The use of cryptography is commonplace in Blockchain technology. It is used as a means to ensure that transactions are done safely while securing all information. Cryptography is the method of disguising and revealing (otherwise known as encrypting and decrypting) information using numbers and mathematics.
This means that the information can only be viewed by the intended recipients and nobody else. The method involves taking unencrypted data and encrypting it using a mathematical algorithm.
The use of encryption in Blockchain development via https://applicature.com/ primarily serves two purposes:
Securing the identity of the sender of transactions.
The type of cryptography used in the blockchain is ‘Public-Key Cryptography’, also known as Asymmetric Cryptography. Public-Key Cryptography uses separate keys for encryption or decryption (a public key and a private key) rather than using a single key.
In the process, it uses a combination of a user’s public key and private key to encrypt the information, whereas it uses the recipients private key and sender’s public key to decrypt it. It is impossible to work out what is the private key based on the public key. Therefore, a user can send their public key to anyone without worrying that people will gain access to their private key.