Nokia patents technology for encrypting digital assets

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As a seasoned researcher with a deep-rooted passion for technology and security, I can’t help but express my enthusiasm about Nokia’s latest stride into the realm of cryptocurrency encryption. Having delved into the world of digital assets and blockchain for quite some time now, I’ve seen firsthand how crucial robust encryption mechanisms are to ensuring the safety and integrity of these innovative financial systems.

Nokia takes a major step toward securing cryptocurrencies with a new encryption patent.

It appears that Nokia Technologies Corporation is said to have applied for a patent on December 23, 2024, titled “Enhancing the Encryption of Digital Assets: Methods and Computer Program.” The patent was initially submitted to the Chinese National Intellectual Property Administration in June 2024, receiving the publication number CN 119155674 A.

Nokia is taking a significant step by delving into the expanding area of securing digital assets, an aspect that’s increasingly vital in the blockchain and cryptocurrency markets.

As per the patent summary, the system outlined in the document aims to enable user devices to safely encode digital possessions with a “primary encryption key.” This key serves two purposes: it secures the assets by encoding them and maintains their integrity throughout the process.

This key could be from an encryption method, which might be either symmetric or asymmetric. In a symmetric setup, there’s just one key for both encrypting and decrypting the data. On the other hand, in an asymmetric approach, a pair of keys – public and private – are used, where only the appropriate key can unlock and access the digital asset. Only authorized parties possess the necessary key to decipher it.

Transforming data or info into a secret language to prevent unauthorized access is called encryption. Encryption ensures that only authorized individuals can view and control digital assets such as Bitcoin and other cryptocurrencies. For example, when it comes to Bitcoin (BTC), encryption guarantees that the owner of the private key is the only one who can access and manage the coins kept in a wallet. Without encryption, any digital asset could be vulnerable to theft or hacking.

After using the initial key, a “primary operational function” emerges, where it handles the secured resources and a tracker that supervises the encryption progress for subsequent actions such as processing or validation.

In this system, we’ve included a method for recognizing encrypted digital assets as they move through various networks, ensuring both their security and traceability.

After identification, it’s forwarded to a primary verifier or authorizer for confirmation. The initial network function serves as a reliable intermediary or service, handling encrypted resources and carrying out duties like extra authentication, which involves processing these resources further.

The patent 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.

The advancement and security of digital asset management depend heavily on patents like Nokia.

Boasting extensive experience in networking, telecommunications, and technological advancements, Nokia stands as a global frontrunner in technology. Its patent collection, numbering in the hundreds, extends over several decades and covers a wide range of technologies, such as digital asset security, 5G infrastructure, mobile communication, and the Internet of Things (IoT).

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2024-12-23 12:32