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.
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