What is Public Key Cryptography?

There are several techniques of encryption, and public-key cryptography or asymmetric cryptography, uses two mathematically related, but not identical keys – a public key and a private key. Usually, algorithms rely on a key to encrypt or decrypt and in public-key cryptography, each key performs a unique function. The public key is used to encrypt and the private key is used to decrypt.

What differentiates this encryption mechanism from others is that it is computationally not feasible to derive the private key based on the public key. Public keys are shared freely and this allows users an easy and convenient method for encrypting content. Through the verification of digital signatures and private keys that should be a secret, only the sole owner of the key can create digital signatures. Public keys are used so freely, they are too big to be easily remembered and they are stored on digital certificates for secure transport and sharing. Since private keys are not shared, they are stored securely. If it’s an exchange wallet, it will be stored securely by them.

The RSA Algorithm
The Rivest-Sharmir-Adleman (RSA) algorithm is the cryptography system that is used for public key cryptography. It’s used for sending secure, sensitive data over an insecure network. The RSA algorithm allows both public and private keys to encrypt messages so their confidentiality and authenticity remain intact.

Challenges

• One of the major challenges of Public Key Cryptography, speed is a major challenge. Several Private Key cryptography methods are faster than Public Key cryptography.

• Public Key Cryptography has been susceptible to attacks through spoofed or compromised certification authorities.
• Cyber criminals connect a public key to the name of another user.

These challenges are put to test and resolved through the use of private keys.

Benefits

• The top benefit of Public Key Cryptography is increased data security. It is the most secure protocol, even compared to Private Key as users transmit their Public Key freely. This lessens the chances of cyber criminals discovering an individual’s secret key during the transmission. It also provides digital signatures that cannot be repudiated.
• Private key systems require users to share secret keys and perhaps even trust third parties for transmission, unlike Public Key. Public key cryptography was not intended to take the place of private key cryptography, it was meant to be used as a supplement to the secret key systems.
• There are instances when private key cryptography is not ideal and public key cryptography becomes essential, especially in situations with large numbers of users.
• Due to its scalability and heightened security, public key cryptography remains highly popular and is widely used in enterprise environments today.

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