How Does a Blockchain Private Key Work?
Private keys were built as a core concept in assymetric cryptography. Its main purpose is to facilitate secure, authentic and private fund transfer.
Private key usage
- Private Keys are used to sign the transaction, as a digital fingerprint.
- Lets say you want to send 1 ETH to your friend – “Adwitiya”. You initiate the Transaction by entering : the amount of (cryptocurrency) – 1-ETH, and Adwitiya’s public wallet’s address in your software cryptowallet.
- The wallet will use your private keys indirectly to sign the transaction for generating digital signature
- This signature serves as a digital fingerprint and proves : You are who you say you are. And it consists of the transaction details such as blocktimestamp, block number etc and eventually after validation becomes a part of blockchain network.
- ETH is debited from your A/C & Credited into your friend’s A/C.
What is Blockchain Private Key QR Code and How to use it?
Blockchain is a trending technology and in its ever-evolving ecosystem, exists many key components that ease up the process of management of digital assets. Blockchain Private Key QR is one of the components for conveniently storing private keys and faster access to funds.
In this article, we’ll be exploring the blockchain private key, the private key QR code, how to store the private key in the QR code, and their uses, etc.
Private Key QR