Nokia Technologies Co., Ltd. has taken a significant step towards enhancing the security of cryptocurrencies by filing for a new encryption patent. The patent, titled “Device method and computer program,” aims to improve the encryption of digital assets and was submitted to the National Intellectual Property Administration in June 2024. This move signifies Nokia’s entry into the fast-growing field of digital asset encryption, which is becoming increasingly important in the blockchain and cryptocurrency sectors.
The proposed system described in the patent allows user devices to securely encrypt digital assets using a “first key,” ensuring their security. This key is likely part of a symmetric or asymmetric encryption system, where either a single key or a pair of public/private keys is used to ensure that only authorized parties can decrypt and access the digital asset. Encryption is a crucial process that converts data or information into a code to prevent unauthorized access, guaranteeing that only individuals with permission can access and manage digital assets like cryptocurrencies.
Following the encryption of digital assets with the “first key,” a “first network function” is provided with the encrypted assets and an index to monitor the encryption process for further handling. This may involve processing or verification to ensure secure and traceable management of digital assets across networks. The system also includes a mechanism for identifying these encrypted digital assets, which are subsequently sent to a first entity for validation or authorization. The first network function serves as a trusted node or service that processes the encrypted assets and performs tasks such as additional verification before they are transferred or used in a transaction.
Patents like Nokia’s play a pivotal role in advancing and securing digital asset management, especially in the rapidly evolving landscape of blockchain and cryptocurrencies. With a vast portfolio of patents spanning various technology fields, including digital asset encryption, 5G networks, mobile communications, and the Internet of Things, Nokia has established itself as a leading global technology company. The company’s expertise in networking, telecommunications, and technological innovation positions it as a key player in ensuring the security and integrity of digital assets in today’s digital economy.
