Nokia, a Finnish telecoms firm, is becoming a member of the crypto revolution. Based on reviews, 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 laptop program to guard property from vulnerabilities.
Nokia’s newest transfer displays its rising dedication to blockchain know-how after a long time of being related to the manufacturing of cellular units.
Nokia: Encrypting Digital Property
The patent’s summary proposes encrypting a digital asset by initially utilizing a key. Then, the asset can have one other layer of safety utilizing encryption, which means solely the consumer 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 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. Briefly, solely the one who holds the important thing can use these property for any sort of on-line transaction, and so they can solely decrypt them after the transaction is confirmed.
Nokia’s newest pending patent addresses the rising downside of holders and traders 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 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 develop 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 Companies Are Venturing Into The Blockchain
Other than Nokia, extra conventional corporations at the moment are venturing into the cryptocurrency business, reflecting the know-how’s rising reputation and use instances. For instance, Sony makes use of an current blockchain know-how 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, 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
