Nokia, a Finnish telecoms company, is joining the crypto revolution. According to reports, Nokia has developed a technology for encrypting digital assets and addressing vulnerabilities.

The Finnish company formally applied for a patent for the encryption of digital assets with the Chinese Intellectual Property Administration last June 2024.

The patent, with publication number CN 119155674 A, identifies a device method and computer program to protect assets from vulnerabilities.

Nokia’s latest move reflects its growing commitment to blockchain technology after decades of being associated with the production of mobile devices.

Nokia: Encrypting Digital Assets

The patent’s abstract proposes encrypting a digital asset by initially using a key. Then, the asset will have another layer of protection using encryption, meaning only the user who holds the key can access the asset.

For example, an encrypted XRP or ADA will not be accessible to anyone except the person with the private key to these assets. As such, these digital assets are protected from hacking.

Translation of Nokia Technologies' filing CN 119155674 A. Source: CNIPA

The proposed encryption process extends to indexing, identifying, and verifying these digital assets. In short, only the person who holds the key can use these assets for any type of online transaction, and they can only decrypt them after the transaction is confirmed.

Nokia’s latest pending patent addresses the growing problem of holders and investors who have experienced crypto theft and hacking.

Nokia’s Entry Into The Blockchain Niche

Nokia is expanding into the blockchain niche and saw an opportunity in the vulnerability of digital assets. Chainalysis reports that over $2.2 billion was lost to Go to Source to See Full Article
Author: Christian Encila