Digital Signatures and How It Works in a blockchain Part 2.

Pexel

In my last post, I talked about the three ways in which digital signatures work and this is the last step I want to talk about which is called verification. To understand this better,

Let us use this illustration to understand what's the verifying process mean In digital signatures. It is the final step of verification though. Imagine Mr A write a letter to Mr B, hashes the messages and then uses the hash value with his private key to generate a digital signature which works as the kind of fingerprints to validate the letter or message.

When Mr B receives the message sent, he can check how valid the letter is from the digital signature using the public key Mr A provided which is to say that if Mr B doesn't send the public key as well, Mr A won't be able to validate the validity of the digital signature.

Mr B needs the public key to be sure that the digital signature generated was done by Mr A because only MR A has the private key that is in correspondence to the public key. Mr A needs to keep his private key safe without needing to share it with anyone as it his.

If another person gets hold of the private key Mr A has, they can create digital signatures with it and pretend that it is Mr A own which my fool Mr B. That is to say with Mr A private key, anyone that lays hands on its kind move or transfer Mr a bitcoin without his permission.

Pexel

There are important because they are often used to achieve authentication and data integrity. This data integrity in the sense that Mr B can verify that Mr a message wasn't changed on its way to him. Any change in the message can produce different signatures. In the case of authentication process, Mr a private key is kept in secret while he's corresponding public key is sent to confirm that the digital signature was created by Mr A and no one else.

After this confirmation, Mr A won't be able to deny the message after his signature has been verified or generated unless his private key gets compromised in a way like possible hacks or lose outs.

Yes they have and the most common of them all are;

Digital signatures are used commonly in finance to audits, loan agreement and reports on expenses. It can also be used in information technology to enhance security of internet communication system. In healthcare, digital signatures can be used to prevent defrauding medical records or prescriptions as it is fondly done today. In a blockchain, digital signatures are used to ensure rightful owners of a particular asset are able to sign a transaction to take their funds as long as their own private key aren't leaked or compromised in anywhere.

Pexel

Despite these importance and use cases of digital signatures in these sectors, there awesome challenges faced by the digital signature scheme of which these challenges include;

The quality of algorithm is very essential and its includes the choice of reliable cryptographic system. If the algorithms scheme are good but the implementation is bad there will be some flaws in the digital signature system. The property of authenticity are non-repudiation will be very much invalidated if the private keys are leaked.

In summary, digital signatures are used to sign and validate transactions and these signatures ensure that they assets are spent by only individuals that has the corresponding private key of which the public would be sent to another user.....

Disclaimer :Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have