Cryptography and its applications in Blockchain (StudentChain)

Abstract

This paper aims to show the interconnection between cryptography, how cryptocurrencies were formed, blockchain, and application of blockchain through time and improving technology. Cryptography is used to solve codes. Cryptocurrency is a digital currency with encryption techniques used to regulate the generation currency and verification of transfer of funds, operating independently of a central bank. A blockchain is a digital ledger in which transactions are made. A cryptocurrency and are recorded chronologically and publicly. A blockchain is also a secure way to store data as every message is converted to a hash and is then stored. To date, it’s been impossible to hack into a blockchain. StudentChain is a blockchain model with distributed ledgers with peer-to-peer verification of student IDs to prevent the misuse of student discounts. SHA-256 is the algorithm using python language used in StudentChain.