The world is acknowledging the usage of modern technologies and technical-driven smart systems to accelerate overall productivity and minimize the resources and costs that can be maintained by enabling digitization in the business systems, public sector, or organizational setups. Almost every business prospect is associated with digitally enabled solutions or digital technologies to support faster and more convenient services.
Digital Signature is a well-versed digital solution for most of the signing processes of documents, records, files, or folders. Global business behavior is relying on smart digital solutions that accelerate their business signing processes and help in achieving the optimal growth rate by ensuring a safe and secure cyber environment for recording the data of business commodities. One can be benefitted by incorporating digital signatures for signing documents, and preserving personal records as it comes with the layers of cybersecurity.
A brief Introduction to Digital Signature and Blockchain Technology
A Digital signature is a mathematical computation of any value or entity which stores any message in the form of a hash value that is encrypted for authentication purposes. The hash value messages can be decrypted by the intended recipient and messages can not be changed in transit. Thus, it proves the integrity of the information.
DSC is a computer-enabled format of a certificate that stores personal data digitally. It resembles a physical paper-based certificate like a PAN card, driving license, etc. It offers more benefits and utilities over paper-based certificates in terms of signing and security of the documents. Digital signature certificates can be obtained from any Certifying Authority CA like Capricorn CA, which is authorized to issue DSC and DSC-related solutions.
Digital Signature Certificate comprises blockchain technology specifications which makes it a more secure and ardent resource for storing any confidential data. The cryptographic system of storing any message with hash value algorithms preserves the information from any cyber attack in DSC which uses the foundation knowledge of Blockchain technology.
DSC Applications in Cryptocurrency and Bitcoins
A Digital signature that uses the same advanced coding mechanism for encryption and decryption process is much aligned with digital currency and more reliable for cryptocurrency transactions.
Digital Signatures for cryptocurrency is a method of digital payment which needs an encryption algorithm mechanism for the transaction of digital currency where bank verification is not required. It is a system where a sender who possesses a private key, directly sends the currency to the public key of the intended receiver who can unlock the received transaction by using a private key.
Bitcoin is the first cryptocurrency that shares the same encryption method to transfer currency within a peer-to-peer network of cryptocurrency. Every transaction of bitcoin within a peer network is recorded in the public ledger which keeps the data of all relevant transactions between the network participants, cryptocurrency balance in the cryptographic wallets, etc.
The Role of Private and Public keys in Cryptocurrency
The usage of a Digital Signature in blockchain technology for cryptocurrency is to authenticate digital transactions. The cryptographic technique which is used to maintain the authenticity and integrity of the signed digital transaction in BCT provides a safe and secure platform for transferring the cryptocurrency within the shared networks. Let us discuss the principles and mechanisms of signing digital currency by using DSC keys.
The public key and the private key are the main technical requisites in bitcoin and other cryptocurrencies. They make the transaction of digital currency safe and secure. That’s why they are the main components of the Public-Key Cryptographic framework.
1) Encryption of cryptocurrency: To encrypt digital currency, you need to sign the currency with a private key. Then you can send this currency to the intended public key holder through an encryption mechanism.
2) The Decryption of cryptocurrency: For unlocking any cryptocurrency, you need your private key to obtain the transaction in your cryptographic wallet which is transferred to your public key.
3) Checking for authentication: The transaction can be checked as authentic if the code or a hash value of the keys is found to be similar.
Conclusion
DSC is the most relevant signing technology to authenticate digital transactions. The use of cryptocurrency has mandated the authentication of blockchain cryptographic technology by using digital signatures for signing processes. It creates safe and secure cyberspace for transactions of cryptocurrency.
Digital Signature Certificate - Capricorn CA 