Nokia, a Finnish telecoms firm, is becoming a member of the crypto revolution. In line with studies, Nokia has developed a know-how for encrypting digital property and addressing vulnerabilities.
The Finnish firm formally utilized for a patent for the encryption of digital property with the Chinese language Mental Property Administration final June 2024.
The patent, with publication quantity CN 119155674 A, identifies a tool technique and pc program to guard property from vulnerabilities.
Nokia’s newest transfer displays its rising dedication to blockchain know-how after many years of being related to the manufacturing of cell gadgets.
Nokia: Encrypting Digital Property
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, which means solely the person who holds the important thing can entry the asset.
For instance, an encrypted XRP or ADA is not going to be accessible to anybody besides the individual with the non-public key to those property. As such, these digital property 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 property. In brief, solely the one who holds the important thing can use these property for any sort 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 chance within the vulnerability of digital property. Chainalysis studies 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 Information Market for enterprises in 2021. The corporate’s Information Market runs on blockchain know-how and is an try and increase its portfolio and enterprise into blockchain.
Whereas having a patent doesn’t assure that Nokia will ultimately develop the system, this know-how can be utilized as the idea for future developments.
Extra Corporations Are Venturing Into The Blockchain
Except for Nokia, extra conventional companies at the moment are venturing into the cryptocurrency trade, reflecting the know-how’s rising reputation and use instances. For instance, Sony makes use of an present blockchain know-how with an R&D group engaged on Internet 3.0. Different firms, like Apple and Microsoft, are creating their applied sciences and patents.
Whereas many of those companies are nonetheless growing and researching blockchain merchandise, just a few firms are solidly invested within the know-how. Mastercard is an ideal instance, with two patents permitting trustless fee transactions by means of good contracts and a system that converts cryptocurrencies to fiat.
Featured picture from Reuters, chart from TradingView
