There is no way to run from some terms and blockchain is one that you probably hear everywhere you go. Although we continually surface the word, we may not know what is precisely so compelling about one of the most innovative technologies.
First things first, the term blockchain refers to a technology that reserves both people’s identities and data. But you may ask what did we do before finding the blockchain?
The answer is a technology, called digital signature that has been used for decades as the only tool to provide functions like data sets’ integrity, non-repudiation, and authentication capabilities.
What is a digital signature?
A combination of a set of public numbers and a digital message can be referred a digital signature. It can also describe as the electronic equivalent of a forged signature.
Users’ identities are embedded into a document more like a mathematical algorithm, using this technology. The idea behind all these is to embed identities into a document so that no one can falsify it.
Simply saying, if you want to certify a document to be made public, you should be able to sign the document digitally, following some steps.
How a digital signature works
It is so important to know that by using a mathematical algorithm, two keys are generated: a public key and a private key. When a signer digitally signs a document, a cryptographic hash is generated for the document.
That cryptographic hash is then encrypted using the sender’s private key, which is stored in a secure HSM box. It is then appended to the document and sent to the recipients along with the sender’s public key.
The recipient can decrypt the encrypted hash with the sender’s public key certificate. A cryptographic hash is again generated on the recipient’s end.
Both cryptographic hashes are compared to check their authenticity. If they match, the document hasn’t been tampered with and is considered valid.
To verify a signature digitally, three inputs will be needed. beginning with the message you would like to confirm was signed, so in the verification process, you have three inputs, beginning with the message you would like to confirm was signed.
Following this, the message needs to obtain the signature. From the signature, you will be able to generate a public key that is the final input to the verification scheme.
The aim of all these is to establish the signature associated with the message would have originated from the private signing key.
Digital signature situation
The technology behind the notion has been evolving every day and its security is being increased as more information is added. But it is worth mentioning that in many regions, including parts of North America, the European Union, and APAC, digital signatures are considered legally binding and hold the same value as traditional document signatures.
How blockchain helps digital signatures
Many organizations especially financial ones have become critical users of digital signatures since they use the technology to ensure the authenticity of their data and prevent unauthorized access.
Meanwhile, the features of blockchain including using cryptography can contribute to the most significant aims of the digital signature, which are preserving data and increasing the security of transactions.
Blockchain has revolutionized every aspect of life including cybersecurity. The fair example of digital signature has shown how blockchain can help us to live more transparently and preserved.