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The Pros And Cons Of Cryptography

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INTRODUCTION
Cryptography Is considered the most important thing by means of secure communication. It is used to encrypt and decrypt data and provide secure communication between the sender and receiver. As a finance company, the most important thing to look after is the process speed and security of the data. There are two types of encryption and decryption methods known as a Symmetric key and Public key cryptography. Symmetric key has set of algorithms such as Blowfish, two fish, DES, 3DES, AES etc and on the other hand Asymmetric key has set of an algorithm such as Elliptic curve, Diffie-Hellman, DSA, RSA etc. These symmetric and asymmetric keys have its own advantages and disadvantages. Hybrid cryptography is one of most famous cryptography …show more content…

Asymmetric cryptography:
Asymmetric encryption is also known as public key encryption. This uses two keys for encryption and decryption of data. The two keys are the Public key which it can be shared with anyone and the other one is a Private key or secret key which should be kept secretly. Each user will have its own public key and private key. Let’s assume Alice and Bob are the sender and receiver. Alice(A) wants to send a message to Bob(B). Alice will first encrypt(E) the plaintext(M) with Alice’s public key and send to bob. Now Bob verifies Alice’s message by checking whether it is Alice’s digital signature and then bob decrypts(D) the key using the bob private key. This process will be the same if Bob sends Alice message.

↓ ↓
Plain text(M)→ → → →Plain text(M)

Advantages:
• More secure when compared to symmetric key because the private key is not shared with each other.
• Uses digital signature for encrypting data.

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