Nokia Technologies Co. Ltd. has filed for a patent today under the title, “Device method and computer program.” It aims to improve digital assets’ encryption, a step toward securing cryptocurrencies. The patent was submitted to the National Intellectual Property Administration in June, 2024.
This is a big move by Nokia as it enters the rapidly growing digital asset encryption field.
The patent will let user devices securely encrypt digital assets using a ‘first key’ employed to encrypt the assets. Only authorized parties can decrypt the key and get access to the asset.
Encryption is transforming certain data into a code to prevent unwanted access. For example, in the case of Bitcoin (BTC), only the private key holders can access and manage the coins in a wallet. Otherwise, theft and hacking are highly possible.
The patent also involves the application of a ‘first network function’ that’s provided with the encrypted assets and an index to monitor the encryption process for further management. To this has been added a system to identify the encrypted digital assets.
Patents like Nokia play a major role in the advancement and security of digital assets and their management. Nokia has a long history in networking, telecommunications and technological innovation, and is a leading worldwide technology company.
The patent serves as an extremely useful identification process to ensure that the assets are traceable and validated by the right parties before being used in a transaction.
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