How blockchain’s influence in cryptography could be a game changer
It seems that cryptographers are looking for the technology that will help the growth of studies, cryptography, to the next level, and blockchain is believed to be the answer. Insights from market analysts have shown that blockchain-based cryptography has the potential to protect data from unauthorized access due to hashing, which is the practice of using an algorithm to map data of any size to a fixed length.
According to Statista, a database company, global spending on blockchain solutions was projected to reach $6.6 billion in 2021. Market predictions have shown that spending on blockchain solutions will grow in the coming years, expected to reach around $19 billion by 2024. Cryptography-backed security is considered to be one of blockchain’s proven security features. Blockchain decentralization and immutability can make cryptography-based blockchain networks secure, transparent and openly accessible. With the advent of quantum computing, there have been questions about whether blockchain-based cryptography could be decrypted using quantum computers. However, new techniques in cryptography, such as Homomorphism, can ensure that this never happens, says Pratik Gauri, co-founder and CEO, 5ire, a blockchain-based platform, to FE Blockchain.
It is believed that blockchain-backed cryptography is based on a public ledger that is distributed among all the nodes in the network. As a result, it becomes difficult for someone to tamper with the data or to hack into the system. Based on data from 101 Blockchains, a blockchain-based research platform, blockchain utilizes the concept of real-world signatures, while cryptography methods use advanced mathematical codes. The integration of both can ensure that the people for whom the transaction or data is intended can obtain, read, process and ensure verification around the authenticity of the whole process.
“The advantages of blockchain cryptography include encryption, immutability, security, scalability, non-repudiation, hacker prevention measures. In the long term, blockchain-based cryptography can enable the transformation of operating models across various industries. In the context of blockchain, decentralization refers to the transfer of control , control and decision-making from a centralized entity to a distributed network of nodes,” said Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange.
Reportedly, companies such as NVIDIA (NVDA), Coinbase (COIN), Riot Blockchain (RIOT), PayPal (PYPL), IBM, Microsoft, Intel, among others, have begun expanding blockchain-based cryptography applications into their ecosystem. Furthermore, sectors such as insurance, real estate, healthcare, cyber security, banking, supply chain management, among others, are expected to benefit from this nexus.
Furthermore, future market predictions expect blockchain-based cryptography to be at the forefront of the digital market. The potential benefits of blockchain-based cryptography can go beyond just financial and technological capability, helping to solve real-world problems. As reported by upGrad, an online education platform, since blockchain is yet to witness its mainstream use in society, there are various opportunities for professionals to explore and develop their careers in the field, especially for blockchain cryptography.
“The future of blockchain-based cryptography looks promising as more and more businesses begin to realize its benefits. It is likely that this technology will become mainstream in the near future and will revolutionize the way we do business,” said Srinivas L, CEO and CTO, Rooba. Finance, a blockchain and smart contract platform.
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