A Brief Guide to Cryptographic Hash Functions

Hash functions are one of the most important things in blockchain technology. It helps in securing the data stored in the blockchains. The property immutability is all depended on hashing (hash functioning).

Today we are discussing cryptographic hash functions. Consider this article as a basic guide. Continue reading to know more.



What is Hashing?

It is the transformation of an input string of characters into a usually shorter fixed-length value or key that represents the original string. Talking about cryptocurrencies like bitcoin, the transactions are denoted as input and run through a hashing algorithm that provides an output of a fixed length. Bitcoin usually uses SHA-256 (Secure Hashing Algorithm 256). 

In the case of SHA 256, the length of the inputs doesn’t matter as the output is fixed in 256 bits length. So, instead of recollecting the input data, you have to remember the hash and keep track.

Properties of cryptographic hash functions

1. Deterministic: You will get the same result every time for any particular input processed through hash functions.

2. Fast Computation: The hash functions must quickly make the keys for the inputs. For an efficient process, the hashing must be fast too.

3. Pre-Image Resistance: According to Wikipedia, “In cryptography, a preimage attack on cryptographic hash functions tries to find a message that has a specific hash value. A cryptographic hash function should resist attacks on its preimage.

In the context of the attack, there are two types of preimage resistance:

Preimage resistance: for essentially all pre-specified outputs, it is computationally infeasible to find any input that hashes to that output, i.e., given y, it is difficult to find an x such that
h(x) = y.
Second-preimage resistance: it is computationally infeasible to find any second input which has the same output as that of a specified input, i.e., given x, it is difficult to find a second preimage x′ ≠ x such that h(x) = h(x′).”

4. The Avalanche Effect: The small changes in the input are reflected as huge in the hash.

5. Collision Resistant: For two different inputs, most parts of hash be unique.

Having a basic idea about the cryptographic hash functions will let you understand the amount of time and calculations are required to make every code work. Constant innovation is going on, so, newer algorithms may come along in the future to the help the blockchain technology development. Till then, we have to study more to understand the processes.

We offer an A-Z solution to the ICO and bitcoin struggle. if you need any assistance regarding blockchain app development and want to know about the whole launch process.

How Crypto Wallets are protecting Cryptocurrencies?

This is a basic guide to cryptocurrency wallets that everyone should know. We’ve collated a list of the different types of crypto wallets and talk about the need for you to have one.

  

Cryptocurrencies are needed to be stored and secured. Just like our physical wallet, even cryptocurrencies got its designated Crypto wallets. Crypto wallets are software programmes that store both private and public keys which enables you to send and receive coins through the blockchain technology.

How does a Crypto Wallet work?

Digital wallets store private and public keys. Private keys are sort of PIN number to access your bank account, while public keys are like your bank account number. When you send Bitcoin or other cryptocurrencies, you are sending Value in form of a transaction, transferring the coins to the recipient. In order that the recipient uses the transferred digital coins, their private keys must match the public address that you sent the currency to.

Your private keys offer you total power over the funds related to your associated public keys. That’s why it is necessary to hide your private keys detail. If any other person came to know it they can misuse your coins. To protect yourself from any accidental loss, make sure you have a back-up of your private keys. If you are unable to recover your lost private keys, you will lose all your funds.

Are Crypto Wallets are secure?  

Crypto wallets are built to be secure, but its exact security depends on wallet to wallet. Also, it depends on your blockchain wallet development company. An experienced team can best guide you to the whole process and how to efficiently use it, as the security also depends on using the best practice.

Different types of Wallets

Depending on the need and purpose one can select the features and which one is best suited.

It is necessary to understand the difference between the major two types of wallets:

Hot wallets: Hot wallets are easily accessible through the web portal or mobile app, it is similar to the cash in the pocket. It is known as hot because it is capable of greater accessibility and activity. However, it is more vulnerable to attacks. 

Cold wallets: Cold wallets are similar to savings accounts which are more secure and difficult to access. As it is held offline and so it is less prone to attacks. It is a good idea to store the cryptocurrency which is meant for long-term holding. The accessibility of performing transactions is limited.

Kinds of Wallets

·        Hardware wallets

·        Software wallets

·        Paper wallets

Remember, be it a hardware wallet, software wallet or paper wallet, in case you lose your private key, then you lose all your money. There is no way to reclaim your cryptocurrency without the key. Make sure you use the best practice and keep your wallets safe.

How can Blockchain Technology offer healthcare solutions?

Blockchain technology has great potential to support different businesses and sectors. Its decentralized and hack-proof feature makes it a most advanced technology so far. It is found if used appropriately blockchain technology can eradicate some of the important issues of the world. Well, with that positivity we are here trying to evaluate how blockchain technology development can offer healthcare solution.



This article offers a basic idea about the areas where the healthcare sector can use blockchain technology.

The Organisation for Economic Co-operation and Development forecasted that the healthcare spending will increase globally to $8.7 Trillion by 2020, but the same growth is missing in terms of better patient care outcomes.

Undoubtedly, the blockchain market is increasing in this situation it must be used for the overall betterment of the healthcare sector.

Initially, the technology was used for only three things:

1. Identifying and tracking different drugs.
2. Auditing doctors, healthcare provider, and hospitals which form a provider network.
3. Network providers get paid based on patient health outcomes.

Now, blockchain technology can support Electronic Health Record.

Electronic Health Record or EHR is a digital database which records the total healthcare of patients. The healthcare documents are often found spread across different doctors and healthcare service providers which a patient has to meet in the journey of his treatment. It is difficult to collate and keep track of these documents manually, in that case, EHR works great.

There is a huge potential to combine large sets of health records with public databases using blockchain technology for better processing. In healthcare, EHR is viewed as a transaction over blockchain technology, as it registers ever patient visit, analysis, recommended treatment and other essential information. EHR also prevents the misuse of drugs, reduce fraud, and improves clinical trials and data security.

The top 4 applications of the technology in healthcare:

• Data Management: By enabling health IT systems with blockchain technology, the medical data gain security and reliability assurance. The patients gain complete control of their medical records and the patient care community can have local copies.

• Billing and claims management: Filing and processing of medical claims related to patient diagnoses, treatments and medicines can be made easy with blockchain technology development.

• Medical research: The medical data stored over the public database can be easily distributed to medical researchers and doctors worldwide. It increases the change of medical collaboration and new research and development.

• Data security: Blockchain technology is hack-proof and to record any data over a blockchain it needs the consensus of all the participants involved, thus it can make alteration or duplicity impossible.

It is unfair to conclude about blockchain technology use case over the healthcare sector. The area is vast and the future is bright too. Blockchain technology coupled with Artificial Intelligence also open up great opportunities for the healthcare departments. Few governments have already started to work on it. Well, our recent blog, Next Generation Healthcare Solutions based on Blockchain Technology & AI will offer you some more insight into what’s happening around the world. For more details feel free to contact us.

How Blockchain is helping with data sharing in Government?

The government has taken support from different agencies and business partners to deliver services and maintain data which was actually complex to organize. Blockchain technology comes with the great potential to help with data sharing in Government departments.

Recognizing the challenge to government systems

One main challenge of sharing information is guaranteeing consistency with the bunch of protection laws and additionally individual assent. A conveyed record innovation like blockchain tends to these consistency and assent challenges.

Blockchain as an answer for sharing information

Blockchain gives a point-to-point agree to answer for build up trust between a consenting gathering and an accepting gathering. Blockchain likewise empowers smart contracts to cling to administrative statutes, administering when and how assent ought to be connected.

Government executives are starting to perceive blockchain's ability to discuss the difficulties of sharing information. Governments wherever can begin the trip by finding a way to investigate the usefulness of blockchain:

·        Comprehend the basics of disseminated ledger technology by enrolling to free online instruction.

·        Begin a little blockchain pilot task to secure the hands-on involvement of the innovation's change esteem starting with maybe a couple of service providers and a restricted arrangement of information.

·        Develop a minimum viable product in a creative domain.

·        Scale the arrangement as quickly as possible for your system.

We are in early stage of blockchain technology, but the Government visionaries have started recognizing its potential and begin the journey.

Governments like Dubai, Estonia, US and few other states are already in the process of testing blockchain application for few affairs. It can make the government smart.

Some other potential government use cases regarding blockchain are:

·             Healthcare sector

·             National Identity Management systems which can increase government welfare distribution efficiency

·             Taxation and internal revenue surveillance

·             It can protect important government infrastructure

·             Legal enforcement

·             Voting

·             Banking and finance service

Blockchain technology has the potential to disrupt different industries. However, not much business is confident about its capability. It is indeed a sturdy technology which can change the way every industry works. It needs proper planning and efficient business strategy to get the best output.

We are leveraging blockchain technology and finding novel ways to maximize the outcome which offer the best results to businesses. We are here to help out any small, medium or big-sized business. Feel free to get in touch for a discussion.