Blockchain and Cryptocurrency Intermediate - Blockchain CryptoGraphy: About Public Key and Private Key CryptoGraphy

Public Key CryptoGraphy

The public key cryptography is one of the important terms when it comes to blockchain cryptography. It is a type of system or algorithm that makes use of a pair of keys which are; public key and private key. The public key is a type of key that can be made public which means that anyone can have access to the key. The private key is a type of key that is meant to be private and secret which means that only the owner of the private key can have access to it.

Public-key cryptography is a very common way for the encryption of data between the sender and the receiver in a secure way. The public key can be used by anyone for the encryption of private message or data between the sender and receiver, however, the encrypted message can only be decrypted with the private key that corresponds with the public key used to encrypt the message or data.

Public-key cryptography is without a doubt one of the core elements of blockchain technology. The public key cryptography is what is used for the security of wallets and transactions on the network. Each time a user creates a wallet on the blockchain network, the user generates a pair of public and private key. In blokchchain technology, the address is generated from the public key and it is what is used to check the asset on the blockchain and also to receive asset.

Private Key CryptoGraphy

The private key cryptography is also another important term when it comes to blockchain cryptography. It is a type of algorithm that makes use of the single secret or private key which is then used for both the encryption and the decryption of messages. The private key is a 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.

Private-key cryptography is also very common cryptography type, however, for blockchain technology, it is not mainly used as it is considered to be prone to become an issue as in the private key cryptography, only a single private key is used for both the encryption and the decryption of the information, message or data. Making use of a single private key for both encryption and decryption of data can become a problem when it comes to the security of transfer of the key between the sender and receiver because both the sender and receiver must have the same private key to be able to encrypt and decrypt the data.