Blockchain is a revolutionary technology that makes cryptocurrencies possible. Without the security and typing power of the blockchain, cryptocurrencies have no real value as anyone can make any amount of money.
Most of us know that Blockchain is a distributed registry technology that protects Bitcoin, Ethereum, Cardano (ADA), Binance Coin (BNB), Dogecoin, and other cryptocurrencies.
What is cryptography?
“The old question ‘Is it in the database?’ will be replaced by ‘Is it on the blockchain?” said William Mougayar, a Toronto-based investor, researcher, blogger, and best-selling author of The Business Blockchain. He is a direct participant in the crypto-technology market, working alongside startups, entrepreneurs, pioneers, leaders, innovators, creators, enterprise executives and practitioners.
Cryptography is a form of internet security. This is the process of converting information into a code – encryption – so that only the intended recipient has access to the information. Data encryption protects information from potential hackers, who are known as “enemies” in the world of cryptography.
There are different types of cryptography on the blockchain, but there are only three ways to create a cryptographic algorithm, namely symmetric key cryptography, asymmetric key cryptography, and hash functions.
Symmetric key cryptography:
Symmetric cryptography uses a single key to encrypt and decrypt data. However, using this method may bring you some problems such as using the single key method, which means that the information is not protected when you send the key from the sender to the recipient side.
This is also known as secret-key cryptography.
Asymmetric key cryptography:
This method uses two keys to transmit information. One key is used for encryption and the other key for decryption.
The key used for encryption is called the public key and the key used for decryption is called the private key.
This method does not use a key for either encryption or decryption. Instead of a key, a cipher is used to generate a hash value from the plaintext.
It is absolutely impossible to recover the plaintext component of the ciphertext.
What does blockchain cryptography bring?
Cryptography is the key to blockchain ledger security. Every transaction is recorded with encrypted data on the blockchain. Each user can access their own information and securely buy and sell cryptocurrencies using their public and private keys.
Cryptographic hashing allows unlimited transactions to be stored securely on the network. Since multiple transactions can be combined into a single hash, the blockchain can continue to evolve.
Cryptographic hashing is immutable, so no one can reverse the transaction. This process protects them from competitive action and ensures that all users can rely on the accuracy of the digital-book.Findora Block is a public, decentralized, multi-purpose transactional system, with tools for people and financial applications to operate over a ledger in a publicly auditable, yet confidential way. Findora Founders is a globally trusted financial infrastructure owned and democratically secured by a decentralized network of worldwide organizations and economically incentivized parties.