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What is an encryption algorithm? What are the common blockchain encryption algorithms?

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Release: 2024-07-04 17:05:00
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Encryption algorithm is a mathematical function that converts plaintext into ciphertext. It requires a key to decrypt and is used to ensure data security. Common blockchain encryption algorithms include: Hash function: SHA-256 (Bitcoin), RIPEMD-160 (Bitcoin address) Symmetric encryption algorithm: AES (sensitive data), DES (Bitcoin transaction) Asymmetric encryption algorithm: RSA (digital signature), ECC (compact signature) hybrid encryption algorithm: ECIES (encrypted message)

What is an encryption algorithm? What are the common blockchain encryption algorithms?

What is an encryption algorithm?

An encryption algorithm is a mathematical function that converts plaintext (readable data) into ciphertext (unreadable data), which requires a specific key to decrypt. Encryption algorithms provide confidentiality and integrity, ensuring data is protected from unauthorized access during transmission or storage.

Common Blockchain Encryption Algorithms

Blockchain technology widely uses a variety of encryption algorithms to ensure transaction security and data integrity. The following are common blockchain encryption algorithms:

Hashing Functions

  • SHA-256: Secure Hash Algorithm 256, is the hash function used in the Bitcoin blockchain for Create hashes of transactions and blocks.
  • RIPEMD-160: RACE Integrity Primitives Evaluation Message Digest 160, used to generate Bitcoin addresses.

Symmetric Cryptography

  • AES (Advanced Encryption Standard): A government-level encryption algorithm used to encrypt sensitive data in the blockchain, such as private keys and transaction details.
  • DES (Data Encryption Standard): An older symmetric algorithm used to encrypt Bitcoin transactions.

Asymmetric Cryptography

  • RSA (Rivest-Shamir-Adleman): A widely used asymmetric encryption algorithm for generating and verifying digital signatures.
  • ECC (Elliptic Curve Crypto): A more efficient asymmetric algorithm used to generate more compact signatures, such as Schnorr signatures in Bitcoin.

Hybrid Cryptography

  • Elliptic Curve Integrated Encryption Scheme (ECIES): An algorithm that combines symmetric and asymmetric encryption for encrypting messages in the blockchain.

These encryption algorithms are critical to protecting blockchain networks from attacks and unauthorized access, ensuring confidentiality, integrity and non-repudiation of transactions.

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