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June 21, 2022Benefits and features of Blockchain Technology
June 21, 2022Bitcoin is the oldest digital coin which is just 13 years old. The crypto works on a digital blockchain here. It uses blockchain technology that has the cryptographic method.
Before we go into cryptography and bitcoin, we need to know a bit about the history of bitcoin.
Bitcoin was first introduced to the real world in 2009 by Satoshi Nakamoto. The white paper on bitcoin was released by Nakamoto during the Great Recession in 2008. He wanted this currency to be decentralised and free from any kind of powerful authority.
The turmoil situation was what made Nakamoto come up with such an idea. Well, we must say his idea had some real potential which is why it is still going strong,whereas it has zero value when created.
What is cryptography?
It can be defined as a mathematical field that provides safety, security and privacy. Cryptography itself is a vast area where various subjects are involved. For example, encryption and hash functions are subjects of cryptography. On the other hand, decryption and digital signatures are also parts of this.
The whole idea of cryptocurrency is called “crypto” currency because it stands on the procedure of cryptography. Using the cryptographic field, the monetary system can go decentralised. It also enables the system to use peer-to-peer transactions.
You must be thinking that when cryptography is full of so many beneficial factors, then why cannot other technologies be using it? Well, they are. There are multiple technologies that are also using the system.
Advantages of cryptography
When talking about cryptography, we need to remember that it primarily serves four purposes. Those are:
Confidentiality: the best part of encryption and cryptography is that it completely guards the information. Because of this feature of cryptography, all the records remain safe, and no one who is not authorised to the network can take advantage of it. They can even not get access to it.
Data integrity: The data integrity is completely safe with cryptography. The hash functions are the feature behind keeping it safe.
Authentication: Sometimes, the data can get spoofed or tempered. However, cryptography keeps it safe from that as well. Therefore, there remains no chance of forgery.
Non-repudiation: Cryptographic systems use the digital signature system, which only adds to the non-repudiation process.It saves many unauthorised and faulty activities from happening.
In the case of the bitcoin blockchain, records and information play a huge role in the entire ecosystem and keeping it safe is of utmost importance. To hack the system or double-spend the crypto or temper with private keys, one needs to access the information. As the blockchain uses the cryptographic method, all information is safe and free from breach attempts.
Whenever this kind of critical information needs to be stored, it automatically gets processed and then transmitted. After that, it gets into the digital form and then opens through the communication channel of a computer.
With updated and modern cryptography, one can be assured that all the information is safe. It does not let anyone access its new technology.
Gone are those days when all information used to be on paper following the traditional method. Therefore, a digital database is required. Also, the same information is required by many users, and at the same time, it can be vulnerable to be also exposed. Therefore, keeping it safe with the encrypted or cryptography method is the best idea.
Bitcoin blockchain, therefore, is completely safe from any dishonest activity. Apart from cryptography, the decentralisation process and blockchain technology also protect it from any third-party or unauthorized access.
Therefore, if you want to invest in the first-ever crypto, you can easily do it without giving it a second or more thought. Apart from that, keeping its late growth in mind, we could say that it would be a loss not to invest in it.
Wrapping it up !!!
To invest safely, you need safe platforms as well. If you are keen to start crypto trading you can register on the app. Here you can find all the information related to crypto trading. Besides, this platform is backed by a strong and automated software ensuring that your trading strategies are risk-free and hassle-free. You can explore other crypto exchanges that offer a seamless trading experience. However, when it comes to trading
you must always trust your research andunderstanding of the crypto market.
