Blind Ring Signature And It's Effect On The Blockchain

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The blockchain technology was basically built to facilitate the operations of the first digital currency or cryptocurrency any other cryptocurrency after that, the blockchain is an immutable record keeping, transaction recording ledger which had or operated on features, properties or characteristics such as decentralization, advanced security privacy and anonymity etc.

The blockchain technology was able to grow, increase in adoption and practically revolutionize the way in which we handle data, and it continues to do so seeing as it is advancing in its features, technology, mechanisms operating techniques and cryptographic protocols, the cryptogrphic protocol and signature scheme of interest to me today is the Blind Ring Signature Scheme.

The blind ring signature is one that operates by basically combining the principles of blind signatures and ring signatures to provide both anonymity and untraceability for its participants and users within the blockchain network, in this post of mine I am going to be discussing and explaining some of the key and significant effects of the blind ring signature on the blockchain network.

ENHANCES ANONYMITY AND PRIVACY

One of the primary and significant effect of the blind ring signature scheme being adopted and implemented in blockchain networks is that they basically have, possess and are designed with features and mechanisms that allows them to be able to enhance and improve the anonymity and privacy of the blockchain network to which it is applied.

To simply put, other blockchain networks that are implementing and adopting other cryptographic signature schemes basically execute or process transactions on the blockchain network whereby the public key of the user or participant which was used in signing and authenticating the transaction is at a risk of being linked or traced back to the user or participant.

However, the blind ring signature scheme which is a combination of the blind signature and the ring signature basically mitigates and reduces the networks susceptibility to privacy breach or compromise from tracing and analyzing meta data, it does this by allowing users to sign transactions without revealing their identity, even to the party who is going to verify the authenticity of the transaction, making it impossible to track or trace any transactions to any user.

PROVIDES PROTECTION AGAINST DOUBLE SPENDING ATTACK

A second significant and key effect of the blind ring signature scheme on the blockchain network is that it enhances the security and helps maintain the reputation and integrity of the blockchain network by basically facilitating and providing protection against the threat and risk of the double spending attack, which erodes users trust in the network.

The double spending attack is one that poses a very significant threat to blockchain networks and it also comes with very devastating consequences and aftermath, this attack just as the name implies involves or occurs when attackers and malicious users of the blockchain network spend the same tokens twice as a result undermining the network.

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The blind ring signature scheme however comes to our rescue, this signature scheme basically possesses features and mechanisms which helps mitigate or protect the blockchain network, the blind ring signature implements these mechanisms to verify the authenticity and validity of transactions, detecting any attempts to duplicate or double spend with the signature.

RESISTANT TO COLLUSION ATTACK

Another important, significant and key effect of the blind ring signature scheme to blockchain networks is that it offers and facilitates increased resistance to another significant and key threat facing the blockchain network and that is collusion attack, this attack known as collusion attack basically occurs when multiple parties work together to manipulate the network.

These entities or individuals attempt to manipulate the blockchain network by basically creating false transactions or attempting to analyze and detect the identity of other users and participants of the blockchain network, but with the blind ring signature, their attempt and efforts are in vain seeing as it mitigates these risk.

With the blind ring signature scheme, the identity of the signers and participants of the blockchain network is kept safe and well hidden within a group or ring of possible and potential signers and users, the blind signature basically prevents any external party or attacker in this case from identifying the contents of the signed transaction making very difficult for these entities to successfully execute a colusion attack.

INCREASED COMPUTATIONAL OVERHEAD

This last effect of the blind ring signature is a somehow negative one, seeing that the advanced and positive effects of the blind ring signature, comes with an effect which is increased computational overhead, this means that the ring signature requires a lot more complex, advanced and time taking protocols to operate seeing as it deals with a group of signers instead of a single signer like in the case of a traditional cryptographic signature scheme.

Basically this increased computational overhead will lead to a lot of issues, it can lead to slower transaction processing and confirmation times and also it can lead to higher energy consumption especially in blockchain networks that still operate on the proof of work consensus mechanism not only that there is reduced efficiency and scalability issues all of which in a way can compromise the effective functioning and operation of the blockchain network.

CONCLUSION

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Therefore, to round up I would like to show my appreciation by saying a very big thank to everyone who made the effort to read and go through this post which I have made, and I hope that you have been able to learn something new as I have explained and discussed four of the significant effects of implementing the blind signature scheme on the blockchain technology.