Cryptography

As we know, Blockchain and cryptography go hand in hand. What role does cryptography play in Blockchain Technology? Blockchain makes use of cryptography in several ways like wallet transactions, security, etc.

But what do we mean by cryptography?

Cryptography is a method of restricting the third party from viewing private data. It was used for several years before Blockchain came into existence as the means of transmitting secret messages in an encoded form that can be decoded by the person whom the message concerns and, nobody else could decrypt the message.

There are two types of cryptography:

 Asymmetric Key Cryptography: This type of

cryptography uses a pair of keys for encryption and decryption of information.

The public key is distributed worldwide and used for encryption of data. The

private key is not to be shared by anyone and used for decryption of the

data. It is also called public-key cryptography.

 Symmetric Key Cryptography: This type of cryptography

uses the same key for encryption and decryption of data. It is also called secret-key cryptography. This system is simple and faster in comparison to the asymmetric key cryptography.

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