A cryptocurrency is a form of digital or virtual money that uses encryption to protect it, making it nearly hard to forge or double spend. Block chain technology, a distributed ledger maintained by a dispersed network of computers, is the foundation for many decentralized cryptocurrency networks. The fact that most crypto currencies are not issued by a single central body makes them potentially impervious to manipulation or interference from governments.
ADVANTAGES OF CRYPTO CURRENCY :
Confidentiality –Information and communications can be protected using encryption techniques from illegal access and disclosure.
Authentication – Information can be secured using cryptographic methods like MAC and digital signatures against spoofing and forgeries. .
Data Integrity –The users’ confidence in the accuracy of the data is greatly enhanced by the use of cryptographic hash functions .
Non-repudiation–The non-repudiation service offered by a digital signature protects against disputes that might develop as a result of a sender’s denial of a message’s transmission.
DISADVANTAGES OF CRYPTOCURRENCY :
Even an authorised user may find it challenging to access strongly encrypted, authenticated, and digitally signed information at a time when access is vital for decision-making. A hacker might target the network or computer system and render it unusable .
Cryptography cannot guarantee high availability, one of the core components of information security. Other defence strategies are required to counter dangers like denial of service attacks and total information system failure.
Selective access control, another essential requirement of information security, also cannot be met by the use of cryptography. For the same, administrative controls and processes must be used. .
The threats and vulnerabilities that result from shoddy system, protocol, and procedure design are not protected by cryptography. These require correct design and construction of a defensive infrastructure in order to be fixed. .
The computational complexity of mathematical issues is the foundation for the security of cryptographic techniques. Any improvement in the mathematical solutions to these issues or in processing capacity can make a cryptographic method insecure .