Understanding the role of cryptography in blockchain
It is essential to understand the role of cryptography and how it helps blockchain technology with the privacy, trust, and security of transactions. Currently, there are more than 350 cryptographic libraries available globally, but only a few of them are used in blockchain technology.
In a blockchain, each transaction is secured with the use of a unique digital signature, which is generated using a private key. This signature is used to verify the authenticity of the transaction and ensure that it has not been tampered with.
Cryptography is a key element of the security of blockchain technology. It is used to secure the transactions on the blockchain and ensure that the information on it is kept private and cannot be altered.
Cryptography is also used to secure the blocks on a blockchain. To maintain the chain’s integrity and prevent any tampering, each block in a blockchain carries a cryptographic hash of the one...