With a new encryption patent, Nokia is taking a big step towards securing cryptocurrencies.
According to reports, Nokia Technologies Co., Ltd. filed a patent on December 23, 2024 entitled “Device Method and Computer Program” to improve the encryption of digital assets. The patent was filed with the National Intellectual Property Administration in June 2024 and received the publication number CN 119155674 A.
Nokia is taking a big step by entering the fast-growing field of digital asset encryption, which is becoming increasingly important in the blockchain and cryptocurrency sectors.
According to the patent abstract, this proposed system described in the patent will enable user devices to securely encrypt digital assets by using a “first key” to encrypt the assets and ensure their security.
This key is likely part of a symmetric or asymmetric encryption system, which uses a single key (symmetric) or a pair of public/private keys (asymmetric) to ensure that only authorized parties can decrypt and access the digital asset.
The process of converting data or information into a code to prevent unwanted access is called encryption. Encryption guarantees that only people with appropriate authorization can access and manage digital assets such as Bitcoin and other cryptocurrencies. With 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 can be vulnerable to theft and hacking.
After applying the “first key” a “first network function” is created…
