Blockchain and Cryptography
Blockchain and Cryptography
2
WHAT IS BLOCKCHAIN ? We intend to answer the accompanying inquiries
top to bottom: What is the square chain? What are a few classifications and
patterns of square chain? What are the social and mechanical ramifications of the
innovation? What is the eventual fate of the square chain? We are then prompted
by the inquiry, what makes these inquiries so vital? What is their significance?
To begin, we can return to the start. The square chain was at first uncovered in a
paper called "Bitcoin: A Peer-to-Peer Electronic Cash System" by an obscure
creator utilizing the nom de plume Satoshi Nakamoto. It was never distributed in
a companion explored diary (Nakamoto, 2008). As to Bitcoin, Pierro portrays
each Bitcoin as a number, and that these numbers are the answer for a condition.
Each new answer for the condition creates another bitcoin and the demonstration
of producing an answer is designated "mining." Once mined, a bitcoin can be
exchanged or traded, and each exchange produces a section into the blockchain's
action log. This is frequently alluded to as a "record." What makes the blockchain
champion is that the record isn't claimed or put away by one organization, yet
rather every exchange has a duplicate of the points of interest of that exchange
put away on each PC that was a piece of the exchange. (Pierro, 2017) goes on
help depict the blockchain as "a table with three segments, where each line speaks
to a particular exchange, the primary segment stores the exchange's timestamp,
the second section stores the exchange's points of interest, and the third segment
stores a hash of the present exchange in addition to its subtle elements in addition
to the hash of the past exchange. By giving a period stamp and the past exchange,
parties wishing to confirm this information can gaze it toward any point, and since
it says the past exchange, it winds up conceivable to track the history without
breaking a sweat. There is some security set up to keep the individuals who were
not a piece of the exchange from survey insights about it. The hash said before as
section three that gets populated amid the exchange is a scrambled series of letters
and numbers that is created to conceal information about the exchange. Since
each exchange's hash would then be able to be utilized to distinguish the past
exchange's hash, it makes it exceedingly impossible for misrepresentation to
happen. With every exchange containing a receipt of the past exchange, sums can
without much of a stretch be followed back to the simple start. An attribute that
would make each bookkeeper's activity less demanding as there would not be any
more lost receipts or miscounted sums. Every exchange is a screen capture in time
that all with the correct authorizations can see while stowing away on display.
(Pierro, 2017) Blockchain innovation isn't constrained to cash however; since
3
every exchange in the record is only a string esteem, exchanges can simply be
followed. Cook County in Chicago has been utilizing blockchain innovation to
track land titles as they change proprietorship. Essentially, the blockchain is a
connected chain of squares of information (Pierro, 2017).
Hashing Mechanism
4
Every node in the blockchain network maintains a copy of the Blockchain, and a
miner is the one who creates and validates the block. A Blockchain network is a
peer-to-peer network that verifies itself and eliminates the third party for
verification. It offers rewards to the network nodes that do the validation process
honestly. This process of validating the transactional data is called mining. The
Blockchain uses concepts like Proof-of-Work (PoW), Proof-of-Stake (PoS),
Proof-of-Space (PoSpace), Practical Byzantine Fault Tolerance (PBFT), etc.
based on a hashing scheme to validate the data. A cryptographic puzzle has to be
solved by a network and then broadcasts the results to the network for verification
to include a timestamp to the network. This proof-of-work concept keeps the
network authentic. The SHA-256 algorithm is used in PoW as it is comparatively
complex to solve but can be verified easily. The variety of security and privacy
services offered by Blockchain are listed below
A. Scalability
Many of the blockchain implementations have scalability issues due to the block
size and the approximate time taken to publish the blocks. Few types of research
suggest enhancing the scalability by increasing block size. More transactions can
be accommodated if the block size is increased. However, increasing block size
delays the propagation speed. However, as per the discussion in, the current
propagation techniques are not optimized and increase the risk of several attacks.
So if the block size increment decreases the block propagation speed, it may
increase the possibility of more attacks. Another countermeasure for this
scalability problem is SegWit. SegWit, otherwise called Segregated Witness,
creates a certain amount of space in a block by separating the data used for
verifying the transactions. i.e., signature data and transaction data. However, this
approach alone cannot suffice to handle Blockchain's scalability issue.
B. Privacy
5
As discussed before, bitcoin and several other cryptocurrencies, though
considered to be anonymous, they genuinely are not. It may not be easy but not
impossible to find the real identity of the user using their transaction history.
Thus, they can be termed as pseudonymous. There is some software available to
de-anonymize cryptocurrencies. The possible approach to solve this privacy issue
has CoinJoin services. CoinJoin combines several accounts and then transfers the
coin in a pseudo-random manner and makes the transaction anonymous.
Ethereum blockchain, where smart contracts and DApps are used, are highly
susceptible to privacy issues. To keep the smart contracts secure and anonymous
many methods.
Majority of the applications that are currently used are simple and does not
require high computational resources, whereas a blockchain client needs very
high computational abilities to handle the mining activity. Providing any security
service needs quick processing capabilities, but in Blockchain, the consensus
mechanism and mining process is time-consuming. However, this issue has been
addressed in Ethereum and Hyperledger platforms but still needs many
improvements to handle this issue.
6
The blockchain serves as a representative of distributed databases by storing all
the transaction information of users on the blockchain. Therefore, it is reasonable
to identify a profoundly higher demand for security performance in the
blockchain.
IMPLEMENTATION
We will combine cryptography and blockchain for the process. This will be the
new way for the system to go through the double process domain for
communication. This will increase the security to the next level, especially since
it can’t be easily cracked or trapped by different types of attackers such as active
and passive attacks. First we will make a blockchain and then we will get a hash
key for that and then cryptography encryption of the message from the sender
will give a cipher message. Then the output of blockchain as Hash key and output
of cryptography as cipher message will be appended together which will increase
the key length and then the cryptography process for decryption will be done by
the receiver as a system for understanding the message. This whole process will
act as a new way for encryption and decryption of messages as a communication
system with the help of blockchain.
CONCLUSION
7
blockchain, and prospects for the future research direction of blockchain
technology especially communication as message transfer..
References