Nokia patents technology for encrypting digital assets

Nokia takes a serious step towards securing cryptocurrencies with a brand new encryption patent.

Nokia Applied sciences Co., Ltd. reportedly filed for a patent on Dec. 23, 2024, underneath the title “Gadget technique and pc program” to enhance the encryption of digital property. The patent was submitted to the Nationwide Mental Property Administration in Jun. 2024 and was given publication quantity CN 119155674 A.

Nokia is making an enormous transfer by coming into the quickly rising subject of digital asset encryption, which is changing into essential within the blockchain and cryptocurrency sectors.

Based on the summary of the patent, this proposed system described within the patent will enable person gadgets to securely encrypt digital property utilizing a “first key,” which is employed to encrypt the property and guarantee their safety.

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

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The method of reworking knowledge or data right into a code to cease undesirable entry is called encryption. Encryption ensures that solely individuals with permission can entry and handle digital property like Bitcoin and different cryptocurrencies. Within the case of Bitcoin (BTC), as an illustration, encryption ensures that solely the non-public key holder can entry and handle the cash saved in a pockets. Within the absence of encryption, any digital asset could be inclined to theft and hacking.

Following the applying of the ‘first key’, a “first community operate” is then supplied with the encrypted property and an index that displays the encryption course of for additional dealing with, which can contain processing or verification.

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

This identification is subsequently despatched to a primary entity for validation or authorization, with the primary community operate appearing as a trusted node or service that processes the encrypted property and performs duties similar to extra verification.

The patent serves as an identification course of that ensures that the property are traceable and could be validated by the precise events earlier than they’re transferred or utilized in a transaction.

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

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

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