Nokia Secures Cryptocurrencies with New Encryption Patent

Nokia, a renowned technology company, has recently made a significant advancement in the field of digital asset security by filing a patent for a new encryption technology. The patent, titled “Device method and computer program,” was submitted to the National Intellectual Property Administration in June 2024 and given publication number CN 119155674 A. This move by Nokia marks its entry into the rapidly growing sector of digital asset encryption, which is becoming increasingly important in the blockchain and cryptocurrency industries.

The proposed system described in the patent aims to enhance the encryption of digital assets by allowing user devices to securely encrypt them using a “first key.” This key, which is likely part of a symmetric or asymmetric encryption system, ensures that only authorized parties can decrypt and access the digital assets. Encryption plays a crucial role in safeguarding digital assets like Bitcoin and other cryptocurrencies, as it prevents unauthorized access and potential theft.

Following the application of the “first key,” a “first network function” is provided with the encrypted assets and an index to monitor the encryption process for further handling, such as processing or verification. The system also includes a mechanism for identifying these encrypted digital assets, which are then sent to a first entity for validation or authorization. This process ensures that the assets are traceable and can be validated by the appropriate parties before being transferred or used in transactions.

Nokia’s patent represents a significant step towards the advancement and security of digital asset management. With a long history of technological innovation in networking, telecommunications, and other fields, Nokia’s portfolio of patents spans decades and covers various technology areas, including digital asset encryption, 5G networks, mobile communications, and the Internet of Things.

As the importance of digital asset security continues to grow, patents like Nokia’s play a crucial role in ensuring the safe and efficient management of digital assets across networks. This latest development by Nokia underscores the company’s commitment to technological innovation and its leadership in the global technology industry.