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.
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