Decryption refers to the process of converting encrypted data (known as ciphertext) back into its original, readable format (known as plaintext) using a decryption algorithm. Encryption and decryption are crucial for securing data and transactions in blockchain technology, and a private key is required to decrypt data and control a user’s funds.
Decryption algorithms decode ciphertext corresponding to the encryption algorithm, allowing authorised parties to access and read the original information (plaintext). This process ensures that sensitive data remains confidential and secure during transmission and storage.
Various cryptographic algorithms have been developed and used in blockchain and cryptocurrency systems, including symmetric encryption (e.g., AES) and asymmetric encryption (e.g., RSA). These algorithms are designed to provide different levels of security and functionality within the system.
