Nokia, a Finnish telecoms firm, is becoming a member of the crypto revolution. In line with reviews, Nokia has developed a expertise 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 methodology and pc program to guard property from vulnerabilities.
Nokia’s newest transfer displays its rising dedication to blockchain expertise 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 could have one other layer of safety utilizing encryption, that means solely the consumer 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 particular person with the personal 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 that 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 possibility within the vulnerability of digital property. Chainalysis reviews that over $2.2 billion was misplaced to cryptocurrency hacking in 2024, underscoring the necessity for brand 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 expertise and is an try to increase its portfolio and enterprise into blockchain.
Whereas having a patent doesn’t assure that Nokia will ultimately develop the system, this expertise can be utilized as the idea for future developments.
Extra Companies Are Venturing Into The Blockchain
Apart from Nokia, extra conventional corporations are actually venturing into the cryptocurrency trade, reflecting the expertise’s rising recognition and use circumstances. For instance, Sony makes use of an current blockchain expertise with an R&D group engaged on Net 3.0. Different firms, like Apple and Microsoft, are creating their applied sciences and patents.
Whereas many of those corporations are nonetheless growing and researching blockchain merchandise, a number of firms are solidly invested within the expertise. Mastercard is an ideal instance, with two patents permitting trustless fee transactions via sensible contracts and a system that converts cryptocurrencies to fiat.
Featured picture from Reuters, chart from TradingView
