Using cryptography is commonplace in Blockchain technology. Blockchain development company make sure that trades are done safely while procuring all info. Cryptography is the way of disguising and showing (otherwise called encrypting and decrypting) data using numbers and math.
This usually means that the data may only be seen from the intended recipients and no one else. The system involves taking unencrypted information and encrypting it with a mathematical formula. Using encryption in Blockchain mostly serves 2 functions:
Ensuring that the past records cannot be tampered with.
The type of cryptography used in the blockchain is ‘Public-Key Cryptography’, also known as Asymmetric Cryptography. Public-Key Cryptography uses separate keys for encryption or decryption (a public key and a private key) rather than using a single key.
In the process, it uses a combination of a user’s public key and private key to encrypt the information, whereas it uses the recipients private key and sender’s public key to decrypt it.
It is impossible to work out what is the private key based on the public key. Therefore, a user can send their public key to anyone without worrying that people will gain access to their private key.