Cryptography is the mathematical field that was used to develop the protocol for the Bitcoin network.
It has since been utilized in the formation of other blockchain-based cryptocurrency networks.
In its most basic form, cryptography allows for the creations of mathematical proofs that can be used to provide high levels of digital security.
More specifically, this entails the practice and study of techniques for secure communication in the presence of third parties.
Cryptography helps analyze and model protocols that prevent third parties or the public from reading private messages.
This was a substantial innovation for various aspects in information security such as data confidentiality, data integrity, and authentication.
Cryptography as a Double-Edged Sword
The growth of cryptographic technology space has led to several legal issues in the information age as parties grapple its significance and utility.
For example, cryptography's potential for use as a conduit or tool for espionage and sedition has led many governments to reign in its influence.
This is hardly unwarranted, given the raw potential of this field and how poorly its understood by many.
Conversely, cryptography also plays a major role in digital rights management and copyright infringement of digital media.
Within the cryptosphere, cryptography is used to make it impossible for a hacker to spend funds from another user’s wallet without having access to their private keys.
Cryptography also makes changes to the blockchain nearly impossible, a term known as immutability.
Outside of the cryptosphere, cryptography is used in online commerce and banking, and in encryption.
It remains to be seen how well embraced this technology or field will be moving forward.