- The process that involves transforming data or information into a code to obstruct undesirable access is referred to as encryption.
- The patent works as an identification process that makes sure that the assets can be traced easily and can be verified by the right by the right parties before being transferred.
- Encryption gives a promise to the consumers that only people having permission can have access to and manage virtual assets such as Bitcoin, Ethereum, or others.
On December 23, 2024, a technology leader across mobile, Nokia Technologies Co. Ltd, filed for a patent. The title of the filing is “Device method and computer program” to enhance the encryption of virtual assets and make it robust.
The patent was presented before the National Intellectual Property Administration in June this year and the publication number provided to this was CN 119155674 A.
Nokia is significantly making steps for the big picture by setting its foot into the swiftly growing field of virtual asset encryption, which is becoming critical in areas such as blockchain and cryptocurrency.
The abstract of the patent
If we go through the abstract of the patent, it says that this suggested system mentioned in the patent will permit user devices to firmly encrypt virtual assets utilizing a first key, which is in work to encrypt the assets and make sure that it is secured.
This key is probably a part of either symmetric encryption or asymmetric encryption system, where a sole key or pair of public/private keys is responsible for ensuring that only authorized parties can hold possession of decrypting and accessing the virtual asset.
The process that involves transforming data or information into a code to obstruct undesirable access is referred to as encryption. Encryption gives a promise to the consumers that only people having permission can have access to and manage virtual assets such as Bitcoin, Ethereum, or others.
If there is no encryption, then any virtual asset can invite theft and hacks. If we see the application of the first key, a first network function is given having encrypted assets along with an index that helps in monitoring the encryption process for handling in the future, which may consist of either processing or verification.
Working of the patent
To make sure that the management of virtual assets is secure and traceable over networks, the system also holds a mechanism for recognizing these encrypted virtual assets. The recognition is then sent to a first entity for verification.
The patent works as an identification process that makes sure that the assets can be traced easily and can be verified by the right by the right parties before being transferred. The development, as well as the security of virtual asset management, mostly depends upon patents such as Nokia.
The company has been serving in networking, telecommunications, and technological innovations for a long time, and also it has positioned itself as a leading worldwide technology company.
