Nokia Patents Technology for Encrypting Digital Assets

Nokia has recently filed for a groundbreaking patent aimed at enhancing the encryption of digital assets, marking a significant step in securing cryptocurrencies and blockchain technology. The patent, titled “Device method and computer program,” was submitted to the National Intellectual Property Administration in June 2024 and received publication number CN 119155674 A. This development signals Nokia’s entry into the rapidly expanding field of digital asset encryption, which is becoming increasingly important in the world of blockchain and cryptocurrency.

The patented technology proposes a system that enables user devices to securely encrypt digital assets using a “first key.” This key is integral to the encryption process, ensuring that only authorized parties can decrypt and access the assets. The system could employ either symmetric or asymmetric encryption techniques. In symmetric encryption, a single key is used for both encryption and decryption, while asymmetric encryption involves a pair of keys—a public key and a private key.

Encryption is the process of transforming data or information into a coded form to prevent unauthorized access. In the context of cryptocurrencies, encryption plays a crucial role in safeguarding digital assets like Bitcoin. For example, only the holder of the private key can access and manage the Bitcoin stored in a wallet. Without encryption, digital assets would be vulnerable to theft, hacking, and unauthorized access.

In the patent, after the “first key” is applied to encrypt the digital assets, a “first network function” is used to handle the encrypted assets, along with an index that monitors the encryption process. This index ensures that the assets are processed, verified, and managed securely across networks. Additionally, the system features a mechanism for identifying the encrypted digital assets, making it possible to track and validate them before they are transferred or used in transactions.

This identification process is sent to a “first entity” for further validation or authorization, with the first network function acting as a trusted service that processes and verifies the encrypted assets. This ensures that the digital assets are traceable and can only be accessed by the correct parties before any transaction occurs.

Nokia’s move into digital asset encryption comes at a time when the security of cryptocurrencies is of paramount concern. As blockchain technology continues to evolve, advancements in encryption and digital asset management are essential to ensure the integrity and safety of transactions. Nokia’s extensive portfolio of patents, which spans decades and includes fields such as digital asset encryption, 5G networks, and the Internet of Things, positions the company as a significant player in the tech industry. This latest patent further solidifies Nokia’s reputation for innovation and technological leadership.