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Cryptography in the Blockchain
The use of cryptography in blockchains is explained in this article. To clarify, what exactly is meant by the term "cryptography," and how exactly
does it function within the context of blockchain technology?
So without any further delay, let's start with its definition.
What is cryptography?
The practice of transforming plain text into incomprehensible data and data into plain text is what is known as cryptography.
By utilizing this method, data is both encoded and transferred in such a way that it is only accessible to and usable by a predetermined group of individuals. Users are able to demonstrate that they are who they claim to be, and the data they provide cannot be altered in any way.
Cryptography: Encryption/Decryption
The field of study known as cryptography is the application of mathematical principles to the processes of encrypting and decrypting data.
The process of converting plaintext into ciphertext is a metaphor that is frequently used in the field of cryptography. The ciphertext can be deciphered only by the person who was intended to receive it.
The transformation from plaintext to ciphertext and from ciphertext to plaintext is accomplished through the processes of encryption and decryption, respectively.
Encryption and decryption offer a number of advantages. One of these advantages is that if an adversary intercepts the data that is being sent from the sender to the recipient, the recipient will not be able to understand the data because it has been encoded.
Simply put, a cypher is a method for encrypting or decrypting data by following a sequence of steps that have been predetermined.
The goal of cryptography
The goal of cryptography has never been to conceal that message, but rather to change its shape so that it appears more dignified. The original text was changed despite the fact that the inscription was not intended to be a form or secret writing. As a result, it is clear that early civilizations made extensive use of cryptography.
A Brief History of Cryptography
Four years after Claude E. Shannon wrote it, a mathematical theory of cryptography was published in 1949, earning him the title of "The Father of Mathematical Cryptography."
Due to the significant contributions he made to the field of cryptography, a number of cryptographers consider him to be an influential figure in the field. The development of a modern cryptography, hashing, and public key infrastructure, as well as the introduction of a contemporary encryption standard, marked the beginning of the contemporary era of cryptography.
Cryptocurrencies, in contrast to traditional fiat currencies, are not backed by a central government and instead operate according to a decentralized protocol. This is the primary distinction that can be made between the two kinds of monetary systems. This advantage comes from the fact that governments are unable to intervene with cryptocurrency transactions.
Modern Cryptography System
A modern cryptography system must meet four objectives, which are:
- Confidentiality
- Information authentication
- Identification
- Non-repudiation
Information transmission requires the authentication and identification of data. This is critical for the provision of legal and verifiable digital transactions because it ensures that no information can be changed for no reason.
In order to do business across computer networks in a more efficient and effective manner, cryptography has provided services such as these.
The flaws and risks that arise from poorly designed systems, protocols, and procedures are not protected by cryptography. There is a price to pay for using cryptography, both in terms of money and time.
Conclusion on Cryptography
As a final point, the security of cryptographic techniques is reliant on the complexity of the mathematical difficulties that make them vulnerable. Even though cryptocurrency transactions are completely anonymous, they are nonetheless used for illegal acts. In spite of this, many cryptocurrencies rely on blockchain technology to keep track of transactions, making it easier for law enforcement to find criminals.
Cryptocurrencies, like any other kind of money, can be abused. According to data, the dark web accounted for only 0.5% of all bitcoin transactions in 2019.
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