Identity Based Proxy Signature And It's Importance In The Blockchain Network

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INTRODUCTION

Basically, in the world of cryptographic protocols and techniques, there used to be seperately existing Identity based cryptography signature and the proxy signature but owing to the rapid and constant innovation and technological advancement in the world of cryptography we now have identity based proxy signatures.

By basically introducing and implementing the identity based proxy signature in the blockchain network, cryptographers have been able to actively enhance the security of the blockchain network while still improving its adaptability, overall efficiency and functionality by far.

Additionally the postive effects of making use of the identity based cryptographic signature increases the blockchain network chances of adoption, in this post of mine I will be explaining and discussing some of the importance of the Identity Based Proxy Signature in the blockchain network, further highlighting how it is improving the performance of the blockchain network.

• IT ENHANCES SECURITY AND TRUST

Unlike other cryptographic signatures which implement and apply the usual or traditional public key infrastructure which involves very complex process of managing keys and with more potential of the keys becoming compromised, the identy based proxy signature on the other hand, makes use of more advanced and enhanced technology for managing keys making it more secure and trustworthy.

The identity based proxy signature, as the name implies operates based on users identity, using it to generate public keys, this method of using a users identity directly like a unique identifier, instead of relying on certificates, helps in simplifying the process of verification and reduces risk, making sure that anyone acting as a proxy was selected and is verifiable with his or her identity.

• ENSURES EFFICIENT KEY MANAGEMENT

Owing to the fact that the identity based proxy signature ises the original users identity as the public key for signing a transaction it therefore easier to be able to verify the authenticity of the transaction, it also eliminates the use of public keys and as a result increasing efficiency in managing keys seeing as it eliminates the need to manage the public key.

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If the efficiency in managing cryptographic keys can be increased then the scalability of the network can be increased as well, seeing as all the computational power put into generating, distributing and storing of public keys can be directed into improving the overall performance of the network making more sacalable.

Ultimately, this improved efficiency in the management of cryptographic keys can be very beneficial to certain blockchain networks who take on and process large number of transactions including the authentication of these transactions, helping them maintain if not improve the overall performance and efficiency.

• IMPROVES PRIVACY AND ANONYMITY

If the blockchain technology would be increasingly and generally adopted not only by cryptocurrencies but by all other sectors in the world it is important that there does not exist any question or doubt about its ability to offer hundred percent privacy and anonymity to its users.

With the introduction of the identity based proxy signature, the blockchain technology has taken a step further to improve its ability to ensure and maintain the anonymity and privacy of its users, seeing as the identity based proxy signature can operate on a unique identifier and does not require the real identity of its users.

Additionally, the method with which the identity based proxy signature operates apart from using it advanced protocols to maintain its users privacy, it also ensures the security and effective authentication of any transaction processed on the blockchain network.

• IT IMPROVES COMPLIANCE OF REGULATIONS.

Cryptocurrencies and the blockchain networks have always been known to not comply or have issues in following regulatory guidelines and regulations well not anymore or at least not as much as before seeing as with the use of the identity based proxy signature the sectors using the blockchain network now have a verifiable means of faciltating compliance with regulatory guidelines.

The way compliance with regulatory guidelines is facilitated in blockchain networks that implement and use the identity based proxy signature is that, since with the identity based proxy signatures transactions are signed using the identity of the user, this can allow the transaction if need be to be traced back to identity or unique identifier used by the user.

CONCLUSION

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In conclusion, I would like to appreciate the time and effort some of you my fellow bloggers will put in reading and going through this post which I have made, and I hope that you have been able to learn something new even if its just one from all I said about the importance of implementing identity based proxy signatures in the blockchain network.