With the rise of the cryptocurrency market, we see how cryptocurrencies may help to expand international commerce, increase financial inclusion, and change how we buy, invest, and do business in previously unthinkable ways.
The possibilities are boundless, from programmable money to new types of e-commerce; people now want to learn more about cryptocurrencies and the technology behind it.
This article will walk you through the process of cryptography, public and private key management, and encryption with algorithm examples in a beginner-friendly way.
What is Cryptography?
In simple words, cryptography is the technique that provides for secure communication between sender and receiver so that no malicious third parties or adversaries can get a hold of the information. Cryptography works like a secret agent who constantly protects our data from being robbed, exposed, or leaked.
Cryptography uses an algorithm and a key to transform input (plain text) into an encrypted output (ciphertext). The encrypted output is then sent to the receiver, who decrypts it by counterfeiting the algorithm and hence extracts the real information without being exposed to the attackers and thefts. Even if someone intrudes on the communication, without the algorithm and its Key, he will not be able to comprehend the message.
The foremost thing to keep in mind is that cryptocurrency and cryptography are different; Cryptocurrency is digital money that uses cryptographic technology. Hence, cryptocurrencies would not be safe or operate well without encryption.
Keys in Cryptographic Encryption:
• Symmetric Encryption
• Asymmetric Encryption
With symmetric encryption, the same key is used for encryption and decryption. The sender and receiver both know the shared key, and hence the communication is done. While in asymmetric encryption, there are two different keys for encryption and decryption, a private key and a public key.
A private key is a secret key that is meant to be kept safely, while the public key is intended to be shared with anyone who desires to communicate. However, correspondence between both keys is essential. The corresponding public key can only decrypt the data that is encrypted through a private key. For example, Jane encrypts a message with her private key, so anyone who has Jane’s public key, can decrypt it.
Advantages and Disadvantages of Symmetric Encryption:
Advantages:
• Extremely Secure
• Faster than asymmetric encryption
Disadvantages:
• Sharing of the Private Key can be risky.
• Since only one key is used, if it is compromised, more damage can take place.
Advantages and Disadvantages of Asymmetric Encryption:
Advantages:
• Easy to use
• Internet correspondence
• Digital Registry
Disadvantages:
• Slower than Symmetric Encryption
• Issues of Authentication
Cryptographic Key Management System:
The process of keeping track of cryptographic keys within a cryptosystem is referred to as Key management. This method deals with production, trade, usage, or replacement of keys when needed at the user level.
Key management has many components, including key servers, user processes, protocols, and the designs of the cryptographic protocol. Cryptosystem security entirely depends upon successful key management. The more successful key management is, the more secure cryptosystem will be.
Conclusion:
A secure cryptographic connection ensures confidentiality, authenticity, integrity, and data availability. When used through proper channels and key management, it provides assurances of protection of the data.
We can find these transactions in any blockchain browser and are available to everyone in public ledger.
This was the only known transaction performed by Satoshi Nakamoto.
French currency and Bitcoin transaction
A citizen of Finland, Martti Malmi was also known as Sirius who was a software developer, sold 5050 BTC for $5.02 to New Liberty Standard.
The first ever real-world bitcoin transaction
Software architect from Florida, Laszlo Hanecz is welkown for his historic bitcoin transaction.
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Hats off to His Cryptomajesty Blockchain!
To many businesses’ joy, the concept of a solution providing secure capital access, real-time automation and potential investor influx get more and more popular.
Some specialists say that we are in the midst of a new gold rush related to blockchain technology.
These days the whole mess of firms and agencies choose new technologies to make it in a global digital world.
In other words, try your best to answer the following question: What would I profit by that?
Making decisions needs a sort of motivation.
In future, you are going to face a great challenge regarding, a noteworthy accounting firm, vital bank, a major programming association that feels better in conveying a paper about it or opens a determined blockchain- broaden as they don’t look at the digital form of money.
With the concept of getting digitized, even the mode of payment transactions is also turning into that area but the cryptocurrency trend is still under the revolution.
We are heading into some other level of digitization and with everything that is getting computerized, the money and its transaction will soon become digitized and then the role of cryptocurrency will come into limelight.
The maker of cryptocurrency Development Services, Satoshi Nakamoto, has brought cryptographic money and you will be surprised that it’s still the most basic cryptographic money that never being proposed to concoct cash.
Have you heard about “Altcoins” and “Bitcoin Clones”, well these are cryptocurrencies came from Bitcoin source-code.
To follow the suit, they have boosted the small businesses as well.
