Nokia Advances in Cryptocurrency Security with New Encryption Patent

Nokia
Technologies
Co.,
Ltd.
has
recently
taken
a
significant
step
in
securing
the
future
of
cryptocurrencies
by
filing
a
patent
aimed
at
enhancing
the
encryption
of
digital
assets.
The
patent,
filed
on
December
23,
2024,
under
the
title
“Device
method
and
computer
program,”
was
initially
submitted
to
the
National
Intellectual
Property
Administration
in
June
2024
and
has
been
published
under
the
number
CN
119155674
A.

This
move
marks
Nokia’s
entry
into
the
rapidly
evolving
sector
of
digital
asset
encryption,
a
field
growing
in
importance
due
to
the
critical
role
it
plays
in
the
blockchain
and
cryptocurrency
industries.

According
to
the
patent’s
abstract,
the
proposed
system
would
allow
user
devices
to
securely
encrypt
digital
assets
using
a
“first
key”.
This
key
would
be
utilized
to
encrypt
the
assets,
safeguarding
their
security.
The
key
could
be
a
part
of
a
symmetric
or
asymmetric
encryption
system,
wherein
a
single
key
(symmetric)
or
a
pair
of
public/private
keys
(asymmetric)
is
used
to
ensure
that
only
authorized
parties
can
decrypt
and
access
the
digital
asset.

Encryption,
the
process
of
converting
data
or
information
into
a
code
to
prevent
unauthorized
access,
is
critical
to
digital
asset
management.
Encryption
ensures
that
only
individuals
with
permission
can
access
and
manage
digital
assets
such
as
Bitcoin
and
other
cryptocurrencies.
For
Bitcoin
(BTC),
for
example,
encryption
ensures
that
only
the
private
key
holder
can
access
and
manage
the
coins
stored
in
a
wallet.
Without
encryption,
any
digital
asset
is
vulnerable
to
theft
and
hacking.

Following
the
application
of
the
‘first
key’,
the
encrypted
assets
are
provided
to
a
“first
network
function”,
along
with
an
index
that
monitors
the
encryption
process
for
further
handling.
Additionally,
the
system
features
a
mechanism
for
identifying
these
encrypted
digital
assets
to
ensure
their
secure
and
traceable
management
across
networks.

This
identification
is
then
forwarded
to
a
first
entity
for
validation
or
authorization.
The
first
network
function
acts
as
a
trusted
node
or
service
that
processes
the
encrypted
assets
and
performs
tasks
such
as
additional
verification.
The
patent
thus
serves
as
an
identification
process
that
ensures
that
the
assets
are
traceable
and
can
be
validated
by
the
right
parties
before
they
are
transferred
or
used
in
a
transaction.

Nokia’s
patent
is
a
critical
advancement
for
the
security
of
digital
asset
management.
As
a
leading
global
technology
company
with
a
long
history
in
networking,
telecommunications,
and
technological
innovation,
Nokia’s
portfolio
includes
hundreds
of
patents
across
numerous
technology
fields,
including
digital
asset
encryption,
5G
networks,
mobile
communications,
and
the
Internet
of
Things.
Patents
such
as
Nokia’s
are
crucial
to
the
ongoing
advancement
and
security
of
digital
asset
management.