Appraise how various cryptographic techniques are used in the “Pay to Public Key Hash (P2PKH)” in...

Appraise how various cryptographic techniques are used in the “Pay to Public Key Hash (P2PKH)” in the Bitcoin blockchain.

Expert Solution

Hash Functions:
There is no usage of any key in this algorithm. A hash value with fixed length is calculated as per the plain text which makes it impossible for contents of plain text to be recovered. Many operating systems use hash functions to encrypt passwords.

Pay-to-PubKey-Hash (Pay-to-Public-Key-Hash, P2PKH) is the basic form of making a transaction on the Bitcoin network.

Use of public key cryptography :- With the spread of more unsecure computer networks, a genuine need was felt to use cryptography at larger scale. The symmetric key was found to be non-practical due to challenges it faced for key management. This gave rise to the public key cryptosystems.

There are mainly two types of Cryptography, Symmetric and Asymmetric cryptography.

symmetric cryptography is simple kind of encryption which invovles only 1 key for encryption and decryption.Symmetric cryptography was well suited for organizations like governments, big financial corporations were involved in the classified communication.

Asymmetric Cryptography is also called as public key cryptography. It uses two keys for encryption and drcryption.

you need to use hashes for verification of your data. They are a one-way function that takes a large set of data and convert them into a small standard size data. You create a unique fingerprint that is proof that your data has not been altered during different encryption levels. The outcome of hashing is called hash value or hash digest. Transactions that pay to a Bitcoin address contain P2PKH scripts that are resolved by sending the public key and a digital signature created by the corresponding private key.

venereology answered 1 month ago

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