By patenting a novel encryption technique meant to safeguard cryptocurrencies and other digital assets, Nokia Technologies Co., LTD. has boldly entered the field of digital asset protection. Under the title “Device method and computer programme,” the patent was formally published under publication number CN 119155674 in December 23, 2024 after being registered to the National Intellectual Property Administration in June 2024.
This creative move addresses the rising demand for strong encryption solutions to protect digital assets, therefore positioning Nokia at the forefront of the fast changing blockchain and bitcoin industries.
Transformating Digital Asset Encryption
The patent outlines a method whereby digital assets are securely encrypted using a “first key,” therefore guaranteeing only authorised access to them. This key probably uses asymmetric encryption (a pair of public and private keys) or symmetric encryption (a single key for encryption and decryption), therefore offering a safe technique to guard digital assets from illegal access.
Encryption is the method of turning data into a safe code meant to stop illegal access. For example, encryption guarantees that only the private key holder of cryptocurrencies like Bitcoin (BTC) may access and handle the assets kept in a digital wallet. These resources are open for hacking or theft without encryption.
Improving traceability and security
Apart from encryption, the patented system has sophisticated capabilities for digital asset management. Once encrypted with the “first key,” the assets are handled via a “first network function,” which logs the encryption process and enables other operations such processing or verification.
The solution also features a way to find encrypted digital assets, therefore guaranteeing their safe management and validation. Acting as an additional layer of security in digital asset transactions, this identification data is delivered to a trusted network organisation for validation.
Nokia’s Legacy of Innovation
Nokia’s technological superiority background informs its entry into digital asset encryption. Leading worldwide in innovation, networking, and telecommunications as well as patents in many other sectors, including 5G networks, mobile communications, the Internet of Things, and now blockchain and digital asset security.
This new patent emphasises Nokia’s dedication to improve the safe and effective control of digital assets, therefore enabling more confidence and dependability in blockchain-based systems. Nokia’s efforts could be quite important in determining the direction of safe digital asset management as the world keeps embracing cryptocurrencies and digital money.
