Blockchain and Cryptocurrency Advanced - Blockchain CryptoGraphy: Symmetric and Asymmetric cryptography?

Symmetric cryptography

Symmetric cryptography is basically a type of cryptography or encryption that has to do with only a single key being used for both encryption and decryption of digital information or data. The private key used in this type of cryptography is meant to be private and secret which means that only the owner of the private key should have access to it. The parties that are exchange information or data using the symmetric cryptography method must have also exchange the private key that must be used to decrypt the information or data.

Symmetric cryptography is regarded as a more efficient cryptography type when it comes to the encryption and decryption large volumes of information or data. However, for blockchain technology, it is not mainly used in regular circumstances as it can be prone to become an issue because only a single private key is used for both the encryption and the decryption of the information, message or data. The single private key usage for the encryption and decryption of information or data can become a problem when it comes to the security of transfer of the key between the parties because both the sender and receiver must have the same private key to be able to encrypt and decrypt the information or data.

Asymmetric cryptography

Asymmetric cryptography is basically a type of cryptography or encryption that has to do with a pair of public and private key that is used for the encryption and decryption of digital information or data. In asymmetric cryptography, the public key can be made public which means that anyone can have access to the key and the private key is meant to be private and secret which means that only the owner of the private key can have access to it.

Asymmetric cryptography is very in blockchain technology when it comes to secure communication between the sender and the receiver. The public key can be used by anyone for the encryption of information or data, however, the encrypted information or data can only be decrypted with the private key that corresponds with the public key used to encrypt the information or data. The way this works is that, when a sender encrypts an information or data in the asymmetric cryptography type using the public key, the receiver of the information or data can only decrypt the information or data using the corresponding private key. This is a great way for secure communication as the parties do not need to worry about the message being intercepted by any third party.