What does Encryption mean?
The process of using cryptography to transform data, information, or messages into a form that is unintelligible without the encryption key, even if a viewer is able to see the transformed message in plain sight.
Encryption is one of those topics we cannot do justice to in a short article. For those who are brand new to the topic, we have a basic introduction to encryption that explains the next sentence:
Blockchain security is based on Public-Private Key encryption (PPK) where only the owner of the private key can produce a valid transaction request.
First, a consumer warning that must be taken seriously:
To reiterate, all blockchain uses encryption to ensure that only account owners can access their tokens. That is why it is of the utmost importance for you to keep your private keys safe. If someone has your private key, they can access your account, decrypt your information and read it, and take over your account to send anything in it irretrievably elsewhere.
A private encryption key is unlike the physical key to your home. If you lose your private key, no locksmith can look at the shape of a lock to provide you or someone else entry. In other words, if you lose your private key, you are permanently locked out of that blockchain account. More personal privacy requires more personal responsibility.
There are multi-signature schema which have their own costs and benefits and are a more advanced topic.
Now, the good news:
Current encryption methods offer strong security guarantees given current computer technology. In addition, Geeq’s platform development team will be deploying stronger encryption keys than the industry standard to extend Geeq’s security runway. This is an ongoing project. Plans and actions are announced in Technical Updates, such as our Q1 2021 Technical Update.
Future-proofing at Geeq:
If and when quantum computing becomes available, currently used encryption keys will no longer provide as much security. This will affect many, if not most, centralized databases that store your sensitive information, such as medical and financial records. Maintaining security will require a more complicated set of encryption keys.
Geeq’s blockchain ecosystem was designed from the start to provide smooth upgrade paths for all decentralized blockchain-based databases, including the transition to more secure, quantum-ready keys.
Used in a Sentence:
The purpose of encryption is to keep private files private.
Last Updated: March 21, 2021
Read what Geeq has to say about Encryption...
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