Blockchain is Built with Cryptography
Blockchain technology is revolutionary. It provides a completely different way of accomplishing a wide range of tasks, which has led to its widespread adoption.
However, blockchain technology is largely built using algorithms and ideas that predate it. It is the combination of these ideas and the design of the blockchain protocol that make it capable of providing the features and guarantees that it does.
Many of these blockchain building blocks are cryptographic algorithms. Hash functions and digital signature algorithms are widely used in the basic blockchain protocol. However, additional cryptographic algorithms have been incorporated into blockchain technology as well, providing additional benefits.
Digital signatures are designed to provide integrity and authenticity validation for data. This enables the recipient of a message to verify that it originated with the alleged sender and has not been modified in transit.
Multisignature algorithms enable the generation of digital signatures that require the participation of multiple parties to be valid. This can either be accomplished programmatically or using cryptographic algorithms like Shamir Secret Sharing.
Knowledge of a secret (like a password) is a common way to authenticate as a member of a group. However, on the