Nokia To Patent Digital Asset Encryption For Security

Nokia Enters The Digital Asset Encryption Field

Nokia Files for Patenting Digital Asset Encryption

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. 

What is encryption? How does it work?

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.

Nokia- A leading Tech Company

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.