Cryptography securing transactions from "summary" of Digital Gold by Nathaniel Popper
Cryptography plays a crucial role in securing digital transactions. When you make a payment online or transfer money digitally, your transaction is protected by complex mathematical algorithms. These algorithms ensure that the information exchanged between parties is encrypted, making it nearly impossible for hackers to intercept and manipulate the data. The process begins with a digital signature, unique to each transaction. This signature is created using a combination of the sender's private key and the transaction details. The private key is known only to the sender, providing a layer of security that prevents unauthorized access to the transaction information. Once the digital signature is created, it is encrypted using a public key. The public key is available to everyone and is used to decrypt the digital signature. This ensures that only the intended recipient can access and verify the transaction details. In addition to encryption, cryptography also involves hashing algorithms. These algorithms convert transaction data into a fixed-length string of characters, known as a hash. The hash is unique to each set of transaction data, making it easy to verify the integrity of the information exchanged. By combining encryption, digital signatures, and hashing algorithms, cryptography secures digital transactions and protects sensitive information from cyber threats. This technology has revolutionized the way we conduct financial transactions, providing a secure and efficient way to transfer money online.
Similar Posts
Use cases of blockchain beyond finance
Blockchain technology has emerged as a versatile tool that goes beyond its initial use case in finance. One such application is...
Technological advancements improve quality of life
Technological advancements have the potential to significantly enhance our quality of life in numerous ways. These advancements...
Conducting regular security assessments can identify weaknesses
Regular security assessments play a crucial role in identifying vulnerabilities within an organization's cybersecurity framewor...
Security models and frameworks provide guidance for implementation
Security models and frameworks play a crucial role in the world of cybersecurity by providing a structured approach to implemen...
Adaptation to fastpaced change
The ability to adapt to fast-paced change is crucial in the modern world. In today's rapidly evolving technological landscape, ...
Collaborate with influencers for promotion
Collaborating with influencers can be a powerful strategy to promote your dropshipping business. Influencers are individuals wh...
Blockchain can facilitate philanthropic giving
One of the most powerful applications of blockchain technology is its ability to revolutionize philanthropic giving. Traditiona...
Blockchain is a tool for social change
Blockchain technology has the potential to bring about significant social change. By decentralizing control and promoting trans...
Transparency is a key feature of blockchain
Transparency is a key feature of blockchain. This concept is fundamental to understanding the transformative power of this tech...
