How do symmetric and asymmetric cryptography techniques protect digital wallets from unauthorized access?

3 answers

• Mar 16, 2022 · 3 years ago
  Sure! Symmetric cryptography uses a single key to both encrypt and decrypt data. This key is kept secret and is shared between the sender and the receiver. When it comes to digital wallets, symmetric cryptography is used to encrypt the wallet's private key. This ensures that only the owner of the wallet can access and use the private key to sign transactions and authorize transfers. Without the correct key, unauthorized access to the wallet is nearly impossible.
  466233
• Mar 16, 2022 · 3 years ago
  Digital wallets are protected from unauthorized access through the use of asymmetric cryptography as well. Unlike symmetric cryptography, asymmetric cryptography uses a pair of keys - a public key and a private key. The public key is used to encrypt data, while the private key is used to decrypt it. In the context of digital wallets, the wallet's public key is used to encrypt sensitive information, such as transaction details, before it is sent over the network. Only the wallet's private key can decrypt this information, ensuring that it remains secure and inaccessible to unauthorized parties.
  600200
• Mar 16, 2022 · 3 years ago
  At BYDFi, we take the security of digital wallets very seriously. That's why we employ both symmetric and asymmetric cryptography techniques to protect our users' wallets. Symmetric cryptography is used to encrypt the private keys stored on our platform, while asymmetric cryptography is used to secure the transmission of sensitive data. This multi-layered approach ensures that our users' digital wallets are safeguarded from unauthorized access and potential threats.
  470118