Apr 22, 2019 05:15 UTC
Apr 23, 2019 at 12:43 UTC
Exploration of Public and Private Keys in Blockchain
It comes with no surprise that blockchain uses a variety of cryptography, a field that is essential to many cryptocurrency systems like Bitcoin.
Cryptography is generally described as the practice of secure communication while 3rd parties are present. It allows for efficient data storage along with effective communication of that data in a safe environment. Thus, any present 3rd parties can’t read anything that was communicated.
The underlying development of Blockchain public and private keys primarily uses cryptography. The keys are proven to transform the cryptocurrency system into a safe network where users can execute their transactions securely. The ownership concept of this system features three interconnected components.
The components incorporate digital keys (Public and Private), digital signatures, and addresses. In order to understand the digital key cryptography better, the initial concept that needs exploration is the concept of public and private keys.
What is Public Key?
The public key cryptography dependably uses a private key and a public key to accomplish all its tasks. The public keys are extensively distributed. It is probable for a user to encrypt a message by using someone’s public key to ensure that only the person holding the private key can decrypt the message and read it. However, blockchain primarily uses public key cryptography.
According to the cryptography principles, public-private key cryptography is generally based on an easy-and-hard issues system. Some issues are easy in one way but hard when considered in another way.
What is Private Key?
The private key has alphanumerical characters that enable users to access and control their finances in their matching cryptocurrency addresses. These private keys are principally used to sign the transactions which let users spend their funds. The private key generates a different kind of digital signature that matches with every executed transaction. Therefore, users spend their money by verifying their ownership of the funds.
How Do These Keys Work?
For example, one in multiplication can come up with any two numbers and effortlessly multiply them. On the other hand, challenges arise each time a user wishes to get all the numbers that can feature in multiplication to reach a given result. That’s basically how public-private key functions.
In the blockchain, an easy mathematical problem is primarily used for creating a message made considerably challenging for the message to be demystified by unauthorised 3rd parties. this way, the public and private keys play significant roles in the blockchain
The mathematical functions that feature in public key cryptography prove easy for calculating in one direction. Nonetheless, they become utterly impossible to solve in the opposite direction. Consequently, this characteristic facilitates the establishment of the digital secrets as well as unforgettable digital signatures which are essential for ownership of the decentralised blockchain network.
What’s the Major Difference Between the Two?
In cryptosphere, the one-way function is what makes use of the private key as an input for producing the public key output. It is for this reason; private key owners can efficiently allocate their public key confidently to the intended recipients with no one having the ability to reverse the function.
This way, both public and private keys are the integral component which makes the blockchain network highly secure.