Nokia, a Finnish telecoms firm, is becoming a member of the crypto revolution. Based on experiences, Nokia has developed a know-how for encrypting digital belongings and addressing vulnerabilities.
The Finnish firm formally utilized for a patent for the encryption of digital belongings with the Chinese language Mental Property Administration final June 2024.
The patent, with publication quantity CN 119155674 A, identifies a tool methodology and laptop program to guard belongings from vulnerabilities.
Nokia’s newest transfer displays its rising dedication to blockchain know-how after many years of being related to the manufacturing of cellular units.
Nokia: Encrypting Digital Belongings
The patent’s summary proposes encrypting a digital asset by initially utilizing a key. Then, the asset may have one other layer of safety utilizing encryption, that means solely the person who holds the important thing can entry the asset.
For instance, an encrypted XRP or ADA won’t be accessible to anybody besides the individual with the non-public key to those belongings. As such, these digital belongings are protected against hacking.
Translation of Nokia Applied sciences’ submitting CN 119155674 A. Supply: CNIPA
The proposed encryption course of extends to indexing, figuring out, and verifying these digital belongings. Briefly, solely the one that holds the important thing can use these belongings for any kind of on-line transaction, they usually can solely decrypt them after the transaction is confirmed.
Nokia’s newest pending patent addresses the rising drawback of holders and buyers who’ve skilled crypto theft and hacking.
Nokia’s Entry Into The Blockchain Area of interest
Nokia is increasing into the blockchain area of interest and noticed a possibility within the vulnerability of digital belongings. Chainalysis experiences that over $2.2 billion was misplaced to cryptocurrency hacking in 2024, underscoring the necessity for brand spanking new safety measures.
Nokia’s new patent on crypto encryption follows its preliminary funding within the Knowledge Market for enterprises in 2021. The corporate’s Knowledge Market runs on blockchain know-how and is an try to increase its portfolio and enterprise into blockchain.
Whereas having a patent doesn’t assure that Nokia will finally develop the system, this know-how can be utilized as the premise for future developments.
Extra Corporations Are Venturing Into The Blockchain
Except for Nokia, extra conventional companies are actually venturing into the cryptocurrency trade, reflecting the know-how’s rising recognition and use instances. For instance, Sony makes use of an present blockchain know-how with an R&D group engaged on Net 3.0. Different corporations, like Apple and Microsoft, are creating their applied sciences and patents.
Whereas many of those companies are nonetheless creating and researching blockchain merchandise, just a few corporations are solidly invested within the know-how. Mastercard is an ideal instance, with two patents permitting trustless cost transactions by sensible contracts and a system that converts cryptocurrencies to fiat.
Featured picture from Reuters, chart from TradingView
