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Nokia has patented advanced encryption tech for digital assets, addressing crypto security flaws that caused $2.2 billion in losses in 2024. The patent highlights Nokia’s blockchain innovation, part of its pivot from mobile phones to emerging tech like 5G and secure data trading. Nokia has taken a decisive step into the crypto sector, filing a groundbreaking patent with China’s National Intellectual Property Administration. This new encryption technology aims to strengthen the security of digital assets, a much-needed solution given the increasing prevalence of crypto vulnerabilities.   📄🔒 Nokia Files Patent for Digital Asset Security, including Device and Program for Encrypting Digital Assets If their encryption is as unbreakable as the legendary Nokia 3310, digital assets will be in safe hands 😁 pic.twitter.com/H50nsPF53p — BrotherHood (@BHVenture) December 24, 2024 The patent offers an innovative system that uses a first key to encrypt digital assets, making them nearly impenetrable to unauthorized access. Once encrypted, assets such as Bitcoin or Ethereum become inaccessible to anyone lacking the private key. This method not only shields assets from hackers but also offers the potential for encrypted transactions where decryption occurs only post-confirmation.   If successfully developed, this technology could address a significant issue plaguing the cryptocurrency industry. Reuters recently reported the urgency of such innovation, with crypto hacks costing the industry over $2.2 billion in 2024 alone—a 21% surge attributed to the market’s expansion.   Nokia Reinvents with Blockchain and 5G Nokia’s focus on encryption isn’t an isolated effort but part of a larger narrative. The company has pivoted from its past dominance in mobile phones to explore emerging tech sectors, from blockchain to 5G innovations. Back in 2021, Nokia launched its Data Marketplace, enabling enterprises to trade data and AI models using blockchain technology securely.   The recent patent represents another feather in Nokia’s cap as it builds…

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Filed under: News - @ December 26, 2024 10:20 am