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Submission Tags: falconsandbox
Submission: On May 22 via api from US — Scanned from DE
Submission Tags: falconsandbox
Submission: On May 22 via api from US — Scanned from DE
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<option class="programs-lists mba-dba " value="121032">MBA (Global) – Deakin Business School</option>
<option class="programs-lists software-technology " value="121017">Advanced Certificate Program in Blockchain Technology – IIITB</option>
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<option class="programs-lists software-technology " value="121013">Advanced Certificate Program in Cyber Security – IIITB</option>
<option class="programs-lists software-technology " value="121011">Advanced Certificate Program in DevOps – IIITB</option>
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<option class="programs-lists software-technology " value="121005">Master of Science in Computer Science – LBS & IIITB</option>
<option class="programs-lists machine-learning " value="120996">Advanced Certificate Program in Machine Learning and Deep Learning – IIITB</option>
<option class="programs-lists machine-learning " value="120992">Master of Science in Machine Learning & AI – LJMU & IIIT-B</option>
<option class="programs-lists data-science " value="120988">Advanced Program in Data Science – IIITB</option>
<option class="programs-lists data-science " value="120986">Advanced Certificate Program in Data Science – IIITB</option>
<option class="programs-lists data-science " value="120984">Caltech CTME Data Analytics Certificate Program – Fullstack Academy</option>
<option class="programs-lists data-science " value="120980">Master of Science in Data Science – LJMU & IIIT-B</option>
<option class="programs-lists data-science " value="120959">Professional Certificate Program in Data Science for Business Decision Making – IIM-K</option>
<option class="programs-lists data-science " value="120957">Advanced Certificate Program in Data Science – IIIT-B</option>
<option class="programs-lists data-science " value="120955">Caltech CTME Data Analytics Certificate Program powered by Fullstack Academy and upGrad</option>
<option class="programs-lists software-technology " value="120929">Cloud Backend Development Certificate Program</option>
<option class="programs-lists software-technology " value="120925">Caltech CTME Cybersecurity Certificate Program</option>
<option class="programs-lists software-technology " value="120923">Executive PG Program in Software Development – IIITB</option>
<option class="programs-lists software-technology " value="120921">Master of Science in Computer Science – LJMU</option>
<option class="programs-lists business-analytics " value="120919">Global Master Certificate in Business Analytics – MSU</option>
<option class="programs-lists machine-learning " value="120917">Master of Science in Machine Learning & AI – LJMU</option>
<option class="programs-lists machine-learning " value="120915">Executive PG Program in Machine Learning & AI – IIITB</option>
<option class="programs-lists management " value="120912">Global Professional Certificate in Effective Leadership & Management – MSU</option>
<option class="programs-lists management " value="120908">Global Master Certificate in Integrated Supply Chain Management – MSU</option>
<option class="programs-lists data-science " value="120903">Caltech CTME Data Analytics Certificate Program</option>
<option class="programs-lists data-science " value="120899">Executive PG Program in Data Science – IIITB</option>
<option class="programs-lists mba-dba " value="120896">Master of Business Administration (MBA) – LBS</option>
<option class="programs-lists software-technology " value="120894">Cloud Backend Development Certificate Program – Purdue University</option>
<option class="programs-lists software-technology " value="120892">Blockchain Certificate Program – Purdue University</option>
<option class="programs-lists software-technology " value="120890">Advanced Certificate Program in Blockchain Technology – IIIT-B</option>
<option class="programs-lists software-technology " value="120888">Advanced Certificate Program in Big Data – IIIT-B</option>
<option class="programs-lists software-technology " value="120886">Advanced Certificate Program in Cyber Security – IIIT-B</option>
<option class="programs-lists software-technology " value="120884">Advanced Certificate Program in DevOps – IIIT-B</option>
<option class="programs-lists software-technology " value="120882">Advanced Certificate Program in Cloud Backend Development – IIIT-B</option>
<option class="programs-lists software-technology " value="120880">Executive PG Program in Software Development – IIIT-B</option>
<option class="programs-lists software-technology " value="120878">Caltech CTME Cybersecurity Certificate Program powered by Fullstack Academy and upGrad</option>
<option class="programs-lists software-technology " value="120876">Master of Science in Computer Science – LJMU and IIIT-B</option>
<option class="programs-lists software-technology " value="120874">Full Stack Development Certificate Program – Purdue University</option>
<option class="programs-lists data-science " value="120872">Master of Science in Data Science – UOA</option>
<option class="programs-lists data-science " value="120870">Professional Certificate Program in Data Science and BA – University of Maryland</option>
<option class="programs-lists data-science " value="120868">Executive PG Program in Data Science – IIIT-B</option>
<option class="programs-lists data-science " value="120866">Master of Science in Data Science – LJMU and IIIT-B</option>
<option class="programs-lists management " value="120864">Certified ScrumMaster (CSM®) Course – upGrad Knowledgehut</option>
<option class="programs-lists management " value="120862">Project Management Professional (PMP)® Certification Course – upGrad Knowledgehut</option>
<option class="programs-lists management " value="120860">PG Program in Management – IMT</option>
<option class="programs-lists management " value="120858">Product Management Certification Program – Duke CE</option>
<option class="programs-lists digital-marketing " value="120856">Advanced Certificate in Digital Marketing and Communication – MICA and upGrad</option>
<option class="programs-lists digital-marketing " value="120854">Marketing Analytics Certificate Program – Emory University</option>
<option class="programs-lists machine-learning " value="120852">Master of Science in Machine Learning & AI – LJMU and IIT-M</option>
<option class="programs-lists machine-learning " value="120850">Advanced Certificate Program in Machine Learning and NLP – IIIT-B</option>
<option class="programs-lists machine-learning " value="120848">Advanced Certificate Program in Machine Learning and Deep Learning – IIIT-B</option>
<option class="programs-lists machine-learning " value="120846">Executive PG Program in Machine Learning & AI – IIIT-B</option>
<option class="programs-lists machine-learning " value="120844">Advanced Certification in Machine Learning and Cloud – IIT-M</option>
<option class="programs-lists machine-learning " value="120842">Master of Science in Machine Learning & AI – LJMU and IIIT-B</option>
<option class="programs-lists mba-dba " value="120840">Executive MBA – SSBM</option>
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<option class="programs-lists data-science " value="120827">Learn Python Programming – Coding Bootcamp Online</option>
<option class="programs-lists data-science " value="120824">Executive PGP in Data Science – IIIT Bangalore</option>
<option class="programs-lists data-science " value="120822">M.Sc in Data Science – LJMU & IIIT Bangalore</option>
<option class="programs-lists data-science " value="120820">M.Sc in Data Science – University of Arizona</option>
<option class="programs-lists data-science " value="120818">PGP in Data Science and Business Analytics Program from Maryland</option>
<option class="programs-lists software-technology " value="120816">Cybersecurity Certificate Program from Purdue University</option>
<option class="programs-lists software-technology " value="120814">Cloud Native Backend Development Program from Purdue University</option>
<option class="programs-lists software-technology " value="120812">Blockchain Certification Program from Purdue University</option>
<option class="programs-lists software-technology " value="120810">Full Stack Development Certificate Program from Purdue University</option>
<option class="programs-lists software-technology " value="120808">Executive PGP in Software Development</option>
<option class="programs-lists software-technology " value="120806">M.Sc in CS – LJMU & IIIT Bangalore</option>
<option class="programs-lists machine-learning " value="120804">M.Sc in Machine Learning & AI – LJMU & IIT M</option>
<option class="programs-lists machine-learning " value="120802">ACP in Machine Learning & NLP – IIIT Bangalore</option>
<option class="programs-lists machine-learning " value="120800">ACP in ML & Deep Learning – IIIT Bangalore</option>
<option class="programs-lists machine-learning " value="120798">Executive PGP in Machine Learning & AI – IIITB</option>
<option class="programs-lists machine-learning " value="120796">Certificate in ML and Cloud – IIT Madras</option>
<option class="programs-lists machine-learning " value="120794">Certificate in ML and Cloud – IIT Madras</option>
<option class="programs-lists machine-learning " value="120792">M.Sc in Machine Learning & AI – LJMU & IIITB</option>
<option class="programs-lists management " value="120790">PGP in Management – IMT Ghaziabad</option>
<option class="programs-lists management " value="120788">Product Management Certification – Duke CE</option>
<option class="programs-lists management " value="120786">PCP in HRM and Analytics – IIM Kozhikode</option>
<option class="programs-lists management " value="120784">CSM Course | Scrum Master Certification Training</option>
<option class="programs-lists management " value="120782">PMP Certification Training | PMP Online Course</option>
<option class="programs-lists business-analytics " value="120780">Business Analytics Certification Program</option>
<option class="programs-lists digital-marketing " value="120778">Digital Marketing & Communication – MICA</option>
<option class="programs-lists digital-marketing " value="120775">ACP in Customer Centricity</option>
<option class="programs-lists mba-dba " value="120773">Global MBA from Deakin Business School</option>
<option class="programs-lists mba-dba " value="120771">Global Doctor of Business Administration</option>
<option class="programs-lists mba-dba " value="120769">Executive MBA SSBM</option>
<option class="programs-lists software-technology " value="120767">ACP DevOps – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120765">ACP Big Data – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120763">ACP Cloud Computing – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120761">ACP Cyber Security – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120759">DevOps – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120757">Big Data – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120755">Cloud Computing – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120753">Cyber Security – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120751">Full Stack Development – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120749">BCA – Amrita University</option>
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<option class="programs-lists business-analytics " value="121056">Professional Certificate Program in Data Science & Business Analytics – University of Maryland</option>
<option class="programs-lists mba-dba " value="121032">MBA (Global) – Deakin Business School</option>
<option class="programs-lists software-technology " value="121017">Advanced Certificate Program in Blockchain Technology – IIITB</option>
<option class="programs-lists software-technology " value="121015">Advanced Certificate Program in Big Data – IIITB</option>
<option class="programs-lists software-technology " value="121013">Advanced Certificate Program in Cyber Security – IIITB</option>
<option class="programs-lists software-technology " value="121011">Advanced Certificate Program in DevOps – IIITB</option>
<option class="programs-lists " value="121009">Advanced Certificate Program in Cloud Backend Development – IIITB</option>
<option class="programs-lists software-technology " value="121005">Master of Science in Computer Science – LBS & IIITB</option>
<option class="programs-lists machine-learning " value="120996">Advanced Certificate Program in Machine Learning and Deep Learning – IIITB</option>
<option class="programs-lists machine-learning " value="120992">Master of Science in Machine Learning & AI – LJMU & IIIT-B</option>
<option class="programs-lists data-science " value="120988">Advanced Program in Data Science – IIITB</option>
<option class="programs-lists data-science " value="120986">Advanced Certificate Program in Data Science – IIITB</option>
<option class="programs-lists data-science " value="120984">Caltech CTME Data Analytics Certificate Program – Fullstack Academy</option>
<option class="programs-lists data-science " value="120980">Master of Science in Data Science – LJMU & IIIT-B</option>
<option class="programs-lists data-science " value="120959">Professional Certificate Program in Data Science for Business Decision Making – IIM-K</option>
<option class="programs-lists data-science " value="120957">Advanced Certificate Program in Data Science – IIIT-B</option>
<option class="programs-lists data-science " value="120955">Caltech CTME Data Analytics Certificate Program powered by Fullstack Academy and upGrad</option>
<option class="programs-lists software-technology " value="120929">Cloud Backend Development Certificate Program</option>
<option class="programs-lists software-technology " value="120925">Caltech CTME Cybersecurity Certificate Program</option>
<option class="programs-lists software-technology " value="120923">Executive PG Program in Software Development – IIITB</option>
<option class="programs-lists software-technology " value="120921">Master of Science in Computer Science – LJMU</option>
<option class="programs-lists business-analytics " value="120919">Global Master Certificate in Business Analytics – MSU</option>
<option class="programs-lists machine-learning " value="120917">Master of Science in Machine Learning & AI – LJMU</option>
<option class="programs-lists machine-learning " value="120915">Executive PG Program in Machine Learning & AI – IIITB</option>
<option class="programs-lists management " value="120912">Global Professional Certificate in Effective Leadership & Management – MSU</option>
<option class="programs-lists management " value="120908">Global Master Certificate in Integrated Supply Chain Management – MSU</option>
<option class="programs-lists data-science " value="120903">Caltech CTME Data Analytics Certificate Program</option>
<option class="programs-lists data-science " value="120899">Executive PG Program in Data Science – IIITB</option>
<option class="programs-lists mba-dba " value="120896">Master of Business Administration (MBA) – LBS</option>
<option class="programs-lists software-technology " value="120894">Cloud Backend Development Certificate Program – Purdue University</option>
<option class="programs-lists software-technology " value="120892">Blockchain Certificate Program – Purdue University</option>
<option class="programs-lists software-technology " value="120890">Advanced Certificate Program in Blockchain Technology – IIIT-B</option>
<option class="programs-lists software-technology " value="120888">Advanced Certificate Program in Big Data – IIIT-B</option>
<option class="programs-lists software-technology " value="120886">Advanced Certificate Program in Cyber Security – IIIT-B</option>
<option class="programs-lists software-technology " value="120884">Advanced Certificate Program in DevOps – IIIT-B</option>
<option class="programs-lists software-technology " value="120882">Advanced Certificate Program in Cloud Backend Development – IIIT-B</option>
<option class="programs-lists software-technology " value="120880">Executive PG Program in Software Development – IIIT-B</option>
<option class="programs-lists software-technology " value="120878">Caltech CTME Cybersecurity Certificate Program powered by Fullstack Academy and upGrad</option>
<option class="programs-lists software-technology " value="120876">Master of Science in Computer Science – LJMU and IIIT-B</option>
<option class="programs-lists software-technology " value="120874">Full Stack Development Certificate Program – Purdue University</option>
<option class="programs-lists data-science " value="120872">Master of Science in Data Science – UOA</option>
<option class="programs-lists data-science " value="120870">Professional Certificate Program in Data Science and BA – University of Maryland</option>
<option class="programs-lists data-science " value="120868">Executive PG Program in Data Science – IIIT-B</option>
<option class="programs-lists data-science " value="120866">Master of Science in Data Science – LJMU and IIIT-B</option>
<option class="programs-lists management " value="120864">Certified ScrumMaster (CSM®) Course – upGrad Knowledgehut</option>
<option class="programs-lists management " value="120862">Project Management Professional (PMP)® Certification Course – upGrad Knowledgehut</option>
<option class="programs-lists management " value="120860">PG Program in Management – IMT</option>
<option class="programs-lists management " value="120858">Product Management Certification Program – Duke CE</option>
<option class="programs-lists digital-marketing " value="120856">Advanced Certificate in Digital Marketing and Communication – MICA and upGrad</option>
<option class="programs-lists digital-marketing " value="120854">Marketing Analytics Certificate Program – Emory University</option>
<option class="programs-lists machine-learning " value="120852">Master of Science in Machine Learning & AI – LJMU and IIT-M</option>
<option class="programs-lists machine-learning " value="120850">Advanced Certificate Program in Machine Learning and NLP – IIIT-B</option>
<option class="programs-lists machine-learning " value="120848">Advanced Certificate Program in Machine Learning and Deep Learning – IIIT-B</option>
<option class="programs-lists machine-learning " value="120846">Executive PG Program in Machine Learning & AI – IIIT-B</option>
<option class="programs-lists machine-learning " value="120844">Advanced Certification in Machine Learning and Cloud – IIT-M</option>
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<option class="programs-lists data-science " value="120820">M.Sc in Data Science – University of Arizona</option>
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<option class="programs-lists software-technology " value="120814">Cloud Native Backend Development Program from Purdue University</option>
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<option class="programs-lists machine-learning " value="120800">ACP in ML & Deep Learning – IIIT Bangalore</option>
<option class="programs-lists machine-learning " value="120798">Executive PGP in Machine Learning & AI – IIITB</option>
<option class="programs-lists machine-learning " value="120796">Certificate in ML and Cloud – IIT Madras</option>
<option class="programs-lists machine-learning " value="120794">Certificate in ML and Cloud – IIT Madras</option>
<option class="programs-lists machine-learning " value="120792">M.Sc in Machine Learning & AI – LJMU & IIITB</option>
<option class="programs-lists management " value="120790">PGP in Management – IMT Ghaziabad</option>
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<option class="programs-lists management " value="120782">PMP Certification Training | PMP Online Course</option>
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<option class="programs-lists mba-dba " value="120771">Global Doctor of Business Administration</option>
<option class="programs-lists mba-dba " value="120769">Executive MBA SSBM</option>
<option class="programs-lists software-technology " value="120767">ACP DevOps – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120765">ACP Big Data – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120763">ACP Cloud Computing – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120761">ACP Cyber Security – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120759">DevOps – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120757">Big Data – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120755">Cloud Computing – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120753">Cyber Security – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120751">Full Stack Development – IIIT Bangalore</option>
<option class="programs-lists software-technology " value="120749">BCA – Amrita University</option>
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<option prog-id="1" course-key="big-data">PG Program in Big Data</option>
<option prog-id="1" course-key="data-science-certification">PG Diploma in Data Science (Alternative)</option>
<option prog-id="1" course-key="ml-and-ai">PG Diploma in ML & AI</option>
<option prog-id="1" course-key="master-data-science">Masters in Data Science</option>
<option prog-id="1" course-key="master-ml-and-ai">Masters in ML & AI</option>
<option prog-id="1" course-key="deep-learning">PG in ML & Deep Learning</option>
<option prog-id="1" course-key="natural-language-processing">PG Certification in Machine Learning and NLP</option>
<option prog-id="2" course-key="digital-marketing">PG Certification in Digital Marketing and Communication</option>
<option prog-id="2" course-key="digital-strategies">Executive Program in Strategic Digital Marketing</option>
<option prog-id="2" course-key="sales-marketing">PG Program in Management, Specialisation in Sales and Digital Marketing</option>
<option prog-id="2" course-key="entrepreneurship-certificate-program">Entrepreneurship Certificate Program</option>
<option prog-id="2" course-key="product-management">Product Management Certificate Program</option>
<option prog-id="2" course-key="hdfc-insurance">Post Graduate Program in Life insurance (HDFC)</option>
<option prog-id="3" course-key="software-engineering">PG Program in Software Development</option>
<option prog-id="3" course-key="blockchain-pgc">PG Certificate in Blockchain Specialisation</option>
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* Explore Courses
* MBA & DBA
* Master of Business Administration (MBA) Liverpool Business School
* Executive MBA from SSBM
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CRYPTOGRAPHY IN BLOCKCHAIN: TYPES & APPLICATIONS [2022]
by Mayank Sahu
Mayank Sahu is the Program Marketing Manager with upGrad for all emerging
technology vertical. His past experience is in analytics industry extensively in
healthcare Domain. Mayank has completed his Graduation…
Jan 4, 2021
Home > Blockchain Technology > Cryptography in Blockchain: Types & Applications
[2022]
Table of Contents
* Introduction to Blockchain
* Cryptography
* Types of Cryptography
* Use of Cryptography in Blockchain
* Conclusion
* How does cryptography work?
* What benefits are offered by Blockchain?
* What makes Cryptocurrency important?
INTRODUCTION TO BLOCKCHAIN
Blockchain is a peer-to-peer network; the word ‘blockchain’ is made up of two
separate terms, ‘block’ and ‘chain’. A block being referred to a collection of
data, alias data records, and chain being referred to a public database of these
blocks, stored as a list.
These lists are linked using cryptography, making it the most essential and
fundamental requirement for creating a blockchain. Blockchain is a growing list
of records, and the blocks get appended to the list with time. Cryptography in
blockchain can be a tricky concept, but we have tried to simplify it for your
better understanding.
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Source
CRYPTOGRAPHY
Cryptography is a method of developing techniques and protocols to prevent a
third party from accessing and gaining knowledge of the data from the private
messages during a communication process. Cryptography is also made up of two
ancient greek terms, Kryptos and Graphein, the former term meaning “hidden” and
latter being “to write”. There are several terms related to cryptography, which
are stated as follows:
Encryption: It is a process of plaintext (normal text) to a ciphertext (random
sequence of bits).
Decryption: The inverse process of encryption, conversion of ciphertext to
plaintext.
Cipher: The mathematical function, i.e. a cryptographic algorithm which is used
to convert plaintext to ciphertext.
Key: A small amount of information that is required to induce the output of the
cryptographic algorithm.
Read: Blockchain Project Ideas
TYPES OF CRYPTOGRAPHY
To understand cryptography in blockchain, one has to understand the types of
cryptography. There are mainly three different ways in which we can perform
cryptographic algorithms, namely, symmetric-key cryptography, asymmetric key
cryptography, and hash functions.
1. Symmetric-Key Cryptography– In this encryption method, we take a single key
into application. This common key is used for both the encryption as well as the
decryption process. Using a common single key creates a problem of securely
transferring the key between the sender and the receiver. It is also called
Secret-Key Cryptography.
2. Asymmetric-Key Cryptography- This encryption method uses a pair of keys, an
encryption key, and a decryption key, named public key and private key
respectively. The key pair generated by this algorithm consists of a private key
and a unique public key that is generated using the same algorithm. It is also
called Public-Key Cryptography.
3. Hash Functions- This type of encryption doesn’t make use of keys. It uses a
cipher to generate a hash value of a fixed length from the plaintext. It is
nearly impossible for the contents of plain text to be recovered from the
ciphertext.
Source
USE OF CRYPTOGRAPHY IN BLOCKCHAIN
Blockchains make use of two types of cryptographic algorithms, asymmetric-key
algorithms, and hash functions. Hash functions are used to provide the
functionality of a single view of blockchain to every participant. Blockchains
generally use the SHA-256 hashing algorithm as their hash function.
Cryptographic hash functions provide the following benefits to the blockchain:
* Avalanche effect – A slight change in the data can result in a significantly
different output.
* Uniqueness – Every input has a unique output.
* Deterministic – Any input will always have the same output if passed through
the hash function.
* Quickness – The output can be generated in a very small amount of time.
* Reverse engineering is not possible, i.e. we cannot generate the input by
having the output and the hash function.
Hash functions have a major role in linking the blocks to one another and also
to maintain the integrity of the data stored inside each block. Any alteration
in the block data can lead to inconsistency and break the blockchain, making it
invalid. This requirement is achieved by the property of the hash functions,
called the ‘avalanche effect’.
According to this, if we make even a slight change in the input to the hash
function, we will end up getting a totally unrelated output as compared to the
original output. Let us take an example of an SHA-256 hash function, and compare
their outputs,
Input: Blockchain at upGrad
Output: 04f0ecc95159533982d7571eada5f8d76592b6e97ead964467c603d31b9e7a9c
Input with a slight difference: Blockchain at upGrad
Output: 80b069904b6a8db46ed94e7091ff4e5fc72fae5422d46cc57d8f66db7abf4781
You can notice the huge difference in output after changing a single character
at the input from lowercase to uppercase. This makes the data reliable and
secure on the blockchain; any changes in the block data will lead to this
difference in hash value and make the blockchain invalid, making it immutable.
Asymmetric-key cryptography is where the private key generally needs to be
produced by a random number algorithm, and the public key is calculated by
executing an irreversible algorithm. The asymmetric encryption algorithm has the
advantage of having separate public and private keys, which can be transferred
over unsecured channels.
Likely, it also has several disadvantages, some of them being low processing
speed and unsatisfactory encryption strength. It is very much necessary to
ensure the security of the asymmetric encryption algorithm during the
transmission of data on the blockchain.
One of the major parts of asymmetric-key cryptography is digital signatures.
Digital signatures provide integrity to the process; they are easily verifiable
and cannot be corrupted. They also hold the quality of non-repudiation, making
them similar to the signatures in the real-world. The digital signatures ensure
that the blockchain is valid and the data is verified and correct.
Hashing, public-private key pairs, and the digital signatures together
constitute the foundation for the blockchain. These cryptographic features make
it possible for blocks to get securely linked by other blocks, and also ensure
the reliability and immutability of the data stored on the blockchain.
There are a huge number of applications of blockchain technology, and
cryptography makes it possible. One of the major real-world applications of
cryptography in the blockchain is cryptocurrencies. Let us look at its
application in cryptocurrencies.
Source
Cryptocurrencies are one of the major applications of blockchains, and they use
public-private key pairs to maintain the addresses of the users on the
blockchain. For cryptography in blockchain, the public key is used as the
address of the person. The public key is visible globally, i.e. it is visible to
any participant of the participant. The private key is a secret value and is
used to access that address data and authorize any of the actions for the
‘address’, which are generally transactions.
Digital signatures are widely used for cryptocurrencies. They are used to
approve transactions by signing them securely (offline) and are also used for
multi-signature contracts and digital wallets on the blockchain. To perform any
action from these multi-signature contracts and digital wallets, the digital
signatures from multiple (different) private keys are required before any action
to be executed.
Also Read: Blockchain Developer Salary in India
CONCLUSION
Blockchain technology has been in the key focus areas of development for all the
multinational companies and also a huge number of startups are emerging in this
technology from the past few years. Blockchain is yet to witness its mainstream
usage in society, yet there are numerous opportunities for professionals to
explore and develop their careers in this field; one of which is cryptography in
blockchain for sure. With time this field will be providing endless
opportunities, and for this, you can start learning the blockchain technology
and have the first-mover advantage with upGrad.
Cryptography in the blockchain is the core of this technology, making it
immutable and reliable. If you’re interested in this field and want to explore
this technology, you can have a look at the various courses provided by upGrad.
* Advanced certificate program in blockchain technology: The course is provided
by upGrad along with IIIT-B, focused on making individuals familiar with
blockchain technology and blockchain development.
* Executive Certification in Blockchain from IIITB: It is a comprehensive
11-month program developed with IIIT-B, focusing on making individuals learn
in-demand skills for blockchain development and their practical applications.
Individuals who plan to grow their career in blockchain can take up any of these
courses and much more offered by upGrad to dive into blockchain technology to
achieve the amazing blockchain career opportunities that are waiting for them in
the future.
HOW DOES CRYPTOGRAPHY WORK?
Cryptography is mainly used to provide security by changing data, particularly
texts, into some secret language which the user can later change back into the
original form. Here, the data or text to be changed is called Plain text, and
the secret or revised text is called the ciphertext. The process of changing the
plain text into ciphertext is called encryption. The encryption process helps
users maintain the data on the net and devices as the encrypted text cannot be
understood by ordinary people. The encrypted text appears as an intelligent
message and requires a key to decrypt or unscramble the message. The process of
changing the encrypted text back into plain text using a key is known as
decryption. In cryptography, the process of decryption is essential since the
message should be decrypted only by authorized users.
WHAT BENEFITS ARE OFFERED BY BLOCKCHAIN?
One of the best characteristics of Blockchain is its unique verification method.
Using Blockchain, we can improve accuracy by eliminating the requirement for
human verification. Blockchain has also helped cut expenses by removing the need
for third-party verification. Hackers and intruders have found it extremely
difficult to tamper with data because of its decentralized nature. The
advantages of Blockchain as a transaction system include security, anonymity,
and efficiency. It delivers entire transparency to its users since it is a
transparent technology. Furthermore, Blockchain provides a financial choice as
well as a tool to protect personal information to residents of countries with
insecure or underdeveloped governments.
WHAT MAKES CRYPTOCURRENCY IMPORTANT?
Cryptography is likely the finest approach for securing security-sensitive data
accessible today. To encrypt and decrypt data, a unique code combination, also
known as a key or calculations, is required, making the approach an effective
tool for keeping information safe from prying eyes. Because of the widespread
use of the internet for commercial and personal interactions, all sensitive data
must be encrypted. Any message you transmit over the internet might be detected
and viewed if you don't use encryption. Hackers can expose anything from a
private conversation to your family to your bank account information to public
scrutiny. This is why cryptography is really important and is widely used by
technological companies.
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