Cryptography: The key to Digital Commerce

In the last ten years, the development of a digital network architecture, with design principles such as trust, security, consensus and the economy based on personalized, agile and transparent exchange agreements, has matured. The year has come to assume its wide possibilities in the debate on value, its exchange and money.

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The Label and its relationship with Blockchain

In the dictionary of the Royal Spanish Academy, the word label addresses social, industrial-technological and market aspects. It refers to the ceremonial of the styles, uses and customs that must be kept in solemn public acts, or to the ceremony in the way people are treated. It is also used as a label that adheres to some object, or the piece of paper, cardboard or other similar material, generally rectangular, that is placed on an object or merchandise for identification, evaluation, classification, etc. Likewise, it means a stereotyped and simplifying qualification.

Mastery of this ceremonial is an important weapon for social progress. In the 19th century it was a complicated system of codified behaviors, which in the 20th century evolves within each culture in the field of business. With the internet, email, the web and the mobile, it is adapted for communication between distant points and in all cultures.

If in 19th century retail 'the customer is always right' summed up the benefit orientation of good manners between buyer and seller, in the 21st century aspects of instantaneous social interaction are assumed, with an underlying ethical code, which reflect fashion and social status anywhere on the planet. As of May 2021, global commerce is digital and is reflected in the results (in dollars) of the six largest companies in the world by capitalization: Apple (2.19 trillion), Microsoft (1.88 trillion), Amazon (1.63 trillion), Alphabet (1.57 trillion), Facebook (914 billion) and Tencent (735 billion).

A very high resilience is required for all the information that is exchanged on the internet

The personalization of good manners between buyer and seller is established multiculturally through the internet, thanks to its communication protocol, billions of lines of code from millions of applications that provide services and products to the industrial-business sectors. A very high resilience is required for all the information it exchanges. The millions of millions of data on customs, interests, habits or preferences of both companies and customers are likely to be used for multiple purposes.

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Cryptography becomes relevant

Cryptography, from the words 'kryptos', which means to hide, and 'graphia', to write, brings together the techniques that allow writing (information) to be hidden through the use of keys or codes. It digitally guarantees confidentiality, information integrity, user authentication, sender authentication, recipient authentication, non-repudiation at origin, non-repudiation at destination, and current authentication (no replay).

To speak of cryptocurrency is to speak of 'crypto', since Bitcoin was born with a message signed with the pseudonym Satoshi Nakamoto and entitled 'Bitcoin P2P e-cash paper', materializing in 2009, as the use of a cryptographic system for the transmission of a digital value that will depend on all the people who have access to the computer network.

Bitcoin shows its robustness with the Elliptic Curve Digital Signature Algorithm (ECDSA) asymmetric cryptographic algorithm, the essence of which lies in the fact that a number on the curve multiplied by a huge secret number results in another number on the curve, and with the parameters secp256k1. The Bitcoin code is open: programmers can see it, analyze it and improve it if necessary. This creates a digital connection between peers (owners/users) of the hardware-software (the nodes), which communicate from multiple locations on the planet.

The algorithm is designed to exchange a digital value, bitcoin, and prevent double spending and counterfeiting.

The same bitcoin cannot be used multiple times or generated arbitrarily. The high mathematical load of the code is endowed with the so-called problem of Byzantine generals to reach consensus among the nodes that make up the network. Mining is the technique to solve the problems of the cryptographic base for the exchange and verification of information.