Nokia is taking a big step towards securing cryptocurrencies with a new crypto patent.

Nokia Technologies Co., Ltd. has reportedly applied. Apply for Patent On December 23, 2024, under the title “Hardware and Computer Software Method” for Improving Digital Asset Cryptography. The patent was filed with the National Intellectual Property Administration in June 2024 and was granted publication number CN 119155674 A.

Nokia is making a big move by entering the rapidly growing field of crypto assets, which has become extremely important in the world. blockchain and Cryptocurrency Sectors.

According to the patent abstract, this proposed system described in the patent would allow user devices to securely encrypt digital assets using a “first key,” which is used to encrypt assets and ensure their security.

This key is likely to be part of a symmetric or asymmetric cryptosystem, where a single key (symmetric) or a pair of public/private keys (asymmetric) is used to ensure that only authorized parties can decrypt and access digital assets.

The process of converting data or information into code to prevent unwanted access is known as cryptography. Encryption ensures that only people with permission can access and manage digital assets such as Bitcoin and other cryptocurrencies. In the case of Bitcoin (Bitcoin), for example, cryptography ensures that only the owner of the private key can access and manage the coins stored in the wallet. In the absence of encryption, any digital assets can be vulnerable to theft and hacking.

After the “first key” is applied, the “first network function” is then provided with the crypto assets and an index that monitors the cryptographic process for further processing, which may involve processing or verification.

To ensure secure and traceable management of digital assets across networks, the system also features a mechanism to identify these encrypted digital assets.

This identification is later sent to a first entity for validation or authorization, where the first network function acts as a trusted node or service that processes the cryptoassets and performs tasks such as additional verification.

A patent acts as an identification process that ensures assets can be traced and verified by the appropriate parties before they are transferred or used in a transaction.

The progress and security of digital asset management relies heavily on patents such as Nokia's.

With a long history in networking, communications and technological innovation, Nokia It is a leading technology company worldwide. The company's portfolio of hundreds of patents spans decades and spans many technology areas, including digital asset encryption, 5G networks, mobile communications, Internet of things.