Are symmetric key and asymmetric key algorithms used differently in blockchain technology?

3 answers

• Manny WannemakerDec 17, 2020 · 5 years ago
  In blockchain technology, symmetric key algorithms are commonly used for encryption and decryption of data within a single entity or node. This means that the same key is used for both encryption and decryption. On the other hand, asymmetric key algorithms are used for secure communication between different entities or nodes in a blockchain network. Asymmetric key algorithms involve the use of a pair of keys, a public key for encryption and a private key for decryption. This allows for secure and verifiable communication between parties without the need for a shared secret key.
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• office spaceJan 24, 2023 · 2 years ago
  Symmetric key algorithms in blockchain technology are like having a secret code that only you and your friend know. You use the same code to encode and decode messages. Asymmetric key algorithms, on the other hand, are like having a lock and key. You use a public key to lock the message, and only the private key can unlock it. This ensures that messages can be securely exchanged between different parties in a blockchain network.
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• Yashashri PawarOct 18, 2022 · 3 years ago
  In the world of blockchain, symmetric key algorithms are used within a single node to encrypt and decrypt data. It's like having a secret language that only you and your computer can understand. Asymmetric key algorithms, on the other hand, are used for secure communication between different nodes in a blockchain network. It's like having a secret handshake that only trusted parties can perform. This ensures that data can be securely transmitted and verified in a decentralized manner.
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