Public and private keys are used to secure transactions and access blockchain accounts from "summary" of Blockchain Technology Explained by Alan T. Norman
When it comes to securing transactions and accessing blockchain accounts, the use of public and private keys is essential. These keys are cryptographic in nature, meaning they are created using complex algorithms to ensure high levels of security. Each user in the blockchain network is assigned a set of keys - a public key and a private key. The public key is shared openly with others in the network, allowing them to verify the user's identity when conducting transactions. It is like a username that everyone can see. On the other hand, the private key is kept confidential and known only to the user. It is like a password that should be safeguarded at all costs. When a user wants to send a transaction in the blockchain network, they use their private key to sign the transaction. This signature is then verified by others in the network using the user's public key. If the signature matches, the transaction is deemed valid and added to the blockchain. In this way, the private key ensures that only the rightful owner can authorize transactions from their account. Moreover, the use of public and private keys in blockchain technology offers a high level of security against unauthorized access. Since the private key is needed to access the account and sign transactions, even if someone gains access to a user's public key, they would still be unable to carry out transactions without the corresponding private key. In summary, public and private keys play a crucial role in securing transactions and maintaining the integrity of blockchain accounts. The public key serves as an identifier for the user, while the private key acts as a secret key that authorizes transactions. Together, they form a powerful cryptographic system that ensures the security and authenticity of transactions in the blockchain network.
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