APPLICATION OF PUBLIC KEY CRYPTOGRAPHY
Many contemporary computer systems utilize this kind of cryptography to protect sensitive data. To protect the confidentiality of emails, for instance, public key cryptography techniques can be used.
Asymmetric cryptography is also used by the secure sockets layer (SSL) protocol, which enables secure connections to websites. Even the use of PKC systems to create a safe electronic voting environment that would enable voters to take part in elections from their home computers has been investigated.
Additionally, PKC is a key component of blockchain and cryptocurrency technologies. A set of keys—the public key and the private key—are generated when a new bitcoin wallet is created. The public key is used to generate the wallet address, which can be safely shared with others. The private key, on the other hand, must be kept a secret because it is needed to generate digital signatures and validate transactions.
A transaction can be added to the blockchain ledger after it has been verified by validating the hash included in the digital signature. Only the person who possesses the private key linked to the matching cryptocurrency wallet can move the funds, thanks to this technique of digital signature verification.
It should be emphasized that asymmetric cryptography is used differently in cryptocurrency applications than it is for computer security. The Elliptic Curve Digital Signature mechanism (ECDSA), for instance, is the mechanism used by Bitcoin and Ethereum to validate transactions. Additionally, the ECDSA generates digital signatures devoid of encryption. This proves that, contrary to popular belief, blockchain does not require encryption.