryptocurrencies. For instance, within the case of Bitcoin (BTC), encryption ensures that solely the holder of the non-public key can entry and handle the cash saved in a pockets. With out encryption, all digital property will be vulnerable to theft and hacking.

After making use of the ‘first key’, a ‘first community perform’ is then supplied with the encrypted property and an index that screens the encryption course of for additional processing, probably with processing or verification.

To make sure the safe and traceable administration of digital property throughout networks, the system additionally has a mechanism for figuring out these encrypted digital property.

This identification is then despatched to a primary entity for validation or authorization, with the primary community perform performing as a trusted node or service that processes the encrypted property and performs duties reminiscent of extra authentication.

The patent serves as an identification course of that ensures the property are traceable and will be validated by the suitable events earlier than being transferred or utilized in a transaction.

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The development and safety of digital asset administration depends closely on patents like Nokia.

With an extended historical past in networking, telecommunications and technological innovation, Nokia is a number one international expertise firm. The corporate’s portfolio of lots of of patents spans many years and spans many expertise areas, together with digital asset encryption, 5G networks, cell communications and the Web of Issues.

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